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Getting ready for Beneficial Ownership

How do I start preparing for the new Beneficial Ownership/CDD rules?

With less than a year until the rule's deadline, many questions remain. As your institution navigates through project plans ahead of the May 2018 deadline, it is important to take a step back and look at the broader picture to ensure success across all the affected lines of business. We have outlined five key steps towards a successful program review and regulatory implementation.

  1. Map your current processes. Pull a team together from all affected areas; evaluate your current processes, educate them on the particulars of the new regulation and discuss the anticipated day-to-day impact.
  2. Identify how you are going to collect and store Beneficial Ownership information. Data entry can be very time consuming and leaves room for human error. While your existing processes may be "manageable" given current volumes and staffing, consider the impact the added questionnaires and certification forms needed for Beneficial Ownership compliance will make.
  3. Look for a solution with adaptive scheduling, assignment and tracking options configurable to fit your program. Creating a periodic review program and working the reviews are two of the biggest challenges for BSA Professionals. Finding a solution with a robust case management system will offer numerous efficiencies and benefits to mitigate pain points. A successful solution offers the ability to easily identify, assign, track and report on these reviews.
  4. Plan how you will roll out changes throughout your institution. Work with your team to identify existing priorities in each area and the available resources you have to implement these changes. This will help you determine whether you implement of your desired improvements all at once or you take a phased approach and implement changes in stages.
  5. Consider your institution's future needs. Make sure your processes and systems have the flexibility to enhance your current program and adapt with your institution as you grow. Take the time to know exactly what your institution needs and choose a solution that can meet those needs, create efficiencies and continue to grow with you.

Download the full whitepaper, Five Steps To Finding the Right Solution to learn how to create additional efficiencies when addressing these five steps.

Banker's Toolbox is the leader in Bank Secrecy Act, anti-money laundering and fraud prevention compliance solutions for financial institutions. Our company provides software, professional and consulting services to give financial institutions confidence in their BSA/AML and fraud detection programs. As former bankers, regulators and CAMS professionals we understand the challenge you are up against, which is why everything we create is purpose-built with you in mind. Chat with us, check out our resources, or schedule a demo. Call today: 888-201-2231.

First published on 10/29/2017

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