The Financial Crimes Enforcement Network (FinCEN) issued a ruling granting exceptive relief to covered financial institutions from the obligations of the Beneficial Ownership Requirements for Legal Entity Customers and its requirement to identify and verify the identity of the beneficial owner(s) when a legal entity customer opens a new account as a result of a rollover of a certificate of deposit (CD); a renewal, modification, or extension of a loan that does not require underwriting review and approval; a renewal, modification, or extension of a commercial line of credit or credit card account that does not require underwriting review and approval; and a renewal of a safe deposit box rental.

The exception only applies to the rollover, renewal, modification, or extension of any of the types of accounts listed above occurring on or after May 11, 2018, and does not apply to the initial opening of such accounts.

View the ruling here.