Alert! FinCEN Reduces BSA Beneficial Ownership Certification Burden!
February 13, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an order granting exceptive relief to covered financial institutions from certain requirements under FinCEN’s Customer Due Diligence Requirements for Financial Institutions rule (the “2016 CDD Rule”). The order excepts covered financial institutions from the requirement to identify and verify the beneficial owners of a legal entity customer each time the customer opens a new account.
Under the order, a covered financial institution is required to identify and verify the beneficial owners of a legal entity customer in only the certain circumstances. Learn what you need to do to get into compliance. Change your policy and procedures for BSA Customer Due Diligence.
Receive: Updated New Accounts Handbook
What You’ll Learn
Who Should Attend
BSA Officers, Deposit and Loan Operations, Compliance and staff who open accounts and make loans
