By: Kyle Davis CRCM CAMS
FinCEN has issued a ruling to provide a 90-day limited exceptive relief to covered financial institutions from the obligations of the Beneficial Ownership Requirements. This relief applies only to financial products and services that automatically rollover or renew (i.e., certificate of deposit (CD) or loan accounts) and were established before May 11, 2018. This exception begins, retroactively, on May 11, 2018, and will expire on August 9, 2018. During this time, FinCEN states they will determine whether and to what extent additional exceptive relief may be appropriate for such financial products and services that were established before May 11, 2018, but are expected to rollover or renew after such date.
To see the ruling in full, click here.
FinCEN has issued a ruling to provide a 90-day limited exceptive relief to covered financial institutions from the obligations of the Beneficial Ownership Requirements. This relief applies only to financial products and services that automatically rollover or renew (i.e., certificate of deposit (CD) or loan accounts) and were established before May 11, 2018. This exception begins, retroactively, on May 11, 2018, and will expire on August 9, 2018. During this time, FinCEN states they will determine whether and to what extent additional exceptive relief may be appropriate for such financial products and services that were established before May 11, 2018, but are expected to rollover or renew after such date.
To see the ruling in full, click here.
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