Part 1: Enhance Implementation of BO Requirement for CDD
May 8, 2019
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