U.S. Treasury Exempts Revolving Accounts From Ownership Rule


September 7 2018

The U.S. Treasury Department said Friday it would exempt certain accounts from a rule requiring banks to identify the true, human owners of a corporate account.

The Financial Crimes Enforcement Network, or FinCEN, an intelligence office within the Treasury, said it would not require banks to collect identification from the holders of specific, revolving financial products such as certificates of deposit, loan accounts or safe deposit boxes each time they roll over.