FinCEN's CDD Rule - The New Fifth Prong of the AML

1 year ago Posted By : User Ref No: WURUR136112 0
  • Image
  • TypeWebinar
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  • Location Online Event
  • Price
  • Date 30-01-2023
FinCEN's CDD Rule - The New Fifth Prong of the AML, Online Event
Webinar Title
FinCEN's CDD Rule - The New Fifth Prong of the AML
Event Type
Webinar
Webinar Date
30-01-2023
Last Date for Applying
30-01-2023
Location
Online Event
Organization Name / Organize By
247compliance
Presented By
Jim George
Sponsored By
247compliance
Organizing/Related Departments
Marketing
Organization Type
Event Organizing Company
WebinarCategory
Both (Technical & Non Technical)
WebinarLevel
International
Related Industries

Finance

Accounting/Financial/Banking/Insurance

Location
Online Event

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.

WHY SHOULD YOU ATTEND?

It goes far beyond knowledge of the Customer's 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.

AREA COVERED

  • 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

LEARNING OBJECTIVES

Five years ago FinCEN’s latest major AML requirements came into play, focused on a major expansion of Know Your Customer efforts into what is now Customer Due Diligence, CDD.  It goes far beyond knowledge of the Customer's 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.  Full compliance implementation is required on accounts opened on or after May 11, 2018.

We will have time for questions and will support follow-up emails as well.

WHO WILL BENEFIT?

Commercial banking, Small Business Banking, Private Banking, and International Banking.
New customer processing staff and supervisors
Banks, brokers, other depository institutions

  • Fraud
  • Compliance and AML
  • VP
  • Manager
  • Director
  • Supervisor

https://247compliance.us/fincens-new-cdd-rule-the-new-fifth-prong-of-the-aml/1315?through=Samir24thJanLI&sm_eventsget

Registration Fees
Available
Registration Fees Details
Live Session for Single participant - ($199)
Registration Ways
Email
Phone
Website
Address/Venue
Online  426 North Jennings, Street Hawthorne, CA 90250.  Pin/Zip Code : 90250
Official Email ID
Contact
Shila

[email protected]

   +1-661-336-9555