More is Not Always Better: FinCEN Grants Risk-Based Relief from Repeat Beneficial Ownership Verification Requirements

On February 13, 2026, the Financial Crimes Enforcement Network (“FinCEN”) issued an order granting exceptive relief to “covered financial institutions” from the requirement in 31 C.F.R. § 1010.230(b) to identify and verify the beneficial owners of legal entity customers at each new account opening.... By: Mayer Brown