- companies open accounts at financial institutions;
- companies are formed, or ownership is transferred; and
- foreign-owned U.S. companies seek to evade their taxes.
CDD Final Rule
- identifying and verifying the identity of the beneficial owners of companies opening accounts;
- understanding the nature and purpose of customer relationships to develop customer risk profiles; and
- conducting ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update customer information.