Membership Development Team
Bankers Alliance
P. O. Box 162407
Austin, TX 78716
Phone:  (888) 353-3933
Email
Website
Membership Contact Form

An expertly-staffed hotline, federal regulatory tools, policies and procedures, and unlimited reviews for small-to-medium community banks across the U.S. — the only all-inclusive banking compliance advisory. C/A’s nearly 1700 products and tools support 48 separate bank compliance areas –an unlimited-access Bank Compliance Library – conforms to the most recently published federal banking rules and regulations. Whether you are building institutional exam-readiness or a bank compliance program, C/A has all the resources, access, and availability for one membership subscription. Co-owned by the Virginia Bankers Association and 28 other state bankers associations across the country. Contact C/A’s Membership Development Team at (888) 353-3933 or at: info@compliancealliance.com. To learn more about C/A’s new Virtual Compliance Officer service or call (833) 683-0701.

Compliance Alliance Featured Q&A

Question:

We have a business customer that has 4 owners, each owning 25%. Three are individuals, and the last is a trust. We have always listed the trustee when a trust is involved in the ownership. Can you verify if this is correct?

Answer:

You are correct – when an entity is owned by a trust, the guidance offered by FinCEN indicates that the bank would not be required to identify the beneficiary and could satisfy the ownership prong by collecting and verifying the identity of the trustee. Further, we offer a Compliance Minute outlining the Beneficial Ownership rule and its effects on trusts, it may be accessed here: https://compliancealliance.com/training/ca-minutes-video/beneficial-ownership-and-trusts-compliance-minute/

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