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Story summary
- Financial Crimes Enforcement Network (FinCEN) issued an order on February 13, 2026, to ease customer due diligence requirements for financial institutions.
- Banks will no longer need to verify an entity's ownership each time a new account is opened.
- Verification is required only when the entity first opens an account or if concerns arise about ownership information, and institutions must still comply with other anti-money laundering (AML) and monitoring requirements.
