The Customer Due Diligence Requirements including the 'Beneficial Ownership' rules went into effect May 11, 2018. Under the final rule, a bank is required to adopt due diligence procedures that require identification and verification of a legal entity's beneficial owner(s) at the time of account opening.
In addition to the 'Beneficial Ownership' requirements, the rule added a 'fifth pillar' to four required tenets of a bank's anti-money laundering program. The requirement to establish risk-based procedures for conducting ongoing due diligence, including customer risk profiles, will have a major impact on your financial institution's anti-money laundering program.
Needless to say, Texas community bankers have questions!
This webinar recording designed for compliance officers, BSA/AML officers, personal bankers, new accounts staff and branch managers is led by Karen Neeley (IBAT General Counsel and Senior Attorney with Kennedy Sutherland LLP) and topics include:
-What written procedural requirements are necessary under the new rule?
-How does the rule define a 'legal entity customer'?
-Which 'legal entity customers' are excluded or exempted from the identification and verification requirements?
-What is the 'ownership prong' and what is the 'control prong' and how are they different?
-What types of accounts are exempt from the identification and verification requirements?
-How to satisfy the identification requirements - with the model form or are there other alternatives?
-What type of ongoing monitoring is necessary under the new rules?
-What are the record retention requirements?
Within an hour of purchasing you will receive the link via email to access the recording.
Discounted member price:
You could save: