Friday, September 4, 2020
2:30 – 3:30 pm (Eastern Time)
1:30 – 2:30 pm (Central Time)
12:30 – 1:30 pm (Mountain Time)
11:30 – 12:30 pm (Pacific Time)
On May 11, 2018, the Financial Crimes Enforcement Network (FinCEN) issued its final rule to implement the long-awaited beneficial ownership rules that will significantly impact customer due diligence requirements. Under the final rule, a covered financial institution will be required to adopt due diligence procedures that will require identification and verification of a legal entity’s beneficial owner(s) at the time of account opening. In addition, another pillar has been added to the existing four pillars that have encompassed anti-money laundering programs since the passage of the USA PATRIOT Act. The requirement to establish risk-based procedures for conducting ongoing due diligence, including customer risk profiles, will have a major impact on your financial institutions anti-money laundering program.
The beneficial ownership rules have been in place for two years and require a financial institution to implement the most significant change to its BSA/Anti-money laundering program in the past decade. This compliance webinar provides the details necessary to begin to prepare for this significant change.
Whether you are the BSA Officer or a new account representative for your financial institution, the beneficial ownership rules have a considerable impact on your daily requirements. This compliance webinar will cover the legal and compliance requirements for ensuring you follow FinCEN’s guidelines.
Overview of Customer Due Diligence Rule
- Rule Requirements
- Practical legal considerations
James Stevens provides corporate and regulatory advice to clients. He has substantial experience in the representation of public and private companies, including financial institutions, marketplace lenders and other fintech and financial services companies, in connection with their corporate governance matters, mergers and acquisitions, securities offerings, and regulatory reporting and compliance. He often serves as the principal outside counsel for these clients.
1.0 CPE Credits & 1.2 AAP Credits