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Recent developments on the US and foreign law enforcement fronts, alongside signals of a potential shift in Bank Secrecy Act (BSA) obligations, renew pressure on entities to ensure that the quality of their beneficial ownership compliance and third-party screening practices meets rising expectations.
Beneficial ownership compliance is in flux. Even experienced legislation watchers and savvy compliance experts are confounded by erratic posturing and mixed messages emerging from global jurisdictions.
CEO Jim McWeeney describes the benefits of predictive risk analysis for addressing regulatory requirements in preparation for FinCEN’s new Customer Due Diligence Final Rule, scheduled to take effect in May 2018.