The purpose of BSA/AML requirements may be a difficult concept to grasp for new employees, especially those that are new to banking in general. The idea of asking customers questions that may feel somewhat invasive isn’t always easy, so it’s essential to explain why it’s important. An area that may seem foreign to new employees is the beneficial ownership requirement which comes into play any time a legal entity opens an account. The purpose is to identify the individuals behind a legal entity.
Kevin explains more in the video.
Video Highlights:
- Obtaining information about the beneficial owners of legal entities is required by the Bank Secrecy Act.
- The process is similar to CIP, where beneficial owners are identified and verified by collecting IDs and other documents.
- The certification form includes details such as name, title, legal entity customer being opened for, ownership prong and a signature confirming that all information provided is true and accurate.
Published
2023/05/11
Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).
