On December 23, 2015, the Financial Crimes Enforcement Network (FinCEN) released a Notice of Availability of the Regulatory Impact Assessment (RIA), which evaluates the economic costs and benefits of the proposed rule and the Initial Regulatory Flexibility Analysis (IFRA). The IFRA evaluates the economic impact of the proposed rule on small entities as a part of the Customer Due Diligence Requirements for Financial Institutions Proposed Rulemaking. The Notice of Proposed Rulemaking was published on August 4, 2014, and the comment period for the proposed rule closed on October 3, 2014. The Customer Due Diligence Requirements for Financial Institutions Proposed Rulemaking would require financial institutions to strengthen their customer due diligence requirements and would impose a new requirement of identifying beneficial owners of legal entities.
Comments on the RIA and IFRA are due on or before January 26, 2016.
Click here to read the Notice of Availability (as submitted to the Federal Register).
Click here for the Regulatory Impact Assessment (RIA).
Click here for the Initial Regulatory Flexibility Analysis (IRFA).