FFIEC Releases Beneficial Ownership Exam Procedures
The Federal Financial Institutions Examination Council (FFIEC) recently released new examination procedures covering the new beneficial ownership requirements for legal entity customers. The beneficial ownership requirements went into effect on May 11, 2018. The new exam procedures apply to banks and credit unions and are found in the “Customer Due Diligence-Overview and Examination Procedures” section of the FFIEC’s Bank Secrecy Act/Anti-Money Laundering Examination Manual.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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