Wednesday, June 15, 2016

US issues rule for banks to identify shell firm owners

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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