The core CDD requirement
Covered financial institutions generally identify and verify the beneficial owners of legal-entity customers under FinCEN’s customer due-diligence framework.
What changed in February 2026
FinCEN granted exceptive relief so covered institutions are no longer required to identify and verify beneficial owners every single time an existing legal-entity customer opens another account. Banks may instead rely on the relief within their risk-based procedures.
When a bank may ask again
A bank may obtain or re-verify ownership information when facts call earlier information into question or when its risk-based ongoing due-diligence process requires an update.
What businesses should do
Keep ownership records current and make sure authorized signers understand the entity structure. The relief reduces duplication; it does not eliminate customer due diligence.
Primary sources and reference material
Expect less repetition, not the end of ownership checks.
Good business banking decisions come from matching account structure, controls, insurance, service and payment workflows to how the company actually operates.