1. Bank Secrecy Act: The Beneficial Ownership Rule

Bank Secrecy Act: The Beneficial Ownership Rule

BSA expert Coppelia Padgett will explain the regulation, FinCEN FAQs, and other guidance while sharing collective “lessons” learned. You will learn how to organize your AML/BSA program so that it minimizes risks and complies with the new legal and regulatory requirements.
Event ID: 2175624
Recording: Unable to attend? A recording will be available after the presentation.
Date: Recorded on 2/6/2020
Duration: Scheduled for 90 minutes including question and answer period.
Presenter: Coppelia Padgett, regulatory compliance consultant and former federal examiner
Credits: Live webinar approved for 1.5 NASBA credit hours (Management Services)

Bank Secrecy Act: The Beneficial Ownership Rule

It has been more than a year since FinCEN implemented the Beneficial Ownership Rule. Institutions are having legal, compliance, and operational challenges associated with beneficial ownership reporting.

  • What lessons have others learned from recent experience with the Beneficial Ownership Rule?
  • How can you identify beneficial owners for legal entity customers?
  • What legal entity customers can be exempt from the rule?
  • How should you handle legal entity customers with complex legal structures?
  • How are the ownership prong and control prong definitions used?
  • What is considered a “new” account? Must existing customers comply?
  • Can CIP and beneficial ownership verification procedures be different?
  • How will CTRs and SARs be affected by the new rule?
  • Does beneficial ownership affect OFAC, Sanctions, 314a, or PEPs?
  • What is the equipment finance and lease exemption?
  • What issues is the latest guidance trying to clarify?

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