Snapshot:
Big news from Friday—On February 13, 2026, FinCEN issued an order granting exceptive relief from portions of the 2016 Customer Due Diligence (CDD) Rule. The relief removes the requirement for financial institutions to re‑identify and re‑verify beneficial owners each time a legal entity customer opens a new account.
Why it Matters:
This shift reduces repetitive onboarding friction and lightens operational load for BSA/AML teams—especially those managing high‑volume commercial account activity. It also signals Treasury’s continued push to modernize the BSA framework while preserving strong safeguards against illicit finance. Institutions should assess whether workflow updates or policy adjustments are needed to align with the new relief.
Official Source:
FinCEN Issues Exceptive Relief to Streamline Customer Due Diligence Requirements | FinCEN.gov