Tips on how to comply with FinCEN’s Beneficial Ownership Rule

23 Aug 2019
Date submitted
23 Aug 2019
Resource type
White paper
File type
Web page Web page
This 24-page white paper explores the most significant challenges faced by financial institutions in implementing the beneficial ownership requirement of the CDD Rule as well as recommendations for complying with the various requirements. It includes the following sections tips on:

Identifying beneficial ownership, including the legal entity
How to collect, store, manage and maintain beneficial ownership information
Identity verification for beneficial owners
Storing, managing, and maintaining beneficial ownership data
Opportunities for enhanced transaction monitoring and customer risk assessment from beneficial ownership data
Documentation: The key to regulatory compliance
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