BSA/AML: Beneficial Owners

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