In an administrative ruling, FinCEN clarified that broker-dealers were required to collect information when opening new accounts for customers who receive assets as the beneficiary of an estate.
News & Insights
FinCEN updated its list of Financial Action Task Force identified jurisdictions found to have strategic AML/CFT deficiencies.
FinCEN proposed to include "investment adviser" in the definition of "financial institution" under the Bank Secrecy Act. The proposed rule would require advisers to implement AML/CFT programs and maintain recordkeeping requirements.
FinCEN proposed new reporting regulations "to require certain persons involved in real estate closings and settlements to submit reports and keep records on identified non-financed transfers of residential real property to specified legal entities and trusts on a nationwide basis." The new rule is aimed at targeting transfers deemed to be high-risk for money laundering.
FinCEN started accepting beneficial ownership reports as of January 1, 2024.