Introduction

The FinCEN has issued substantial new AML requirements focused on a major expansion of Know Your Customer into what is now Customer Due Diligence, CDD. This webinar will present various aspects of the requirements. It goes far beyond knowledge of the Customer Legal Entity to the Beneficial Owner of that entity and its Controlling Persons. It is focused beyond the initial customer acceptance step, requiring updating and ongoing monitoring against baseline “normal” activity for the customer type. Until CDD became a requirement not many banks already complied with these requirements.

Area Covered In The Webinar

The existing 4 prongs/pillars of AML per the BSA

Overview of the new 5th prong/pillar

Triggers that caused this expansion of regulations

Purposes, per FinCEN

Three covered entity types

  • Customer legal entity
  • Beneficial owners
  • Controlling persons
  • Exclusions

New Requirements

  • Risk profiles
  • Updating
  • Baseline/normal transactions
  • Transaction monitoring

Why should you attend?

It is focused beyond the initial customer acceptance step, requiring updating and ongoing monitoring against baseline “normal” activity for the customer type. Until CDD became a requirement not many banks already complied with these requirements.

Who Will Benefit

  • Risk Management
  • Legal
  • Regulatory
  • Compliance
  • Audit

ENROLLMENT OPTIONS

On Demand
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Jim George is an independent consultant to banks focusing on issues of fraud. He has over 25 years’ experience as a consultant to major banks in associate partner and principal roles at PriceWaterhou Know More

Jim George