This webinar covers:
- The purpose of the changes to beneficial owners – WHY the regulations were introduced
- What organisations have to do to, what’s recommended for you to do, and what can help enhance your current AML compliance obligations
- How you can meet the challenge of defining beneficial owners and how you should be evaluating
Beneficial ownership is part of the AML spectrum. It has become a more prevalent issue as increasingly convoluted operating channels mean that today’s Financial Institutions’ (FIs) struggle to define who their customer is and how transactions are being closed.
So why tighter regulations?
- To comply
- To combat
- To align
- To inform
This proposal requires legal entities to provide identifying information in order to open an account, which is certified at the time of account opening. However, it does not require an organization to check that this owner is the actual beneficial owner. This webinar helps to define what a ‘beneficial owner’ on an account really is and outlines what IS ‘allowed’ under FinCEN regulations.
The recording covers the 4 ways organisations can address beneficial ownership through an enhanced CDD (Customer Due Diligence) program, increased monitoring and oversight, your implementing specific procedures and training all your personnel.
Failing to obtain beneficial ownership information puts your organization and its reputation at risk. Educate yourself on this topical subject today.