The countdown for compliance with the Financial Crimes Enforcement Network’s (FinCEN) “Final Rule” on beneficial ownership is in full effect, as the new legislation is set to come into effect in only 4 days! Setting the standard for the financial sector, the new rule will require covered financial institutions to implement enhanced due diligence procedures in order to both identify and verify the beneficial ownership status and structures of legal entity customers at the time of account opening. Adding on to the “Four Pillars” of the effective anti-money laundering program (internal controls and procedures, independent testing of BSA/AML compliance, designation of a compliance officer, and adequate employee training), the “Fifth Pillar” calls for a risked-based approach to managing customer due diligence (CDD), maintaining up-to-date customer information, and the monitoring of potential clientele and their transactions.
In order to help financial institutions manage these crucial and complex regulations, we’ve has launched a potent and easy-to-use online tool that allows for the creation and upkeep of organizational structures that can be checked against all sanctions, Politically Exposed Persons (PEP) lists, adverse media and social media. Allow the FREE “Beneficial Ownership Mapper” to take the worry out of compliance with FinCEN’s Final Rule. The clock is ticking!
Simply register and try Global RADAR’s Ownership Mapper for free.