Streamlining KYC: Best Practices in the Collection and Processing of Beneficial Owners

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Streamlining KYC: Best Practices in the Collection and Processing of Beneficial Owners

In May 2018, FinCEN put into effect the most stringent KYC regulations to date, requiring financial institutions to comply with new Customer Due Diligence (CDD) standards on beneficial ownership.

To provide clarity around the collection and verification requirements of beneficial ownership, FinCEN put out multiple FAQs. Still, FIs see the rule as opaque and are finding that the collection and processing of beneficial ownership information costly.

 

Topics covered:

  • Beneficial ownership compliance details
  • Best practices for streamlining the collection and verification aspects of beneficial ownership
  • GIACT’s Beneficial ID™ product