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Financial Services Law Insights and Observations

FinCEN issues extension to continue suspension of beneficial ownership requirements for automatic renewal products

Financial Crimes FinCEN Beneficial Ownership Customer Due Diligence CDD Rule

Financial Crimes

On August 8, FinCEN issued a notice to provide an additional 30 days of limited exceptive relief for covered financial institutions that are required to obtain and verify the identity of beneficial owners of legal entity customers with respect to certificate of deposit rollovers and loans that renew automatically. As previously covered in InfoBytes, the extension—which was set to expire August 9 and applies to qualified products and services that were established before the Beneficial Ownership Rule’s May 11 compliance date—will now continue until September 8. FinCEN noted it will continue to evaluate the requirement to determine whether additional relief is needed.

Find continuing InfoBytes coverage on beneficial ownership and customer due diligence requirements here.

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