The customer due diligence rules, which will become applicable on May 11, 2018, require covered financial institutions to collect and verify the identity of beneficial owners of legal entity customers. This memorandum discusses frequently asked questions issued by the Financial Crimes Enforcement Network on April 3, 2018 providing guidance on aspects of the customer due diligence rules, including beneficial ownership thresholds, identity collection and verification, and ongoing customer due diligence obligations.