New Customer Due Diligence (CDD) Beneficial Ownership requirements have shifted the focus of compliance to an area that has historically been challenging. More importantly, maintaining and reporting of beneficial ownership information is now a requirement for financial institutions. In May 2016, the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN) issued the Customer Due Diligence (CDD) Final Rule with an effective date of May 11, 2018. The ruling requires covered financial institutions to collect and verify the identity of at least one controlling party and any beneficial owners who own a minimum of 25% equity interest in the legal entity.
This is no small task. We’ve been in your shoes and understand the challenges of complying with these new requirements. This is why we’ve created a free utility to assist you in documenting beneficial ownership details and obtaining company registry information. Global RADAR’s Ownership Mapper is a simple to use utility which takes the hassle out of documenting and complying with Beneficial Ownership requirements.
With just the click of a mouse, you can now create company organizational charts, search corporate registries globally, including every state in the US.
Simply register and try Global RADAR’s Ownership Mapper for free.