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FinCEN Makes Beneficial Owner Relief Permanent

Sept. 11, 2018 — The Financial Crimes Enforcement Network made permanent exceptive relief from beneficial owner requirements for certain account rollovers and renewals.

The exception applies to the rollover of certificates of deposits; the renewal of safe deposit box rentals; and the renewal, modification or extension of loans or commercial lines of credit or credit card accounts that do not require underwriting review and approval. Temporary relief had been in effect since May.

With policymakers planning Bank Secrecy Act reforms, ICBA recently issued a white paper that says the government should collect beneficial ownership records at the time a legal entity is formed.

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