Earlier today, August 8, 2018, FinCEN extended the temporary, 90-day limited exemptive relief for an additional thirty days. Originally issued on May 16, 2018, the rule was effective retroactively to May 11, 2018 and was good for 90 days, meaning that it was set to expire on August 9, 2018.

The exemption applies to the obligations of the Beneficial Ownership Rule for rollover or renewal of certain financial products and services - like certificates of deposit and loan accounts - that were established before May 11, 2018. The temporary exemptive relief is now set to expire on September 8, 2018.

The FinCEN 30-day extension can be found here.

The original 90-day exemption can be found here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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