Determining a Legal Entity for Purposes of Beneficial Ownership
FinCEN's beneficial ownership rules, effective May 11, 2018, require your institution to maintain written procedures to identify and verify the beneficial owners of legal entities that open accounts at your institution. The new rules specifically define what types of businesses are considered legal entities and outline a two-prong test for determining beneficial ownership. This webinar will clearly explain, with examples, which entities are covered by the rules and define the specific documents needed to properly identify and verify beneficial owners.
Recorded Friday, July 6, 2018
Continuing Education: Attendance verification for CE credits upon request
- Learn what constitutes sufficient due diligence under the new rules
- Explanation of each type of legal entity covered by the new rules and practical examples of the information needed to identify and verify them
- Required tests to determine beneficial ownership and examples of the information needed to identify and verify them
- When can you rely on information and documentation already contained in your records?
- Sample provisions to add to your Certification of Beneficial Ownership to reduce your administrative burden on automatically renewable accounts
- TAKE-AWAY TOOLKIT
- Official Certification of Beneficial Owner[s] form published by FinCEN
- Additional provisions to the Certification of Beneficial Owner[s] form for automatically renewable accounts
- Recent FAQs published by FinCEN
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session will be useful to all deposit operations personnel, account service representatives, compliance personnel, auditors, attorneys, and managers.
NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your financial institution is prohibited. Print materials may be copied for eligible participants only.
MEET THE PRESENTER
Elizabeth Fast is a partner with Spencer Fane Britt & Browne LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.