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Financial institutions must identify owners of companies under new Treasury Department rule

( May 5, 2016, 22:31 GMT | Official Statement) -- MLex Summary: The US Treasury Department has issued a final customer due diligence rule requiring that banks and certain other financial institutions obtain beneficial ownership information for any company opening a new account. This rule requires identifying owners of 25 percent or more of a legal entity, as well as any individual who controls it. Treasury also will propose a rule requiring US limited liability companies with a single foreign owner to obtain tax identification numbers. Treasury also is asking Congress to approve a law that would create a central registry for companies with beneficial ownership information and revise authority for Geographic Targeting Orders to clarify FinCen's ability to collect related information, such as bank wire transfer data. U.S. TREASURY DEPARTMENT...

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