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Part 1: Enhance Implementation of BO Requirement for CDD
By the time FinCEN’s Customer Due Diligence (CDD) Rule came into effect on May 11, 2018, most financial institutions already had long-standing policies and procedures in place with respect to much of the Rule’s requirements.
However, the requirement to identify the beneficial owners of legal entity customers was a dramatic change in policy and procedure with respect to onboarding and ongoing monitoring of legal entity customers and was one of the challenges presented in the implementation.
During Part 1 of our webinar, Laurie Kelly, CAMS explores how to
- Identifying beneficial ownership, including the legal entity
- How to collect, store, manage and maintain beneficial ownership information
- Identity verification for beneficial owners