We empower the world’s financial integrity professionals to protect the global financial system

Upcoming Webinar | December 5th, 12-1PM EST

Beneficial Ownership – Dos, Don’ts, & Expert Insights

Join the Institute for Financial Integrity for a comprehensive webinar that provides firms and financial institutions with knowledge and strategies they need to ensure they comply with new beneficial ownership rules and regulations.

Congress in 2021 passed the Corporate Transparency Act, creating a new beneficial ownership information reporting requirement. The effort aims to make hiding or benefitting from ill-gotten gains through the use of anonymous shell companies and other opaque ownership structures more difficult for illicit actors. The beneficial ownership information database that will be administered by FinCEN is part of this effort.

Led by regulatory, anticorruption, and industry experts, this webinar will equip your organization with insights into the nuances of the new beneficial ownership reporting requirements, address concerns about privacy, security, and access, and equip your organization with strategies you can use to research beneficial ownership and reduce your exposure to financial crime risk.

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Who We Serve

In recent years, financial crime, sanctions, and other illicit financing risks have expanded in scope, complexity, and significance. It is more important than ever for jurisdictional authorities and the financial institutions and vulnerable industries they oversee to implement training programs to meet elevated compliance and risk management expectations, protect their reputations, and safeguard our collective security.

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Explore Our Expert Insights

Featured

Onerous Ownership

November 5, 2024

New U.S. beneficial ownership reporting requirements went into effect on January 1, 2024, obliging many small businesses to report to FinCEN identifying information about the individuals who directly or indirectly own or control 25% or more of the company. This article explores what you need to know as well as concerns company owners have expressed about the privacy, security, and regulatory scrutiny that accompanies the new regulations.

Big Fines, Bigger Lessons

October 30, 2024

TD Bank’s $3 billion fine highlights a growing trend: regulators are cracking down hard on weak AML programs. Discover why fines are skyrocketing and how strong AML training can help safeguard your institution.

Risky Convergences

October 28, 2024

New digital solutions in money laundering and underground banking have facilitated the expansion of the criminal business environment in Southeast Asia, integrate billions of criminal proceeds into the formal financial system and enabling the growth of new criminal organizations.

A PEP Talk

October 24, 2024

Politically exposed persons are individuals who, due to their positions of power, influence, or proximity to government, are susceptible to becoming involved in corruption, bribery, or other financial crimes. And because moving and hiding misappropriated assets often involves money laundering, financial institutions across the globe are tasked with the challenge of identifying and managing these risks.

A $3 Billion Mistake

October 22, 2024

TD Bank was recently slammed with a record $3 billion fine for failing to comply with AML laws. With $18 trillion in unmonitored transactions, the bank became a hotbed for criminal activity. What went wrong, and what can other financial institutions learn from this?

Beneficial Ownership: Who Owns What?

October 17, 2024

U.S. efforts to curb illicit finance are in full swing, as the requirement to reveal the beneficial owners of certain entities registered or operating in the United States came into effect this year. In this article, we explore key requirements, benefits, and deadlines as well as address some of the concerns organizations may have about the new regulation.

New BIS Export Compliance Guidance for Financial Institutions

October 15, 2024

The U.S. Bureau of Industry and Security recently published guidance for financial institutions on complying with strategic trade controls and discussing best practices, red flags, screening, and reporting. The latest guidance provides greater detail on due diligence and risk management to help financial institutions detect and deter emerging and evolving export controls evasion.

From Cash to Clicks – AML Challenges & Typologies for Digital Payments

October 2, 2024

Dive into the dynamic world of digital payments, where convenience meets innovation. Learn the challenges Payment Service Providers are navigating with smarter, technology-driven Anti-Money Laundering practices to ensure secure and efficient transactions.