Bankers Toolbox SAMSThe new Customer Due Diligence Rule mandatory compliance deadline is coming, and soon. There is no grey area with regards to the date of the deadline, and ensuring your institution is 100% compliance requires both time and effort. Both of which you may not have.

Consider the Beneficial Ownership Readiness Plan from Banker’s Toolbox. This service will give you two very valuable commodities: time and confidence. Find out how we can help you navigate the new regulation and give you back valuable resources. After all, your normal activity doesn’t stop just because a deadline is quickly approaching.


Beneficial Ownership Readiness Plan Breakdown

In the Beneficial Ownership Readiness Plan our team will take a comprehensive look at your current situation, evaluate the position you are in and the effort needed to get you to a 100% compliant state. This process involves the following services.


Program Review

Policies and Procedures

Current policies and procedures will be reviewed for complying with the four key elements of the new Beneficial Ownership/CDD rule.


Process Evaluation

Current processes and forms for on-boarding new customer accounts will be evaluated to ensure requirements are met.

Software Check

Enhancement Recomendations 

A review of the host system, including any new accounts interfaces, and AML monitoring software, is completed for needed changes.


Monitoring Analysis

Customer Due Diligence and Enhanced Due Diligence monitoring processes are analyzed for needed compliance changes.


Adoption Plan

Internal training plans and materials are critiqued to ensure institution wide adoption and readiness.

 The Board

Prepare Leadership

Ensure Board policies and procedures are in alignment, and that the Board is trained as fiduciaries of your institution.

Gap Analysis

Locate Deficiencies

A written gap analysis is provided uncovering any readiness deficiencies in compliance with the new rule due May 11, 2018.

Action Plan

Compliance Readiness

If desired, a written action plan for compliance readiness can be developed and managed by Banker's Toolbox.

Benefits of a Beneficial Ownership Readiness Plan

This time can be stressful, it can be overwhelming and it may require you to stretch your already taxed resources.  It is time to seriously consider the Beneficial Ownership Readiness Plan.  It is the smart alternative.  After all, if you don't feel 100% confident that your institution will be compliant by the deadline, this may be your most effective and efficient choice.

  • Ensures that your institution is compliant by May 11, 2018

  • Feel confident and prepared

  • Avoid potential enforcement actions

  • Better allocate your resources for critical activities

  • Reinforce an enhanced CDD/EDD program

  • Organize and document your processes, procedures and policies to reference when needed

Click here for more Beneficial Ownership resources or learn about our customer due diligence solution, Due Diligence Manager.