What Everyone Ought to Know About FinCEN’s New Beneficial Officer Ruling
You’ve probably been searching around the web for quite some time now, trying to
learn as much as you can about FinCEN’s final Customer Due Diligence ruling. Or maybe you’ve even tried searching google for legal entity customer information, but it didn’t turn out as well as you hoped. If you’re like a lot of compliance officers I know, then you probably ended up frustrated, angry, and worried about how in the world you are going to abide by this new ruling.
Don’t despair. You too can start finding all the information you need on any non-public legal entity, and all you have to do is tweak your current procedures a bit. Generally, that means you need to avoid making the following five common FinCEN compliance type of mistakes.
Legal Entity Responsible Officer Search Mistake #1: Just guessing, but I’m betting that close to half of compliance officers make this mistake. Worse yet, some of the blogs and products you find around the web actually teach people this responsible officer search mistake!
If you see someone advocating it, run. That’s because using Google (or any generic search engine like Bing, Yahoo, etc) is deadly because you’ll find just enough information to feel comfortable but not enough information to actually comply with the ruling.
Instead, what you want to do is use a specific search database that was built to provide you with the responsible officers of a legal entity using data provided by multiple trusted sources like the Secretary of State and the OFAC FinCen database.
Responsible Officer Search Mistake #2: This another exceedingly common mistake, simply because people are in a hurry. However, if you want to accurate information for your responsible officer searches, then you need to make sure you don’t enter the wrong information! I know that seems like a no-brainer but I can’t tell you how many times I’ve got a call from someone complaining about not getting any result when they had simply misspelled the company name.
Always double check the spelling, the business type (LLC, INC, etc), and the state where the company was registered to ensure that you get the most accurate and freshest results.
Legal Entity Officer Search Mistake #3: Don’t feel bad if you make this mistake. That’s because even some of the fastidious compliance officers have made this mistake out ignorance. You can’t fault them for not being aware of a better solution!
So instead of sending hundreds of thousands of dollars on upgrading your systems, sign up for a RealSearch.com Legal Entity Responsible Officer search account today (INSERT LINK). You’ll save your institution a ton of money, prevent untold headaches on your end, and still have the best responsible officer search available to your staff.
Finding a solution for abiding by FinCEN’s new ruling can be a frustrating experience. I’ve spoken with many compliance officers from some of the biggest banks in America and all of them have told me how worried they were about the March 2018 deadline. I can not begin to tell you the relief I saw on their faces when I explained to them the power of our Legal Entity Responsible Officer search (Insert Link).
Fortunately, you too can avoid the frustration and pain that complying with this new ruling on Customer Due Diligence by signing up for a personal demo of our new Legal Entity Responsible Officer search by clicking here (Insert Link).
Not only is our search database the only real-time solution that any institution can use to discover all the responsible officers of their non-public legal entity customers, we also provide API access and batch matching to make your life a breeze! Sign up for your free personal demo today (Insert Link).