Daniel P. Stipano Discussed "Building the Fifth Pillar of an Effective Anti-Money Laundering Compliance Program" at a Securities Docket Webcast
Securities Docket, the Global Securities Litigation and Enforcement Report, is the industry’s most comprehensive and timely source of news, commentary and data.
In May, 2016 the Financial Crimes Enforcement Network (FinCEN) 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 customers.
This session discussed what the rule requires and what it means to your firm. More importantly, the event included a practical discussion of what firms should be considering and doing in advance of the rule’s May 2018 final applicability date.
Topics covered included:
- How do financial institutions (“FIs”) intend to identify and verify Beneficial Owners (“BOs”) and Control Persons (“CPs”)?
- What is a “customer profile” and what do you do with it?
- How will the rule affect transaction monitoring, suspicious activity investigations and reporting from both a technology and compliance program standpoint?
- What risk-based trigger events are FIs considering when updating beneficial ownership information?