Bank Webinar: Beneficial Ownership: 2024 and Beyond
Beneficial Ownership and Customer Due Diligence are not new concepts. However, to emphasize the importance of these requirements, regulators have elevated them to one of the “pillars” of a BSA program. In this webinar, we will dissect the crucial implications of the new Beneficial Ownership Information Reporting Rule requirements that took effect on January 1, 2024.
About the Rule
The recently implemented rule by the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA) mandates beneficial ownership information (BOI) reporting. This rule aims to fortify the U.S. national security framework and safeguard the financial system from illicit use by providing essential information to various stakeholders. The additional Beneficial Ownership requirements will not directly impact your institution, but they will be confusing for your clients. And when they feel the need for help with financial matters, they will often come to you.
We will discuss what you need to understand so that you can assist your clients regarding this new requirement. While you should never actually complete this new requirement on their behalf, being a source of valuable information will reflect positively on your institution and aid in client retention.
Stay ahead in understanding the implications, obligations, and benefits of this rule.
This webinar covers:
- Reporting requirements and their impact on your bank’s processes and procedures
- What accountholders must do and know
- What a reporting company is and what information companies are required to file
- What companies are exempt
Bill Elliott, CRCM, Director of Compliance Education
Bill Elliott is a renowned expert in financial compliance and risk management with more than 40 years of banking experience. In his role, Bill leads compliance seminars, conducts comprehensive compliance reviews, provides in-house training and authors compliance articles and training materials.
Beneficial Ownership: 2024 and Beyond
When: Monday, February 12, 2024, 3 – 4 p.m. EST
Who is it for: This webinar is designed for all bank individuals interacting with commercial clients, including BSA officers, professionals in compliance and regulatory roles, management, lenders, and other frontline staff.
Price: $249 per webinar hook-up
Are you registering as a group? Individuals should be registered separately. For assistance with group registrations, please contact Karen Hevesi at [email protected] or 330-422-3479.
Gain a competitive edge by being well-informed and ready to adapt.
These additional BOI requirements will be confusing for your clients. While you should never actually complete this new requirement for your clients, we help you understand so you can be a source of valuable information. This will reflect positively on your bank and aid in client retention.
About Young & Associates
Young & Associates is a national leader in financial institution consulting, outsourcing and education. We provide trusted expertise you need to manage risk, stay compliant and position for growth and profitability. Find out more about Young and Associates.
