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. It is very unlikely that many banks already comply with these requirements.
- 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
- Risk Management
- Legal
- Regulatory
- Compliance
- Audit
Jim George is an independent consultant to banks focusing on issues of fraud. He brings over 25 years as a consultant to major banks in Associate Partner and Principal roles at PriceWaterhouse-Coopers Consulting.
For more detail please click on this below link:
https://bit.ly/3koI7c4
Email: support@247compliance.us
Tel: +1-(707)-743-8122
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