Beneficial Ownership Update: What to do Next

Overview:

The recent updates to FinCEN's Beneficial Ownership Information (BOI) reporting requirements introduce significant changes for financial institutions and entities subject to the Corporate Transparency Act (CTA). This training provides a comprehensive breakdown of the new reporting obligations, how they affect your compliance framework, and the steps you need to take to meet these requirements. Whether you are a compliance officer, legal advisor, or business owner, understanding these changes is critical to avoid potential penalties and ensure your entity remains compliant.

Why should you Attend:

This training will cover the key updates to FinCEN’s Beneficial Ownership Information (BOI) reporting requirements, including who must report, what information must be provided, and the deadlines for compliance. Attendees will learn how these changes impact financial institutions, non-bank entities, and business customers subject to the Corporate Transparency Act (CTA). Practical guidance will be provided on how to incorporate these updates into existing compliance programs and reporting systems. The training will also focus on the penalties for non-compliance and provide best practices for managing beneficial ownership reporting moving forward.

Areas Covered in the Session:

• Overview of FinCEN’s updated Beneficial Ownership Information (BOI) requirements
• Key provisions of the Corporate Transparency Act (CTA) and their impact on reporting entities
• Who is required to report under the new rules and what information must be disclosed
• How to update internal compliance programs and reporting systems to align with the new requirements
• Deadlines for submitting BOI reports and what actions to take if your organization falls behind
• Understanding penalties and enforcement actions for non-compliance
• Best practices for managing and verifying beneficial ownership information
• Tips for communicating these changes to your customers and stakeholders effectively

Who Will Benefit:

• Compliance
• Legal
• Risk Management
• Operations
• Technology