• Covered financial institutions, including Texas credit unions, are exempt from identifying and verifying beneficial owners each time a new account is opened.
• This easing of the requirement aims to reduce regulatory burden on financial institutions.
Texas Relevance
The article does not explicitly mention Texas, TX, TCUD, or any Texas-specific entities. The exemption applies broadly to covered financial institutions but is not specific to Texas credit unions.
Original Content
FinCEN issued an order exempting covered financial institutions from the requirement to identify and verify the beneficial owners of a legal entity customer each time the customer opens a new account. The post FinCEN eases beneficial ownership reporting requirements appeared first on ABA Banking Journal .