In this virtual event we explored how FinCEN's proposed changes impact financial institutions.
Our speakers covered the overall timeline of how we got to where we are with AMLA, CTA, and more while going into detail on the BOI Registry, the expanding definiton of financial institutions (like RIAs and ERAs), and the reporting requirements, new customer due diligence rules that are top of mind of financial institutions.
Then compliance leader, Deb Geister from Socure and Kyle Mack from Middesk walk through a framework for the change management that is required to meet these evolving regulations. They touch on how building a network of trusted vendors and data providers is key to building the risk-based compliance program regulators expect. And finish with a lively Q&A with audience questions.
Key Takeaways:
- Understand FinCEN's proposed changes and their impact on financial institutions
- Learn about new customer due diligence requirements and the January 1, 2025 deadline for beneficial ownership reporting
- Explore the implications of expanded transaction reporting and record keeping requirements
- Discover strategies for enhancing your compliance programs to meet new regulatory standards
- Gain insights into how advanced identity verification solutions can streamline your compliance efforts and manage increased operational costs
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