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Video instructions and help with filling out and completing Fincen 2022
Thank you for joining us today for a very timely discussion regarding the importance of conducting thorough due diligence on your customers as the fence and CDD rule takes effect on May 11th our speakers today are Jennifer McIntyre and Lewis Hughes jen is a market planning manager for financial crime in compliance with LexisNexis Risk Solutions her expertise is in court conceptualizing creating and improving the strategic initiatives offered by LexisNexis Lewis is a senior product manager and his responsibilities include overseeing the development of verification products credit reports and scoring products on small businesses both Jen and Lewis are very instrumental in the development of due diligence products and are excited to share with you how you can maximize your due diligence efforts to minimize various risks as you prepare for your for the upcoming sins and CDD rule and now over to you Jen hello everyone and thank you for joining us so we're showing you our legal disclaimer that this is not legal advice I won't go over it in detail but you know the attorneys actually have it so we can go to the next slide and our agenda for today includes I'm going to cover a very very brief summary of the FinCEN CDD rule I would think that most people are familiar with it at this point then I'll prsome questions and tools that you can use and ask yourself for assessing your readiness and then I'm going to go over some frequently asked questions beams and that will make more sense when we get there and then I'll turn it over to if we don't cover something that you have a question about and we don't get to the QA we will absolutely ask your questions we'll reach out and make sure that your question gets answered but hopefully we cover a lot of ground in a short amount of time so we can go to the next slide this is the very brief summary of the rule and I think some of our frequently asked questions are going to address some of the nuances of the rules so we're not going to discuss that here really what I wanted to address is the core elements of them since customer due diligence rule and what a final rule did was amend the Bank Secrecy Act regulations to include a new requirement for financial institutions to identify and verify the identity of beneficial owners of legal entity customers subject to certain exclusions and exemptions of course the final rule also amends the anti-money laundering program requirements for all covered institutions and contains explicit customer due diligence requirements so for purposes of this webinar we're going to focus on that second piece the beneficial ownership identification and verification requirement as it is completely new to the process and so we can go to the next slide so what does the rule require what is beneficial ownership what is the beneficial ownership obligation.