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Course/Product Description
Title:

Implementing the New Beneficial Ownership Rules

SKU:WT-1002969
Format: Webinar
Description:

On May 11, 2016, the Financial Crimes Enforcement Network (FinCEN) issued its final rule to implement the long awaited beneficial ownership rules that will significantly impact customer due diligence requirements.

Under this final rule, a covered financial institution will be required to adopt due diligence procedures that will require identification and verification of a legal entity’s beneficial owner(s) at the time of account opening.

In addition, another pillar has been added to the existing four pillars that have encompassed anti-money laundering programs since the passage of the USA PATRIOT Act. The requirement to establish risk-based procedures for conducting ongoing due diligence, including customer risk profiles, will have a major impact on your financial institution's anti-money laundering program.

The new beneficial ownership rules will require a financial institution to implement the most significant change to its BSA/Anti-money laundering program in the past decade.

This two-hour webinar provides the details necessary to begin to prepare for this significant change. Whether you are the BSA Officer or a new account representative for your financial institution, the beneficial ownership rules will have a considerable impact on your daily requirements.

Covered Topics:

Upon completion of the program participants will understand: 

  • What is considered a covered financial institution under the beneficial ownership rules
  • The written procedural requirements necessary under the new rule
  • How to define a “legal entity customer”
  • The two types of beneficial owners: “ownership prong” and “control prong”
  • Which legal entity customers are excluded or exempted from the identification and verification requirements
  • What type of accounts are exempt from the identification and verification requirements
  • The model form provided by FinCEN to satisfy the identification requirements
  • How to develop a customer risk profile as part of the risk-based due diligence requirements
  • What type of ongoing monitoring is necessary under the new rules
  • Options for gathering beneficial ownership information for owners with less than 25% ownership
  • Changes to existing written policies, procedures and training programs; and
  • The record retention requirements.

Who Should Attend

Front-line/new account personnel, BSA Officers, compliance officers, auditors and others with responsibilities for monitoring BSA related activities

The Presenter

Don L. Blaine is the Senior Training Consultant for Compliance Resource, LLC. Don has over 30 years of experience in regulatory compliance for the banking industry with banks ranging in size from community banks to money center banks. He provides training on Bank Secrecy Act/Anti-Money Laundering and deposit compliance. His prior roles have included: Chief Compliance Officer, Senior Compliance Regulatory Examiner, Compliance Audit Manager, and business unit compliance manager.

Don has taught at the ABA’s National Compliance School and has served as an instructor at programs offered by state banking associations. Prior to joining Compliance Resource, LLC, Don served as a consultant to numerous banks. He has attained Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) certifications.

Licenses / Designations / Educational Credits:CEU
All US States: 2.5
All Canadian Provinces: 2.5
About The Provider: Since 1983 Total Training Solutions has produced dozens of videotapes, CD-Roms, DVD's and web-based training modules. In addition to off-the-shelf products, Total Training Solutions also develops custom training products and consults with financial institutions to develop their own training curriculum.

For timely delivery of training topics, webinars or web conferencing is an unbeatable option. We now offer over 100 live programs per year and you can even purchase the recorded or ondemand session if you are unable to attend the live program.

We have worked exclusively with the financial industry since our founding. Because of this, we understand the needs of training departments in financial institutions and are alert to changes which affect the industry.

Webinar Descriptions:

Live Session:
Attend the live session with the opportunity to ask questions to the presenter. You also receive a link to the handouts. All registrations for a live event will be given access to the OnDemand recording, at no additional cost, for seven days following the event. This will allow a flexible alternative when last minute conflicts intrude on scheduled events.

Recorded CD:
CD-Rom includes audio and video of recorded webinar plus hard copy handouts. You will also receive 6 months access to the OnDemand weblink as an added free bonus.

OnDemand:
Includes a weblink for unlimited viewing for 6 months after the date of the webinar as well as a link to handouts.

Live + Recorded:
Includes all three options above. Live session, OnDemand Weblink, and CD-Rom plus Hardcopy Handouts.

Live + OnDemand:
Includes two of the options above. Live session and 6 months access to OnDemand Weblink plus link to handouts.
Price: $265.00
More Info: Contact Us For More Information
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Currently Scheduled Dates For This Webcast
Course TitleDatePrice
Implementing the New Beneficial Ownership RulesCD/On-Demand$345.00

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