# FinCEN Guidance FIN-2006-G004: Frequently Asked Question regarding Customer Identification Programs for Futures Commission Merchants and Introducing Brokers (31 CFR 103.123) > Federal · Agency guidance · In force URL: https://www.frixlaw.com/law-library/statutes/FINCEN_FIN2006G004 ## Section - **Citation:** FinCEN Guidance FIN-2006-G004 - **Heading:** Frequently Asked Question regarding Customer Identification Programs for Futures Commission Merchants and Introducing Brokers (31 CFR 103.123) - **Jurisdiction:** Federal - **Kind:** Agency guidance - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** FinCEN Guidance (alerts, advisories, notices, bulletins, fact sheets) / Frequently Asked Question regarding Customer Identification Programs for Futures Commission Merchants and Introducing Brokers (31 CFR 103.123) ## Text Financial Crimes Enforcement Network Commodity Futures Trading Commission Guidance FIN-2006-G004 Issued: February 14, 2006 Subject: Frequently Asked Question regarding Customer Identification Programs for Futures Commission Merchants and Introducing Brokers (31 CFR 103.123) Q. Futures commission merchants engage in transactions through omnibus accounts and sub- accounts established by financial intermediaries. In these situations, (1) the omnibus account or relationship is established by or on behalf of a financial intermediary for the purpose of executing transactions that will clear or settle at another financial institution, or the omnibus accountholder provides limited information to the futures commission merchant solely for the purpose of delivering assets to the custody account of the beneficial owner at another financial institution; (2) the limited information given to the futures commission merchant about the beneficial owner is used primarily to assist the financial intermediary with recordkeeping or to establish sub-accounts that hold positions for a limited duration to facilitate the transfer of assets to another financial institution; (3) all transactions in the omnibus account or sub-accounts at the futures commission merchant are initiated by the financial intermediary; and (4) the beneficial owner has no direct control over the omnibus account or sub-accounts at the futures commission merchant. In the circumstances described above, must the futures commission merchant treat the beneficial owners as "customers" for purposes of the rule? A. No e omnibus account or sub-accounts at the futures commission merchant are initiated by the financial intermediary; and (4) the beneficial owner has no direct control over the omnibus account or sub-accounts at the futures commission merchant. In the circumstances described above, must the futures commission merchant treat the beneficial owners as "customers" for purposes of the rule? A. No. In paragraph (a)(5) of the rule, a "customer" is defined as "[a] person that opens a new account.” According to the rule's preamble (68 FR 25149 (May 9, 2003)), this means the "person identified as the account holder.” The preamble states further that "[i]f the intermediary is the account holder, such as in the case of an omnibus account, an FCM is not required to look through the intermediary to the underlying beneficiaries." Even if the futures commission merchant has some information about a beneficial owner of assets in an omnibus account (e.g., batch execution account) or a sub-account, under the circumstances described above, the financial intermediary (not the beneficial owner) should be treated as the customer for purposes of the rule. ## Nearby sections - [FinCEN Guidance FIN-2006-G002 Guidance to Financial Institutions on the Provision of Financial Services to Belarusian Senior Regime Elements Engaged in Illicit Activities](https://www.frixlaw.com/law-library/statutes/FINCEN_FIN2006G002.md) - [FinCEN Guidance FIN-2006-G003 Frequently Asked Questions Foreign Bank Recertifications under 31 C.F.R. § 103.177](https://www.frixlaw.com/law-library/statutes/FINCEN_FIN2006G003.md) - [FinCEN Guidance FIN-2006-G004 Frequently Asked Question regarding Customer Identification Programs for Futures Commission Merchants and Introducing Brokers (31 CFR 103.123)](https://www.frixlaw.com/law-library/statutes/FINCEN_FIN2006G004.md) - [FinCEN Guidance FIN-2006-G005 Frequently Asked Questions Businesses Cashing Their Own Checks](https://www.frixlaw.com/law-library/statutes/FINCEN_FIN2006G005.md) - [FinCEN Guidance FIN-2006-G006 Registration and De-Registration of Money Services Businesses](https://www.frixlaw.com/law-library/statutes/FINCEN_FIN2006G006.md) - [FinCEN Guidance FIN-2006-G007 Frequently Asked Question Customer Identification Program Responsibilities under the Agency Lending Disclosure Initiative](https://www.frixlaw.com/law-library/statutes/FINCEN_FIN2006G007.md) - [FinCEN Guidance FIN-2006-G008 Application of the Regulations regarding Special Due Diligence Programs for Certain Foreign Accounts to NSCC Fund/SERV Accounts](https://www.frixlaw.com/law-library/statutes/FINCEN_FIN2006G008.md) - [FinCEN Guidance FIN-2006-G009 Application of the Regulations Requiring Special Due Diligence Programs for Certain Foreign Accounts to the Securities and Futures Industries](https://www.frixlaw.com/law-library/statutes/FINCEN_FIN2006G009.md) - [FinCEN Guidance FIN-2006-G010 Frequently Asked Questions Anti-Money Laundering Program and Suspicious Activity Reporting Requirements for Insurance Companies](https://www.frixlaw.com/law-library/statutes/FINCEN_FIN2006G010.md) - [FinCEN Guidance FIN-2006-G011 Application of the Regulations Requiring Special Due Diligence Programs for Certain Foreign Accounts to Certain Introduced Accounts and Give-Up Arrangements in the Futures Industries](https://www.frixlaw.com/law-library/statutes/FINCEN_FIN2006G011.md) - [FinCEN Guidance FIN-2006-G012 Frequently Asked Questions Conducting Independent Reviews of Money Services Business Anti-Money Laundering Programs](https://www.frixlaw.com/law-library/statutes/FINCEN_FIN2006G012.md) - [FinCEN Guidance FIN-2006-G013 Frequently Asked Questions Suspicious Activity Reporting Requirements for Mutual Funds](https://www.frixlaw.com/law-library/statutes/FINCEN_FIN2006G013.md) - [FinCEN Guidance FIN-2006-G014 Potential Money Laundering Risks Related to Shell Companies](https://www.frixlaw.com/law-library/statutes/FINCEN_FIN2006G014.md) - [FinCEN Guidance FIN-2006-G015 Frequently Asked Question Customer Identification Programs and Banks Serving as Insurance Agents](https://www.frixlaw.com/law-library/statutes/FINCEN_FIN2006G015.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/FINCEN_FIN2006G004. Check the current official text before relying on it. Not legal advice.