Determining a Legal Entity for Purposes of Beneficial Ownership
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- Take-away toolkit
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FinCEN's beneficial ownership rules, effective May 11, 2018, require your institution to maintain written procedures to identify and verify the beneficial owners of legal entities that open accounts at your institution. The new rules specifically define what types of businesses are considered legal entities and outline a two-prong test for determining beneficial ownership. This webinar will clearly explain, with examples, which entities are covered by the rules and define the specific documents needed to properly identify and verify beneficial owners.
Continuing Education: Attendance verification for CE credits upon request
HIGHLIGHTS
- Learn what constitutes sufficient due diligence under the new rules
- Explanation of each type of legal entity covered by the new rules and practical examples of the information needed to identify and verify them
- Required tests to determine beneficial ownership and examples of the information needed to identify and verify them
- When can you rely on information and documentation already contained in your records?
- Sample provisions to add to your Certification of Beneficial Ownership to reduce your administrative burden on automatically renewable accounts
- TAKE-AWAY TOOLKIT
- Official Certification of Beneficial Owner[s] form published by FinCEN
- Additional provisions to the Certification of Beneficial Owner[s] form for automatically renewable accounts
- Recent FAQs published by FinCEN
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session will be useful to all deposit operations personnel, account service representatives, compliance personnel, auditors, attorneys, and managers.
Presented By
