Fincen moves to rewrite banks’ due diligence requirements

A forthcoming rule from Treasury’s Financial Crimes Enforcement Network will spell out banks’ obligations to identify the true identities and beneficial ownership of its clients, even as the administration eliminated most U.S. beneficial ownership reporting.

State Street shuffles leadership, Florida’s Portrait Bank

State Street promotes Ann Fogarty to chief operating officer and names Mostapha Tahiri president of State Street Alpha; Florida’s Portrait Bank expects to open for business on Saturday; Texas Capital Bancshares is on the lookout for a new chief risk officer following the departure of David Oman; and more in this week’s banking news roundup.