Streamlining KYC: Best Practices in the Collection and Processing of Beneficial Owners

White Paper

FinCEN put into effect the most stringent KYC regulations to date in May, 2018, requiring financial institutions to comply with new Customer Due Diligence (CDD) standards on beneficial ownership.

To provide clarity around the collection and verification requirements of beneficial ownership, FinCEN put out multiple FAQs. Still, FIs see the rule as opaque and are finding that the collection and processing of beneficial ownership information costly. Read GIACT’s new report, Streamlining KYC: Best Practices in the Collection and Processing of Beneficial Owners.

What You’ll Learn

  • Beneficial ownership compliance details;
  • Best practices for streamlining the collection and verification aspects of beneficial ownership; and
  • Streamlining the collection of data and processing of basic KYC and OFAC at enrollment or required re-investigation with GIACT’s Beneficial ID® product

Download the Report

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