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Hedge Fund Due Diligence: FinCEN Announces a Roundtable Discussion

New York (HedgeCo.Net) – The Financial Crimes Enforcement Network (FinCEN) will host a roundtable discussion to continue gathering information on the Advance Notice of Proposed Rulemaking (ANPRM) on customer due diligence (CDD) requirements for financial institutions, published in the Federal Register on March 5, 2012.

The meeting will be held on September 28, 2012, at the U.S. Commodity Futures Trading Commission (CFTC), 525 West Monroe Street, 11th Floor, Chicago, IL 60661. Participants will first need to clear security in the lobby of the building. The meeting will consist of two sessions, a morning session for Futures Commission Merchants and Introducing Brokers beginning at 9:00am, Central Time, and ending at 12:00 pm and an afternoon session for all other interested financial institutions beginning at 1:00 pm and ending at 4:00 pm.

On March 5, 2012, FinCEN issued the ANRPM to solicit public comment on the potential development of an explicit CDD obligation for financial institutions, including a requirement to collect beneficial ownership information of their customers. The comment period closed on June 11, 2012. On July 31, 2012, officials from the U.S. Department of the Treasury (Treasury), including FinCEN, hosted a public hearing to invite additional comment on specific issues raised during the comment period.

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