Beneficial Ownership Basics Webinar

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Question 1 of 10

1. Question
1. What are the “prongs” for purposes of beneficial ownership.
A. Ownership and CEO
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B. Board of Directors
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C. Control and Ownership
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D. None of the above.
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Question 2 of 10

2. Question
1. The 2016 Customer Due Diligence rule exempts trusts from the definition of “legal entity customer” unless:
A. The rule does not exempt trusts from the definition of “legal entity customer”.
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B. The trust grantor is a business or non-profit.
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C. The trust is merely attempting to increase its Standard Maximum Deposit Insurance Amount (SMDIA).
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D. The trust is a statutory trust pursuant to a filing with the Secretary of State or similar authority.
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Question 3 of 10

3. Question
1. Which of the following recent rules make changes to FinCEN’s customer due diligence requirements?
A. Customer Due Diligence Rule.
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B. None of these.
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C. The Reporting Rule.
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D. The Access Rule.
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Question 4 of 10

4. Question
1. Which of the following is one of the four requirements to obtain beneficial ownership information from FinCEN?
A. The bank adheres to information procedures pursuant to the GLBA.
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B. The bank needs to send information to Russia due to sanctions activity.
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C. The bank needs the information due to an OFAC violation.
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D. An external auditor needs the information to clear a finding on the bank’s BSA audit.
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Question 5 of 10

5. Question
1. What does BOSS stand for?
A. Beneficial Ownership Secure System.
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B. Beneficial Ownership Safeguard System.
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C. Borrow Or Steal System.
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D. Benefits Of Service System.
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Question 6 of 10

6. Question
1. Which action item represents the least effective means of preparing for and complying with the new BOI rules once the updated CDD rule is finalized?
A. Create or engage the Compliance Committee.
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B. Await more specific guidance and instructions.
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C. Update the bank’s Compliance Management System.
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D. Consult with affiliates and other third parties regarding preparations.
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Question 7 of 10

7. Question
1. Which of the following is not a “reporting company” under the Reporting Rule?
A. A domestic limited liability company (LLC) registered to do business in Puerto Rico.
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B. A foreign corporation registered to do business in a U.S. jurisdiction.
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C. An investment company formed in Delaware.
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D. A legal entity created by filing a document with the Navajo Nation Business Regulatory Department.
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Question 8 of 10

8. Question

The 2016 Customer Due Diligence rule added a requirement for banks to request and verify ______________ information. (Select the best option to fill in the blank.)

A. Consumer Customer.
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B. Geographic Location.
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C. Trust Agreement.
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D. Beneficial Ownership.
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Question 9 of 10

9. Question
1. Which of the following is one of the four requirements to obtain beneficial ownership information from FinCEN?
A. The bank’s correspondent bank in China requested the BOI.
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B. The bank needs information for a SAR.
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C. The legal entity customer lied on its BOI form.
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D. Geographic Restrictions.
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Question 10 of 10

10. Question
1. Which of the following demonstrates that a “reporting company” has met FinCEN’s BOI reporting obligations?
A. Reported BOI directly to FinCEN.
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B. Reported BOI directly to the bank.
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C. Reported BOI directly to the state.
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D. Reported BOI directly to the IRS.
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