Beneficial Ownership Requirements for a Legal Entity


Instructor: Doug Keipper
Product ID: 706905

  • Duration: 60 Min
This webinar will review the CDD Rule and the new requirements issued by FINCEN, along with sharing information and procedures for the beneficial ownership rule.
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Why Should You Attend:

FinCEN issued the Customer Due Diligence (CDD) Rule last year to amend existing BSA regulations in order to clarify and strengthen customer due diligence requirements for certain financial institutions. Along with outlining explicit customer due diligence requirements, the rule also enacts a new requirement for these financial institutions to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions.

Areas Covered in the Webinar:

  • Understand what beneficial ownership is and why we have to know this
  • Demonstrate how to determine beneficial ownership
  • Understand what the new procedures are for determining beneficial ownership
  • Background on the new Customer Due Diligence Beneficial Owner rule
  • Beginning the project - how to start, where to start
  • Creating a project plan
  • Who should be involved in the Customer Due Diligence Beneficial Ownership project
  • Creating flow charts to make out current process and future process
  • Examples of what decisions points are needed
  • How to train and who to traing
  • How to implement the project
  • Higher risk customer types that need frequency monitoring in comparison to lower risk customer types that need infrequent monitoring
  • BSA policy and program requirements and changes
  • Regulatory requirements
  • Types of accounts to include in CDD monitoring
  • Board and senior management expectations and responsibilities
  • Baseline determination of "normal" vs "suspicious" activity
  • Development of an initial customer risk profile
  • Threshold for updating a customer profile
  • Connecting the dotted line between unusual CDD activity and the filing of a SAR
  • CDD and its impact upon the bank's annual BSA risk assessment
  • How to avoid examination and audit findings
  • Record retention
  • Transactional internal testing

Free Handouts:

  • Beneficial Ownership Participant Guide
  • Sample Beneficial Ownership form at account opening

Who Will Benefit:

  • BSA Officers
  • BSA Staff
  • CIP and Deposit Operations
  • Anti-Money Laundering Officers
  • Internal Auditors
  • Financial Officers
  • Front Line Staff
  • Risk Officers
  • Operational Managers
  • Branch Personnel
  • Training
  • Compliance
  • Staff with roles and responsibilities in BSA / AML management and oversight
  • Anyone who opens legal entity accounts
  • New Accounts Representative
  • Banking operations managers
  • Business operations managers
  • Payments directors
  • Compliance officers and managers
  • Risk management staff
  • Account managers
  • General counsel
Instructor Profile:
Doug Keipper

Doug Keipper
Certified Anti-Money Laundering Specialist, Leading Bank

Doug Keipper, is a Certified Anti-Money Laundering Specialist (CAMS) since 2005 and a Bank Secrecy Act Officer for a $1 billion dollar bank.
Doug sold BSA software for eight years and has taught anti-money laundering classes since 2008 throughout the southeast and online.
He has talked with over 500 BSA officers throughout the USA and Caribbean.
He has spent over 20 years in retail banking, wholesale mortgages and financial services.

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