The National Futures Association reminded members that the Financial Crimes Enforcement Network has adopted final rules requiring future commission merchants and introducing brokers to verify the beneficial owners of new legal entity customers (e.g., corporations, limited liability companies, partnerships) beginning May 11, 2018. NFA also reminded its members that FinCEN requires its members to maintain ongoing risk-based customer due diligence procedures in order to conduct ongoing monitoring and report suspicious activities. NFA said it will amend its own rules and interpretive notice (click here to access NFA Rule 2-9 and here for NFA’s related interpretive notice on anti-money laundering) to conform to FinCEN’s changes. (Click here for background related to FinCEN’s new final rule in the article, “FinCEN Issues FAQs on Customer Due Diligence Requirements for Financial Institutions” in the August 7, 2016 edition of Bridging the Week.)