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

Streamlining KYC: Best Practices in the Collection and Processing of Beneficial OwnersPublication Type:
White Paper

Published / Updated:

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.

WHAT YOU’LL LEARN:

  • Beneficial ownership compliance details
  • Best practices for streamlining the collection and verification aspects of beneficial ownership
  • GIACT’s Beneficial ID® product


GIACT

GIACT helps companies, from financial to insurance, verify valued customers and offer customer intelligence for complete payment confidence. The leader in providing real-time data to help mitigate payment risk and fraud, our OFAC screening, ID, mobile and account verification/authentication solutions enable you to focus on customer experience.

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