FinCEN clarifies omnibus account 'customers'

The Financial Crimes Network (FinCEN) has clarified that the futures commission merchants (FCMs) should not consider individual account holders in an omnibus account as 'customers' for purposes of implementing customer identification programmes (CIPs) under the USA Patriot Act. The agency issued guidance to the Frequently Asked Question (FAQ) regarding CIPs for FCMs and introducing brokers. The guidance says the financial intermediary or broker (not

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