CaseWare RCM Supports Moves by U.S. Lawmakers for Beneficial Ownership Database
Bipartisan bills would increase transparency of ownership of U.S. corporations, help law enforcement combat illicit money laundering and modernize governing laws.
Toronto, Canada, June 19, 2019 – CaseWare RCM Inc., a provider of financial crime detection and prevention solutions and a division of CaseWare International Inc., welcomes the decision by U.S. lawmakers to move ahead with bills to toughen corporate ownership laws for shell corporations to strengthen anti-money laundering and combatting the financing of terrorism policy (AML/CFT).
A bipartisan group of U.S. senators recently announced a bill to require shell corporations to disclose the names of their true owners. The senators said the bill (Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings (ILLICIT CASH) Act) would require shell companies to disclose their ultimate – or real owners – to the U.S. Treasury Department.
The move comes as Democratic Congressional Rep. Carolyn Maloney (D. NY) said the Financial Services Committee would consider a similar bipartisan bill called Corporate Transparency Act of 2019. ouse
“These bills – if passed – will improve transparency, reduce the burden on financial institutions when verifying corporate ownership and will be another tool to help fight financial crimes,” said Andrew Simpson, Chief Operating Officer at CaseWare RCM Inc.
FinCEN’s Customer Due Diligence (CDD) Rule requires institutions to:
- Identify and verify the identity of new customers
- Identify and verify the identity of the beneficial owners of companies opening accounts
- Understand the nature and purpose of customer relationships to develop customer risk profiles
- Conduct ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update customer information
CaseWare RCM is pleased to make available a 24-page report that explores best practices for complying with the beneficial ownership requirement of FinCEN’s CDD Rule and includes tips on:
- Identifying beneficial ownership, including the legal entity
- How to collect, verify, store, manage and maintain beneficial ownership data
- Opportunities for enhanced transaction monitoring and customer risk assessment from beneficial ownership data
About CaseWare RCM Inc.
CaseWare RCM Inc. is the maker of Alessa, a financial crime detection, prevention and management solution. With deployments in more than 20 countries in banking, insurance, FinTech, gaming, manufacturing, retail and more, Alessa is the only platform organizations need to identify high-risk activities and stay ahead of compliance. To learn more about how Alessa can help your organization ensure compliance, detect complex fraud schemes, and prevent waste, abuse and misuse, visit us at www.alessa.caseware.com.