KYC DECODED

Much has changed since we last visited the US Corporate Transparency Act (CTA) in March of 2023 on KYC Decoded. Now that FinCEN has officially rolled out its beneficial ownership database, what is the lay of the land for risk and compliance professionals? In this episode, we welcome back Jim Richards, former BSA officer, author, speaker, and CEO of RegTech Consulting to share his thoughts on where we are now, where there is room for improvement, and just how useful this database will be when combatting financial crime.

Key highlights of this educational discussion include:

• Jim’s time testifying before US congress in June of 2023
• The current limitations around access to the database
• The types of organizations that are exempt from the database
• The level of threat the database poses – or doesn’t pose – to financial criminals in both the short term and longer term
• Suggestions on how FinCEN should move forward

If you would like to find out more about the work Jim Richards does or the CTA, please check out our recommended resources:

• Jim Richards’s personal blog
• FinCEN Beneficial Ownership Information
• Moody’s content on Ultimate Beneficial Ownership

If you are looking for deeper insight into who you are doing business with, learn more on our website and feel free to get in touch.