On March 31st the Financial Action Task Force (FATF)—the global AML/CFT standard-setting body and watchdog—announced that it has upgraded the United States for technical compliance with FATF Recommendation 10 following implementation of the U.S. Treasury’s new customer due diligence (CDD) requirements. FATF’s re-rating—from “partially compliant” to “largely compliant”— reflects a great deal of hard work and progress by the United States to address CDD deficiencies identified in its 2016 Mutual Evaluation Report (MER), including its lack of requirements for financial institutions to ascertain and verify the identity of beneficial owners.