What the Beneficial Ownership Rule Means for You
Chances are, you haven’t given the Beneficial Ownership Rule much thought, but if you are a business owner, you might notice a few new questions from your bank.
Earlier this month, the Financial Crimes Enforcement Network (FinCEN) expanded the Customer Due Diligence requirements for financial institutions, requiring banks to identify and verify each person with a 25% or greater equity in a legal entity.
In short, this rule is an attempt to improve financial transparency and prevent criminals from misusing companies to disguise illicit activities. At Dallas Capital Bank, we are here to make it easy for you to comply with these new requirements, while also keeping your company’s finances safe.
If you have any questions about the Beneficial Ownership Rule, please contact us today. We’ve also included a couple resources below to help you learn more about the new requirements.
Banking Journal: FinCEN Publishes Long-Awaited FAQs on Beneficial Ownership Rule
Money Laundering Watch: FinCEn’s Beneficial Ownership Rule: More Practical Tips and Answers to Frequently Asked Questions