FinCEN has issued final rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for: Banks; brokers or dealers in securities; mutual funds; and futures commission merchants and introducing brokers in commodities. The rules contain explicit customer due diligence requirements and include a new requirement to identify and verify the identity of beneficial owners of legal entity.
The complexity of regulatory compliance and the higher stakes for failure, whether in the form of institutional penalties or personal liability, make the compliance officer’s job even more daunting.
Let our team of experienced former FinCEN & Federal Regulators create a program that fits the needs or your institution while complying with Federal Regulatory expectations. Get it done right the first time!
Did you know Wyoming, Delaware and Nevada do not require proof of business ownership? Watch the video at the bottom of this page and find out how easy it is.