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.
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 credit union, but they will be confusing for your members. 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 members 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 credit union and aid in member retention.
This webinar covers:
When: Monday, February 12, 2024, 1 – 2 p.m. EST
Who is it for: This webinar is designed for all credit union 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
These additional BOI requirements will be confusing for your members. While you should never actually complete this new requirement for your members, we help you understand so you can be a source of valuable information. This will reflect positively on your credit union and aid in member retention.
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.