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#2038548 - 09/15/15 04:10 PM CDD Beneficial Owner Requirements
crc Offline
100 Club
Joined: May 2004
Posts: 150
South Dakota
Have FinCEN's proposed Customer Due Diligence rules regarding beneficial owners been finalized? If not, do we have any idea when or if they will be final?

I believe the proposed rules were issued August 4, 2014.

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#2038550 - 09/15/15 04:13 PM Re: CDD Beneficial Owner Requirements crc
ACBbank Offline
Power Poster
Joined: Jul 2006
Posts: 3,959
New York City
No. The proposal is still just that, a NPRM. The AML World is waiting.....
"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu

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#2038561 - 09/15/15 04:39 PM Re: CDD Beneficial Owner Requirements crc
CULady Offline
Gold Star
Joined: Sep 2007
Posts: 493
I was actually wondering about that myself the other day. Is there any particular reason is it held up? I mean, not that I mind....

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#2038629 - 09/15/15 07:53 PM Re: CDD Beneficial Owner Requirements CULady
Ted Dreyer Offline
Diamond Poster
Ted Dreyer
Joined: Apr 2001
Posts: 2,245
The CFPB's agenda had the CDD regulation targeted to be final last month, but it isn't exactly unprecedented for regulators to miss a date!

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#2038950 - 09/16/15 08:27 PM Re: CDD Beneficial Owner Requirements crc
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,336
Cape Cod
The CFPB may be approaching all-powerful and all-knowing, but they don't get to mess with this rule. It's FinCEN's. And FinCEN is one of the regulators that misses a lot of its own timing estimates for final rulemaking.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8

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