31 CFR 1010.620 - Due diligence programs for private banking accounts

Cite as31 CFR 1010.620
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16 practice notes
  • Customer Identification Programs, Anti-Money Laundering Programs, and Beneficial Ownership Requirements for Banks Lacking a Federal Functional Regulator
    • United States
    • Federal Register August 25, 2016
    • August 25, 2016
    ...are set forth and cross referenced in sections 1020.610 (cross-referencing to 31 CFR 1010.610) and 1020.620 (cross-referencing to 31 CFR 1010.620). --------------------------------------------------------------------------- Regulatory The following information describes the effect of certai......
  • Grad v. Associated Bank, Appeal No. 2010AP1461
    • United States
    • Court of Appeals of Wisconsin
    • June 7, 2011
    ...banking account that is established, maintained, administered, or managed in the United States by such financial institution." 31 C.F.R. § 1010.620(a). The program must, at a minimum, ascertain the identity of all nominal and beneficial owners of the account, the source of the deposited fun......
  • Customer Due Diligence Requirements for Financial Institutions
    • United States
    • Federal Register May 11, 2016
    • May 11, 2016
    ...information under the control prong only. Any legal entity only to the extent that it opens a private banking account subject to 31 CFR 1010.620--Sec. A number of commenters requested that FinCEN clarify the treatment of beneficial owners of private banking accounts for non-U.S. persons tha......
  • Customer Due Diligence Requirements for Financial Institutions
    • United States
    • Federal Register August 04, 2014
    • August 4, 2014
    ...offer private banking accounts are required to take reasonable steps to identify the nominal and beneficial owners of such accounts, 31 CFR 1010.620(b)(1), and covered financial institutions that offer correspondent accounts for certain foreign financial institutions are required to take re......
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2 cases
  • Grad v. Associated Bank, Appeal No. 2010AP1461
    • United States
    • Court of Appeals of Wisconsin
    • June 7, 2011
    ...banking account that is established, maintained, administered, or managed in the United States by such financial institution." 31 C.F.R. § 1010.620(a). The program must, at a minimum, ascertain the identity of all nominal and beneficial owners of the account, the source of the deposited fun......
  • Sharkey v. J.P. Morgan Chase & Co., 10cv3824 (DLC)
    • United States
    • United States District Courts. 2nd Circuit. United States District Courts. 2nd Circuit. Southern District of New York
    • March 5, 2018
    ...procedures in place to identify potentially suspicious transactions. See generally 31 U.S.C. § 5318(g)(1); 31 C.F.R. §§ 1020.210, 1010.610, 1010.620. The specific implementations of thesePage 25 statutes and regulations, however, are left up to each individual bank, subject to audit and ove......
7 firm's commentaries
  • FinCEN Proposes New Rule Requiring Identification of Beneficial Owners
    • United States
    • JD Supra United States
    • September 10, 2014
    ...(Apr. 2002). 5 See, e.g., 12 C.F.R. §§ 208.62, 211.5(k), 211.24(f), 225.4(f), and 353.3 (2013); and 31 C.F.R. § 1023.320 (2013). 6 31 C.F.R. § 1010.620(b)(1) (2013). 7 31 C.F.R. § 1010.610(b)(1)(iii)(A) (2013). Contacts (cont.) Sylvia Favretto Washington, DC +1.202.508.8176 sylvia.favretto@......
  • FinCEN Proposes New Rule Requiring Identification Of Beneficial Owners
    • United States
    • Mondaq United States
    • September 17, 2014
    ...02-21 (Apr. 2002). See, e.g., 12 C.F.R. §§ 208.62, 211.5(k), 211.24(f), 225.4(f), and 353.3 (2013); and 31 C.F.R. § 1023.320 (2013). 31 C.F.R. § 1010.620(b)(1) 31 C.F.R. § 1010.610(b)(1)(iii)(A) (2013). For example, suspicious activity monitoring requirements would facilitate the new tax re......
  • FinCEN's Beneficial Ownership Requirement
    • United States
    • Mondaq United States
    • August 1, 2018
    ...governmental rather than commercial activities. Any legal entity only to the extent that it opens a private banking account subject to 31 C.F.R. § 1010.620. New Accounts. While the rule applies to "new accounts" it is important to note that if something like a loan renewal or rollover of a ......
  • FinCEN Issues Final Customer Due Diligence Rule
    • United States
    • JD Supra United States
    • May 20, 2016
    ...to the extent that it opens a private banking account for non-U.S. persons that are subject to FinCEN’s private banking account rule (31 C.F.R. § 1010.620). In addition, for the following types of legal entity customers, a covered financial institution would only be required to collect bene......
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