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FinCEN deputy discusses new rule requiring banks to verify beneficial ownership

( May 18, 2016, 20:02 GMT | Official Statement) -- MLex Summary: Jamal El-Hindi, deputy director of the Financial Crimes Enforcement Network at the Department of the Treasury, discussed FinCEN's new rule on customer due diligence and beneficial ownership in remarks — released by FinCEN on Wednesday — before the Institute of International Bankers. El-Hindi also discussed FinCEN's geographic targeting order requiring disclosure of beneficial ownership for real estate purchases in Miami and New York, and explained how proposed legislation would "clarify" the scope of the order to include purchases via wire transfers.See remarks below....

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