FCM and IB Members: FinCEN issues exceptive relief from requirement to identify and verify beneficial owners at each account opening - 26 March 2026
On February 13, 2026, the Financial Crimes Enforcement Network (FinCEN) issued FinCEN Exceptive Relief Order FIN-2026-R001 granting exceptive relief to covered financial institutions, including futures commission merchants (FCM) and introducing brokers (IB), from requirements set forth in 31 C.F.R. § 1010.230(b) to identify and verify the identities of beneficial owners of legal entity customers at each new account opening.
Rather than having to identify and verify a legal entity customer's beneficial owners each time that customer opens an account, covered financial institutions may instead limit their identification and verification of the identities of beneficial owners under 31 C.F.R. 1010.230(b) to the following circumstances:
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When a legal entity customer first opens an account with a covered financial institution;
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Any time thereafter when the covered financial institution has knowledge of facts that would reasonably call into question the reliability of beneficial ownership information previously obtained about the legal entity customer; and
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As needed based on a covered financial institution's risk-based procedures for conducting ongoing customer due diligence.
NFA FCM and IB Members should review FinCEN's order and update their AML programs accordingly.