Key Take Away :
This FinCENwebinar will explain FinCEN’s new Fifth Prong of the AML Program requirements focused on a major expansion of Know Your Customer into what is now Customer Due Diligence, CDD.
Overview :
The new AML requirements issued by FinCENgoes 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 this risk based requirements. Full compliance implementation is required by May 11, 2018.
Why Should You Attend :
The new customer due diligencerequirements are formidable. They will impact commercial, small business, private, and international banking areas of the Banks as well as compliance officers and areas currently performing KYC tasks. New research will be required on new entities never addressed before in customer acceptance.
Follow-up will require new updating requirements and strong linkage of monitored transactions versus baseline.
Areas Covered In This Webinar :
The existing 4 prongs/pillars of AML per the BSA
FINCEN new CDD rule
Overview of the new 5th prong/pillar
Triggers that caused this expansion of regulations
Purposes, per FinCEN - Customer Id Program, AML program, AML risk profile, BSA program
Three covered entity types
Customer legal entity
Beneficial owners
Controlling persons
Exclusions
New Requirements
Risk profiles
Updating
Baseline/normal transactions
Transaction monitoring
By May 11, 2018you must be ready, here is what you will need
Learning Objectives :
Learn about the FinCEN requirements announced this year and to be fully implemented second quarter of 2018
Learn the extensive Customer Due Diligence and research involved, which few banks currently document
Who Will Benefit:
Leaders from Banking/ Brokerage/ Any Financial Services Company which have AML requirements
For more information, please visit : https://www.atozcompliance.com/trainings-webinar/banking-financial-services/banks-and-credit-unions/webinar-on-fincen-new-cdd-rule/jim-george/300219
Email: support@atozcompliance.com
Toll Free: +1- 844-414-1400
Tel: +1-516-900-5509
Level:
Intermediate
Speakers Profile :
Jim George
Jim George is an independent consultant to banks focusing on issues of risk and compliance, AML, and fraud. He brings over 25 years of experience as a consultant to major banks in Associate Partner and Principal roles at PriceWaterhouse-Coopers Consulting, IBM Consulting in Bank Risk and Compliance, and Andersen Consulting (now Accenture). He has also been SVP Operations for a major Insurance Company providing insurance outsourcing services to the banking industry.
Jim’s work has included projects in AML and fraud investigation, prevention, identity/KYC issues, and related systems. His background includes work in bank operations and payments strategy, systems, reengineering, and quality improvement.
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