On 5 May 2016, the U.S. Treasury Department announced three actions it has taken to strengthen financial transparency and combat the misuse of companies to engage in illicit activities. The three actions include: A Customer Due Diligence (CDD) Final Rule, under which financial institutions are required to: Identify and verify the identity of the beneficial owners of companies opening accounts, including individuals owning 25% or more of a legal entity and individuals controlling a legal entity; Understand the nature and purpose of customer relationships to develop customer risk profiles; and Conduct ongoing monitoring to identify and report suspicious transactions and,...