Dates of Event & Pricing

$295 for Webinar and Playback*

*Playback has no expiration.

  • Tuesday, May 2, 2023

  • 2:00 – 3:00 pm (Eastern Time)

  • 1:00 – 2:00 pm (Central Time)

  • 12:00 – 1:00 pm (Mountain Time)

  • 11:00 – 12:00 pm (Pacific Time)

BREAKING NEWS! Is Your Bank Prepared for This New Rule?

FinCEN issued a final rule requiring certain entities to file with FinCEN reports that identify two categories of individuals: the beneficial owners of the entity, and individuals who have filed an application with specified governmental authorities to create the entity or register it to do business.

"The rule is effective January 1, 2024. Reporting companies created or registered before January 1, 2024, will have one year (until January 1, 2025) to file their initial reports, while reporting companies created or registered after January 1, 2024, will have 30 days after creation or registration to file their initial reports. Once the initial report has been filed, both existing and new reporting companies will have to file updates within 30 days of a change in their beneficial ownership information. FinCEN is committed to implementing these statutory obligations in a robust manner while minimizing burdens on reporting companies.

The reporting rule is one of three rule-makings planned to implement the CTA. FinCEN will engage in additional rule-makings to: (1) establish rules for who may access beneficial ownership information, for what purposes, and what safeguards will be required to ensure that the information is secured and protected; and (2) revise FinCEN’s customer due diligence rule. In addition, FinCEN continues to develop the infrastructure to administer these requirements, including the information technology system that will be used to store beneficial ownership information in accordance with the strict security and confidentiality requirements of the CTA."

FinCEN Issues Final Rule for Beneficial Ownership Reporting to Support Law Enforcement Efforts, Counter Illicit Finance, and Increase Transparency

New Beneficial Ownership Rules: What You Need to Know 

The Corporate Transparency Act (CTA), requires new and existing state corporations, tribal corporations, limited liability companies, and other similar entities both domestic and foreign to report personal identifying information to FinCEN for their natural-person beneficial owners and for the applicants who establish or register the entities. This expands on why financial institutions were asked to start gathering this information to begin with-to identify the beating hearts behind these businesses and to discourage the use of shell companies by money launderers.  In this session will review both the final and proposed rules from FinCEN, including the impact to your CDD program. 

In addition,  we will provide effective ways to gather and verify beneficial owner information, and present best practices for obtaining information to verify the identity of your accountholder and to establish the purpose of and the anticipated activity for the account. Obtaining all of this information is just part of the process. What are you doing with it once you have it? How do you know when something is outside the “norm” for an accountholder? What triggers will require you to update the information on file? 

Critical Training For Your Team

Join this must-attend banking webinar for an informative and in-depth look at the Beneficial Ownership rules and what changes January 1, 2024. 

This BSA Compliance Webinar will cover:

  • Beneficial ownership requirements 
  • Enhanced due diligence procedures
  • Exclusions and exemptions under the rule
  • Proper methods of data collection and assessment 
  • Business structures and how to handle a trust as owner of a business
  • Successful approaches and tips for Beneficial Ownership compliance
  • Developing appropriate risk management processes
  • Tips for determining the beneficial owner


Who Should Attend:

This webinar training is suitable for banking professionals, including compliance officers, AML analysts, risk managers, and relationship managers, who are responsible for managing and implementing beneficial ownership identification and CDD processes within their organizations. The training is also beneficial for those seeking to enhance their understanding of the regulatory landscape and best practices in this area.

Instructor

Compliance Consultant - Brode Consulting Services Dawn Kincaid

Dawn began her banking career working for a community bank, while attending The Ohio State University. She has nearly fifteen years of experience in client service, operations, information technology, administrative and board relations, marketing and compliance. Most recently Dawn served as the Senior Vice President of Bank Operations for a central-Ohio based community bank, where she created and refined the bank’s policies and procedures, conducted self-audits and risk assessments, and organized implementation of new products and services. She has served in the roles of Compliance, BSA/AML, CRA, Privacy and Security Officer and led training initiatives, prepared due diligence information for and completed a variety of regulatory applications and coordinated internal and external audits and exams.

Credits

1.0 CPE Credits & 1.2 AAP Credits