FinCEN's beneficial ownership rules, effective May 11, 2018, require your institution to maintain written procedures to identify and verify the beneficial owners of legal entities that open accounts at your institution. The new rules specifically define what types of businesses are considered legal entities and outline a two-prong test for determining beneficial ownership. This webinar will clearly explain, with examples, which entities are covered by the rules and define the specific documents needed to properly identify and verify beneficial owners.
Learn what constitutes sufficient due diligence under the new rules
Explanation of each type of legal entity covered by the new rules and practical examples of the information needed to identify and verify them
Required tests to determine beneficial ownership and examples of the information needed to identify and verify them
When can you rely on information and documentation already contained in your records?
Attendance verification for CE credits provided upon request.
Who Should Attend?
This informative session will be useful to all deposit operations personnel, account service representatives, compliance personnel, auditors, attorneys, and managers.
If you are having issues with registering online, please contact CBAO's Education & Training Coordinator, Lianne Simeone, (614) 610-1877.