Description:
Since the passage of the Corporate Transparency Act (CTA) in 2020, AML Compliance Professionals have been waiting with bated breath for an update to the beneficial ownership data collection requirements. Over the course of the last four years, FinCEN has slowly worked to push out rules for small businesses to report their beneficial owners to the Beneficial Ownership Secure Site (BOSS). We find ourselves at a frustrating crossroad as FinCEN has yet to propose an updated rule to the 2018 Customer Due Diligence Rule and data collection and communication to legal entities has been slow. In this session, we will summarize the status of all beneficial ownership data collection rules and BOSS access rules. We will also discuss strategies for what you can be doing now to get ready for changes that are on the horizon.
Key takeaways:
- Compare and contract the BOSS with the beneficial ownership certification
- Understand who can access the BOSS and for what purpose
- Review status of current court challenges to the CTA
- Planning for 2025
Who Should Attend:
This session has been crafted for designed for BSA officers, BSA staff, branch administration, loan administration, compliance staff, senior management, and trainers.
Presenters:
Brian Crow, CAMS
Brian Crow is managing partner and co-president for TCA Compliance and is a nationally recognized BSA/AML expert with a strong bank compliance management background and a welcome ability to provide focused educational support to TCA client banks. Crow most recently was BSA Administrator for a suburban Chicago bank, where his responsibilities included the bank’s annual assessment and audit documentation. Earlier, as Operations Officer at the same bank, Crow monitored AML activity and helped install automated AML software that allowed the bank to transition from paper to electronic CTRs. His activities were responsible for reducing debit card fraud by 95 percent at the bank. Mr. Crow has been, and continues to be, an education consultant for the Glia Group BOL Learning Connect program. It was in this role that Crow was recognized as a Bankers Online Guru in 2011. Like many of us, Mr. Crow began his banking career as a teller, working his way up to branch management responsibilities. He earned a B.A. degree from Concordia University, River Forest Illinois.
October 1, 2024