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BSA Compliance for Commercial Accounts: Beneficial Ownership & Beyond

May 03 2:00 PM - May 03, 2022 3:30 PM
May 03, 2022 2:00 PM - 3:30 PM
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Commercial accounts require special and ongoing attention – especially in the BSA realm. Does your program satisfy all the CDD and beneficial ownership requirements for business accounts? Do you know what’s on the horizon? Don’t get caught short during your next BSA exam.

Learning Objectives

  • Discuss this overview of BSA laws and penalties
  • Manage due diligence requirements
  • Identify and track beneficial ownership
  • Understand FinCEN’s proposed beneficial ownership reporting rule
  • Employ available BSA resources

Commercial services offer many unique opportunities. From increased community involvement to increased fee income, there’s potential to make a positive impact on the community and bottom line. But with massive penalties being imposed for BSA violations, now is not the time to conduct business as usual. Gone are the days when proper account access was your only concern. Heightened customer due diligence requirements, combined with increased regulatory focus on business accounts used in criminal activity, have dramatically changed BSA obligations.

Bank Secrecy Act compliance continues to be a high regulatory examination target and one that should receive extensive time and attention. The Financial Crimes Enforcement Network (FinCEN) has even proposed a new rule to further focus on commercial accounts and limit their use in hiding nefarious activity. Do you understand the potential impact to your institution? This webinar will review the entire business account process from account opening and monitoring to beneficial ownership, and will highlight the potential landmines.



David A. Reed, Reed & Jolly, PLLC

Attorney, author, consultant, and nationally recognized trainer, David Reed is a partner in the law firm of Reed & Jolly, PLLC. He provides guidance to financial institutions on establishment and revision of policies and procedures, organizational compliance, collections, security, contractual agreements, regulatory matters, and corporate governance. His engaging speaking style has made him a nationwide lecturer on regulatory compliance, consumer lending, bankruptcy, and collections.

A former trial attorney and vice president and general counsel of a large regional financial institution, David is also a Certified Fraud Examiner. He is particularly known as an expert in the areas of operations, bankruptcy, and collections. He has trained state and federal examination staff on numerous issues, including BSA, ID theft red flags, SAFE Act, third party contract management, and bankruptcy.




Please note: You may share the link with others at your credit union, however the confirmation will be sent to one primary contact at your credit union. It will be up to the primary contact to share the material with others.

Additional Info

Event Type

On-Demand Webinar

Topics Covered

  • On-Demand Webinars
  • Lending & Collections
  • Fraud, Security & Technology
  • Compliance