AuditLink Recommendations on Tracking Beneficial Owners

FinCEN has issued new rules under the Bank Secrecy Act that require financial institutions to identify and verify the identity of the beneficial owners of all legal entity members (corporations, etc.)  Under the final rule, credit unions are required to have written procedures to identify and verify beneficial owners of legal entity members who open new accounts on or after May 11, 2018.  In addition to identifying and collecting data on these individuals, credit unions will need to perform, at a minimum, OFAC screening on all beneficial owners.

AuditLink Recommendations on Tracking Beneficial Owners

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