FinCEN's Beneficial Owners Proposal: What It Can Mean for You


Presented by: John Burnett and Sonja Kriegsmann

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Two and a half years ago, FinCEN issued a trial balloon - formally called an "Advance Notice of Proposed Rulemaking" -- to describe a potential proposal for adding regulatory provisions with defined Customer Due Diligence requirements including identification of customers, understanding the nature and purpose of accounts, monitoring, and obtaining beneficial ownership information. After receiving about 90 comments, Treasury held a series of five public hearings during 2012 to get more information on the concerns raised in the formal comments.

Now, after 20 months of relative silence on the topic, FinCEN has finally issued its proposal with a view toward:
  1. Assisting financial investigations by law enforcement
  2. Advancing counterterrorism and broader national security interests
  3. Improving a financial institution's ability to assess and mitigate risk
  4. Facilitating tax compliance
  5. Promoting clear and consistent expectations and practices
In the proposal, FinCEN states its belief that Customer Due Diligence includes at least the following four elements:
  1. Indentifying and verifying the identity of customers
  2. Identifying and verifying the identity of beneficial owners of legal entity customers
  3. Understanding the nature and purpose of customer relationships
  4. Conducting ongoing monitoring to maintain and update customer information and to identify and report suspicious transactions
The focus of the FinCEN proposal is the last three elements on that list.

In this webinar, Sonja and John will explain FinCEN's proposed method for obtaining information on beneficial ownership. You'll find out

  • How the information will be gathered
  • Whose information will need to be obtained
  • Which elements of information will be collected
  • What FinCEN means by "Legal Entity Customers"
  • Which customers can be exempted from the process
  • What information you'll need to verify, and how
  • What you won't be expected to do . . .for now
You'll also learn what FinCEN proposes to add to the CDD process concerning understanding the nature and purpose of customer relationships and the related matter of ongoing monitoring.

The opportunity to comment on FinCEN's proposal is scheduled to end on October 3, 2014. Now is the time to join Sonja and John in an analysis of the NPRM so that you can better understand the issues, and better appreciate how the proposal could impact your institution.

Who Should Attend:
Auditor; BSA/AML Officer; Compliance Officer; Legal counsel; Risk Management Officer; Senior Management

About the Speakers: John Burnett is a 1979 alumnus of the ABA National Compliance School, and served on its faculty for several years. He graduated with honors with the Class of 1990 from the Stonier Graduate School of Banking. He is also a graduate of the BAI and the Massachusetts Banker Association Schools of Banking.

John brought over 35 years of banking experience (over 25 of them in Compliance and Operations) to Glia Group, Inc. and BankersOnline, when he joined them as a "BOL Guru" and Associate Editor in June, 2004.

He is a former member and chair of the Massachusetts Bankers Association's Legal and Regulatory Compliance Committee. He is an advisory board member for Bankers Hotline, and has participated in several ABA and Massachusetts Bankers seminar panels.

Sonja Kriegsmann is new to the BankersOnline staff. She serves as the Executive Manager of BOL Insiders, LLC. She joined the BankersOnline team in early 2013 to develop and manage this members-only product offering. Her more than 32 years of banking experience, with over 27 years as an attorney, includes both deposits and lending on the retail side of the bank and in administration developing policies and procedures, as compliance officer, and as in-house counsel. She has also worked as outside counsel to banks of a variety of sizes as well as other entities in the financial industry. She has worked for and with community, regional, and national banks.

While in private practice, Sonja worked extensively with the Indiana Bankers Association assisting banks of all sizes with compliance and operational issues. She has taught a variety of seminars and published a monthly compliance column in the Hoosier Banker magazine. Sonja has also been published in the ABA Bank Compliance magazine.

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CD-ROM Includes:
  • Complete presentation (including slides and audio)
  • Written Materials
  • Follow-up Q & A
You have the right under this license agreement for this CD-ROM to use this presentation on a single-workstation. Use on a network is in violation of the copyright agreements. CD may be used by multiple users at a given institution but may not be placed on a network or in any other multi-user environment.

This program was recorded in its entirety in September 2014. The CD-ROM includes program slides, materials (if available) and follow-up Q & A document.

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  • Model: cd_fincen0914
  • Manufactured by: Glia Group, Inc.

This product was added to our catalog on Monday 18 August, 2014.

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