On August 8, 2018, the Financial Crimes Enforcement Network (FinCEN) issued a 30-day extension through September 8, 2018, from the obligations of the Beneficial Ownership Rule for renewal or rollover products and services (loans and certificate of deposits) that were established before May 11, 2018.
The extension was granted to allow FinCEN further time to consider the issue.
To refresh you; on May 16, 2018, FinCEN issued a 90-day limited exceptive relief to covered financial institutions from the obligations of the Beneficial Ownership Rule for Legal Entity Customers for certain financial products and services that were established before May 11, 2018. The exception was set to expire on August 9, 2018.
Stay tuned, as we will have more news by September 8, 2018!