Beneficial Owners: Not Just Deposit Accounts

You are probably well aware by now that the new Customer Due Diligence/Beneficial Owner rules require that you identify, verify and certify beneficial owners every time a new account is opened by a legal entity customer.  What some bankers do not realize (or may be in denial of) is that an “account” is not just a deposit account.  It is a formal banking relationship to provide services or transactions, which includes deposits accounts, certificates of deposit, cash management accounts, safe deposit boxes, credit accounts, etc.  Yes, credit accounts!  This means that EVERY time an existing covered legal entity customer comes in to obtain a new loan, the beneficial owner requirements apply – EVERY time.

Do you fully understand the new requirements and are you on track to be compliant by/before May 11, 2018?  Join us for our Customer Due Diligence Programs & Beneficial Owners Webinar on July 12, 2017, as we help you chart a course for these changes.  We’ll provide plain English insights on how to prepare for and implement the changes.  Here’s just a sample of what we plan to cover:

  • Formalizing Your Due Diligence Program
  • Enhancing Your Due Diligence Program
  • Identifying Responsibilities (BSA, Frontline, Management, Board)
  • Identifying Beneficial Owners of Legal Entity Customers
  • Beneficial Owner Examples
  • Record Retention and More!

Jerod Moyer explains more.

Published
2017/07/05
Deb Irving
David Dickinson

David Dickinson

David’s banking career began as a field examiner for the FDIC in 1990. He later became a Compliance Officer and Loan Officer for a small bank. In 1993, he established Banker’s Compliance Consulting. Along with his amazingly talented Team, he has written numerous compliance articles for prestigious banking publications and has developed compliance seminars that Banker’s Compliance Consulting produces.

He is an expert in compliance regulations. He is also a motivational speaker and innovative educator. His quick wit and sense of humor transforms the usually tiring topic of compliance into an enjoyable educational experience. David is on the faculty of the American Bankers Association National Compliance Schools and has served on the faculty of the Center for Financial Training for many years. He also is a frequent speaker at the ABA’s Regulatory Compliance Conference. He is also a trainer for hundreds of webinars, is a Certified Regulatory Compliance Manager (CRCM) and has been a BankersOnline Guru for many years. The American Bankers Association honored David with their Distinguished Service Award in 2016.

David and his wife Karen have three adult children, four grandchildren (none of whom live at home!) and two cats (of which Dave is allergic … the cats, not the children!). They recently moved to an acreage outside of Lincoln, Nebraska where he gets to play with his tractor. When possible David can be found fishing, making sawdust in his shop, or playing the guitar and piano. He also enjoys leading worship at his church.

Recent Posts

Flood: Relying on A Prior Flood Determination

Knowing Your Customer When Banking Marijuana & Hemp

CFPB Overdraft Proposal

Archives

see all topics