Supreme Court Ruling, Bank Secrecy Act Beneficial Owners vs. 1071 Principal Owners

In the world of compliance, staying ahead of regulatory changes is crucial. For professionals in this field, our 1071 Implementation Membership Group offers a strategic advantage.

The Supreme Court Ruling: Its Impact on 1071 Implementation

The Supreme Court ruling had significant implications for 1071 implementation. Although the case was primarily about the funding mechanism of the Consumer Financial Protection Bureau (CFPB), the outcome affects the entire regulatory landscape. The CFPB had to pause certain activities while the case was pending, but they are now, by all accounts, full steam ahead. This includes the hiring of additional staff and an expected increase in enforcement efforts. For financial institutions, this means that there should be no delays in 1071 preparations.

Comparing Beneficial Ownership and 1071 Principal Owners

Understanding the differences between the Bank Secrecy Act’s beneficial owner requirements and what lies ahead for principal owners under 1071 is essential for compliance, as these differences are significant. June's 1071 Implementation meeting provided a key look into how the requirements for a 1071 principal owner compare to those of a Bank Secrecy Act beneficial owner.


Membership Benefits: Unlocking Value with the 1071 Implementation Membership Group

Being part of the 1071 Implementation Membership Group comes with numerous advantages in addition to those monthly meetings. Here’s what members can expect:

  • Webinar Access: Access numerous 1071 training webinars, including a three-part 1071 deep dive compliance webinar series. This series, with six hours of content, provides practical guidance and in-depth insights to navigate the 1071 requirements. Enjoy access to every other 1071 webinar in our Library, including an upcoming webinar for frontline team members.
  • Ongoing Updates: Stay informed about the latest regulatory changes, best practices, and industry trends through regular updates and resources.
  • Networking Opportunities: Connect with others to share experiences, challenges, and solutions.
  • Exclusive Access: Members are the first to receive access to newly developed tools, such as the comparison chart for Beneficial Owners and Principal Owners we rolled out recently.
  • 1 to 1 Consultation: Members can meet with our experts quarterly to discuss specific details that apply to their institution.

Successful 1071 implementation is a significant undertaking and will only be achieved with the right tools, resources, and support. We encourage you to take advantage of the opportunities provided by our 1071 Implementation Membership Group so you can be ahead of the curve in the ever-changing landscape of regulatory compliance. If you’re not yet a member, consider joining today to access exclusive support, tailored to your needs.

1071 Resources!


Diane Dean

Diane joined Banker’s Compliance Consulting with over 10 years of compliance experience and over 15 years of experience within the financial industry. Diane is a Certified Regulatory Compliance Manager (CRCM) and has a Bachelor’s Degree in Sociology with a concentration in Criminal Justice. She is a graduate of the Schools of Banking Compliance School and has participated in various other training opportunities throughout her career. Diane understands firsthand the struggles banks face in building and maintaining successful compliance programs. Her experience and common sense approach to consumer compliance is a great asset to our clients. Diane and her husband have two kids who keep them busy. She enjoys running and other sports and is a big Bugs Bunny fan! She’s a bit crazy in that she does enjoy reading some of these regulations and she’s a “crazy cat lady!” Her cat tales are hilarious!

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Supreme Court Ruling, Bank Secrecy Act Beneficial Owners vs. 1071 Principal Owners