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.
* Please note that the recording links will be delivered to you via a downloadable PDF in your confirmation e-mail. The PowerPoint that corresponds with the recording will be automatically delivered upon purchasing via email from the website.
