^®: CRE Regulatory Action of the Week

Treasury Proposes Customer Due Diligence Requirements for Financial Institutions
The Treasury Department's Financial Crimes Enforcement Network is proposing rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for banks; brokers or dealers in securities; mutual funds; and futures commission merchants and introducing brokers in commodities. The proposed rules would contain explicit customer due diligence requirements and would include a new regulatory requirement to identify beneficial owners of legal entity customers, subject to certain exemptions. Written comments on the proposed rules must be received by FinCEN on or before October 3, 2014.