No More Secret Identities: Broker-dealers May Soon Be Required to Identify Beneficial Owners of Legal Entity Customers

By | The Securities Edge | October 17, 2014
No More Secret Identities: Broker-dealers May Soon Be Required to Identify Beneficial Owners of Legal Entity Customers

As we blogged about in May, the Bank Secrecy Act (“BSA”), which requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering, applies to entities that we may not traditionally think of as “financial institutions,” including securities broker or dealers. Compliance with the BSA is no easy task.