Beneficial Owners: Not Just Deposit Accounts

You are probably well aware by now that the new Customer Due Diligence/Beneficial Owner rules require that you identify, BSA Training and Banking Regulations Compliance Consulting deb11 - Beneficial Owners: Not Just Deposit Accountsverify and certify beneficial owners every time a new account is opened by a legal entity customer.  What some bankers do not realize (or may be in denial of) is that an “account” is not just a deposit account.  It is a formal banking relationship to provide services or transactions, which includes deposits accounts, certificates of deposit, cash management accounts, safe deposit boxes, credit accounts, etc.  Yes, credit accounts!  This means that EVERY time an existing covered legal entity customer comes in to obtain a new loan, the beneficial owner requirements apply – EVERY time.

Do you fully understand the new requirements and are you on track to be compliant by/before May 11, 2018?  Join us for our Customer Due Diligence Programs & Beneficial Owners Webinar on July 12, 2017, as we help you chart a course for these changes.  We’ll provide plain English insights on how to prepare for and implement the changes.  Here’s just a sample of what we plan to cover:

  • Formalizing Your Due Diligence Program
  • Enhancing Your Due Diligence Program
  • Identifying Responsibilities (BSA, Frontline, Management, Board)
  • Identifying Beneficial Owners of Legal Entity Customers
  • Beneficial Owner Examples
  • Record Retention and More!

Jerod Moyer explains more.

Published
2017/07/05
Deb Irving

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