United States: FinCEN Publishes An Administrative Ruling Regarding Customer Identification Program And Customer Due Diligence Requirements For Designated Beneficiaries Of Individual Retirement Accounts - Goodwin Procter LLP
On March 15, FinCEN issued an administrative ruling affirming that broker-dealers must comply with CIP and CDD requirements when distributing to a beneficiary of IRA funds inherited as part of a charitable estate.
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