Kreller's Due Diligence Blog
10 Practical Tips for Staying Legal on Beneficial Ownership
Monday, June 25, 2018
On May 11, 2018, the Financial Crimes Enforcement Network's
(FinCEN) implemented revised policies and procedures regarding new Customer Due
These new statutes require financial institutions to verify
the identity of beneficial owners of the legal entities they do business with. Lexology.com
recently shared its Ten Practical Tips for FinCEN’s New Beneficial Ownership Rule* – offering some cautionary points regarding the level
of transparency U.S. companies will need regarding their international relationships.
If you’re unsure about the latest standards for verifying
beneficial ownership, how to handle global partners with complex ownership
structures, or how to review your current connections under the new rule – I
recommend reading this article. For non-members of the site, a PDF of the article is provided here.
There is a difference, however, between being armed with the
right knowledge, and acting on it in a way that safeguards your company from
the penalties of failing to meet the current legal standards. That’s where The Kreller Group can help your business
stay on the right side of the law.
For 30 years, Kreller has relied on extensive “boots-on-the-ground"
research, conducted by investigators who are well-versed in worldwide military,
law enforcement, business and government matters to deliver the concise
information our clients need to make decisions. From on-site interviews in the
most remote locations in the world to quick desktop reports, Kreller's
dedication to collecting the most complete information and providing critical insights
is unmatched in the industry.
If you would like to discuss how our expertise can keep your
company aligned with the latest beneficial ownership regulations – please feel
free to reach out to us at Kreller to discuss how we can help.
Originally from the Venable LLP blog