BSA Compliance for Commercial Accounts: Beneficial Ownership & Beyond

Commercial services offer many unique opportunities.  From increased community involvement to increased fee income, there’s potential to make a positive impact on the community and bottom line.  But with massive penalties being imposed for BSA violations, now is not the time to conduct business as usual.  Gone are the days when proper account access was your only concern.  Heightened customer due diligence requirements, combined with increased regulatory focus on business accounts used in criminal activity, have dramatically changed BSA obligations.  

Bank Secrecy Act compliance continues to be a high regulatory examination target and one that should receive extensive time and attention.  The Financial Crimes Enforcement Network (FinCEN) has even proposed a new rule to further focus on commercial accounts and limit their use in hiding nefarious activity.  Do you understand the potential impact to your institution?  This webinar will review the entire business account process from account opening and monitoring to beneficial ownership, and will highlight the potential landmines.