Featuring GIACT’s David Barnhardt and Meg Nicholls and Hudson Cook’s Ryan Stinneford.
On May 11, 2018, a new FinCEN rule went into effect requiring financial institutions to implement greater due diligence on their legal entity customers than previously. FinCEN’s beneficial ownership rule impacts virtually any FI with legal entity customers. According to FinCEN estimates, the potential cost to FIs and their clients in the first year of implementation alone ranges in the hundreds of millions.
The new beneficial ownership requirements will be very labor-intensive for many financial services firms unless they can find ways to automate a substantial portion of it.
To reduce cost, ensure compliance and make beneficial ownership information collection and verification an easier process for you and your clients, view the on-demand webinar below to learn how these new rules will impact your business and how Beneficial ID™ — the first all-in-one digital solution to provide beneficial ownership information collection and KYC, OFAC verification — can help.