National Beneficial Ownership—Will it get better or worse?

Answered by:

Question:

When we get a national beneficial ownership database will it get better or worse on documentation and CIP?

Answer:

We are waiting for the answer to that question. How will financial institutions have access to a nonpublic database? Right now beneficial ownership is just a recordkeeping deterrent. As year end comes to a close hopefully we will get more than the notice of proposed rule making. If we do we will cover it in the webinar.

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Learn more about Deborah Crawford’s BSA 2021 Recap and Peak Into 2022 webinar