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Beneficial Ownership Update: It’s Still Complicated

The Financial Crimes Enforcement Network (FinCEN) issued a final rule implementing the access and safeguard provisions of the Corporate Transparency Act (CTA), aka the Access Rule. The Access Rule prescribes the circumstances under which beneficial ownership information (BOI) reported to FinCEN may be disclosed to authorized BOI recipients, and how it must be protected.

Upcoming
Thursday, March 6th, 2025
1:30 pm - 3:30 pm
Presented by Deborah Crawford
$299.00 or 1 Token

Includes: Live Access, 30 Days OnDemand Playback, Presenter Materials and Handouts

  • BSA
  • General Compliance
  • Bank Secrecy Act Officer/BSA Specialist
  • Branch Manager
  • Compliance Officer
  • Customer Service Representative
  • Marketing Officer/Business Development
  • New Accounts Representative
  • Security Officer
  • Senior Management
  • Training Manager
  • Trainer

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The Access Rule reflects FinCEN’s commitment to creating a highly useful database for authorized BOI recipients while protecting this sensitive information from unauthorized disclosure. In accordance with the CTA, the Access Rule provides access to BOI to Federal agencies engaged in national security, intelligence, or law enforcement activity; State, local, and Tribal law enforcement agencies with court authorization; foreign law enforcement agencies, judges, prosecutors, and other authorities that meet specific criteria; financial institutions with customer due diligence requirements and regulators supervising them for compliance with such requirements; and U.S. Department of the Treasury (Treasury) officers and employees.

Each category of authorized recipients is subject to security and confidentiality protocols aligned with applicable access and use provisions. Business owners began registering their businesses on January 1, 2024, through a portal on FinCEN's website called BOSS. This secure system is unlike the MSB registration which is a much more public database.

Which businesses have to register? When do they have to register? Do financial institutions have to do anything? Are we going to live with two beneficial ownership rules and for how long? All these questions and any updates will be addressed during this webinar. You will also receive the latest update on BOI and its newest Part I and II rule!

What You'll Learn

  • Who has to register?
  • What are the exemptions, exceptions, and exclusions?
  • Who is an owner or control person?
  • What about trusts?
  • Has the banking rule been produced yet?
  • Do we use the old rule while companies use the new rule?
  • Learn about everything we have on beneficial ownership in 2024
  • The Access Framework
  • Authorized Recipients
  • Security and Confidentiality Requirements
  • Re-Disclosure of BOI By Authorized Recipients
  • Violations and Penalties
  • Implementation of BOI Access
  • Next Steps
  • You will receive an updated BOI Handbook with everything we have at this point

Who Should Attend

This session is ideal for BSA officers, compliance officers, security officers, marketing, training, branch administration, and new accounts.

Deborah Crawford

Instructor Bio

Deborah Crawford is the President of Gettechnical Inc., a Florida based training company. She specializes in the deposit side of the financial institution and is an instructor on IRAs, BSA, Deposit Regulations and opening account procedures. She was formerly with Hibernia National Bank (now Capital One) and has bachelor's and master's degrees from Louisiana State University. She has 35+ years of combined teaching and banking experience.

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