The Obama administration is issuing a long
delayed rule requiring the financial industry to
identify the real owners of the companies and
proposing a bill that would require companies to
report the identities of their owners to the federal
govt. The CDD rule will require banks, brokers,
mutual funds and other financial institutions to
collect and verify the identities of the real people,
or "beneficial owners," who own and control
companies when the companies open accounts.
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