FinCEN CDD FAQ: Are covered financial institutions required to comply with the OFAC regulations with respect to beneficial ownership information?

Compliance > BSA > FinCEN CDD/BO Rule - eff 2016
Q:  Are covered financial institutions required to comply with the OFAC regulations with respect to beneficial ownership information?
 
A.  Covered financial institutions should use beneficial ownership information as they use other information they gather regarding customers (e.g., through compliance with the CIP requirements), including for compliance with OFAC-administered sanctions.
 
 
 
This FAQ, and others, was released in July 2016.  The 2016 FAQs were issued to assist institutions in understanding the scope of the Customer Due Diligence (CDD) requirements that were published in May 2016.   They may be found here:  https://www.fincen.gov/statutes_regs/guidance/pdf/FAQs_for_CDD_Final_Rule_(7_15_16).pdf
 

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