You are probably well aware by now that the new Customer Due Diligence/Beneficial Owner rules require that you identify, 
verify 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
Deb joined Banker’s Compliance Consulting with twenty years of experience in the banking industry. Her past positions include teller, credit review analyst, assistant financial officer, BSA Officer, Compliance Officer, and Director of Compliance. She has worked for both a small community bank and a large billion-dollar bank.
Deb has Associate Degrees in Business Management and Accounting. She is a graduate of the American Bankers Association National Graduate School of Compliance Management, an honors graduate of Schools of Banking Compliance School, and a graduate of Schools of Banking Advanced School of Banking. Deb’s considerable knowledge and experience make her a valuable member of the Banker’s Compliance Consulting Team. Deb is a Certified Regulatory Compliance Manager (CRCM) and a Certified Anti Money-Laundering Specialist (CAMS).
Deb loves to spend her free time cycling, running, kayaking and weight lifting with her husband. Between them, they have three adult children and six grandchildren. Other interests include anything outdoors and anything she hasn’t done or seen yet!