Regulators said they won’t immediately crack down on financial institutions once a new anti-money laundering rule takes effect next month.
The rule requires financial institutions to identify the true owners of companies when they open bank accounts. It will get a light enforcement touch in the early days after the May 11 effective date, regulatory officials said Monday at an anti-money laundering compliance conference. The rule was in the works since 2012; it was finalized four years later.
