The Financial Crimes Enforcement Network (FinCEN) has announced proposed changes that would amend part of the Bank Secrecy Act (BSA) The changes affect customer due diligence (CDD) requirements for certain covered financial institutions. Comments and feedback on these proposed changes are due by Oct. 3, 2014. These CDD requirements would apply to all covered financial institution under the USA PATRIOT Act. The changes would force customers to document beneficial ownership for their legal entity and codify the requirements.”]
Source: https://securityintelligence.com/fincen-proposes-changes-to-anti-money-laundering-requirements/