Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Friday, March 5, 2010

SEC Issues Policy Statement on Beneficial Ownership Information for AML Purposes

The SEC issued a policy statement that provides guidance on obtaining and retaining beneficial ownership information for anti-money laundering purposes. This guidance is being issued jointly with the Financial Crimes Enforcement Network, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration, and in consultation with the staff of the Commodity Futures Trading Commission. The guidance provided in this policy statement clarifies and consolidates existing regulatory expectations for obtaining beneficial ownership information for certain accounts and customer relationships.

http://lawprofessors.typepad.com/securities/2010/03/sec-issues-policy-statement-on-beneficial-ownership-information-for-aml-purposes.html

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