Beneficial Ownership

Course Description

This course explains the requirements of the final rule on beneficial ownership and related customer due diligence (CDD), a CDD Rule issued by FinCEN. The institutions to which the rule applies were provided a two-year period to prepare for the effective date of May 11, 2018.
The impact of the newly required beneficial ownership transparency and the need to obtain information from customers who were not required to provide such information in the past is major. The implementation of the various aspects of this rule affect multiple departments and lines of business. The new regulatory requirements mandate review of and revisions to Customer Identification Programs, OFAC procedures, CIP/CDD Risk Assessments, and BSA/AML policies.

30 Minutes

Series: Transaction Compliance

Roles: Asset Management, Commercial, Compliance - External Audit, Compliance - Internal Audit, Mortgage Professionals, Operations & IT, Retail

Course Format: Online Self-Paced

Package: Breakthrough, Expansion

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