Skip to main content

Looking for Valuant? You are in the right place!

Valuant is now Abrigo, giving you a single source to Manage Risk and Drive Growth

Make yourself at home – we hope you enjoy your new web experience.

Looking for DiCOM? You are in the right place!

DiCOM Software is now part of Abrigo, giving you a single source to Manage Risk and Drive Growth. Make yourself at home – we hope you enjoy your new web experience.

AML/CFT

A Practical Guide To Beneficial Ownership

Things you need to think about to stay in compliance with beneficial ownership

Regulatory changes require a significant amount of preparation, so we thought you could use a guide to Beneficial Ownership.

On May 11, 2018 there will be two types of BSA officers: the prepared and the soon to be unemployed. Yes, it may sound a little dramatic, but the reality is stark and unwavering. FinCen has stated in no uncertain terms, the expectation is full compliance as of May 11, 2018 and many have speculated the enforcement of non-compliance will be harsh, especially early on. So, although the first sentence above is a bit theatrical it is closer to reality than not.

In an effort to avoid such dramatic circumstances we have put together a short list of items you should begin tackling now. It is not a comprehensive list by any means; the thought behind it is to give you a jump-start, something to get you thinking. We have broken it down into some critical items and (just for the fun of it), some other valuable tasks that you may not have thought through yet.