Beneficial Ownership Determination and Customer Due Diligence
OVERVIEW The rise of anonymous companies has frustrated the efforts of law enforcement and f inancial regulators to track down illicit financial flowsand to prevent crime and corruption. In response, there has been a worldwide effort to increase transparency of ownership and controlling interests in legal entities. It is now incumbent as part of the due diligence process that a company, especially financial institutions, know who really owns or controls legal entities not in their own name. Substantial penalties can apply for violations of these new regulations. WHY SHOULD YOU ATTEND As the internet has resulted in an increasing speed at which funds can be transferred, it is now more than ever essential to know who is in real control or ownership of legal entities. Such information is a requisite towards assigning responsibility or legal liability for contractual matters, taxes, and for recourse in the event of illegalities. Legislation has been pending or a...