August 12, 2016 BY Mike Fox
FinCEN issues final due diligence rules and AML procedures for FCMs and IBs
The Financial Crimes Enforcement Network (FinCEN) today issued final rules relating to customer due diligence requirements that are applicable to futures commission merchant (FCM) and introducing broker (IB) Members. Under the new rules, FCM and IB Members will be required to identify and verify the identity of beneficial owners of legal entity customers. The final…
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