Results for tag: "Beneficial Ownership Rule"

The Beneficial Ownership Rule is a regulation in the banking industry that requires financial institutions to identify and verify the identity of the beneficial owners of legal entity customers. This rule is intended to help prevent money laundering, terrorist financing, and other financial crimes. It requires banks to collect and maintain information about the individuals who own or control legal entities, such as corporations, limited liability companies, and trusts. Banks must also ensure that the information they collect is accurate and up-to-date. The Beneficial Ownership Rule market is composed of companies that provide services to help banks comply with the rule. These services include identity verification, customer due diligence, and customer risk assessment. Companies in this market include Accuity, ComplyAdvantage, and IdentityMind Global. Show Less Read more