Countdown To CDD Rules: Where Are You Now? Webinar
Ready, Set, Go! It’s time to implement new CDD rules for legal entities customers. Final rules go into effect on May 11th, 2018. This is a practical approach to implementation of the regulation for legal entities and consumers.
Webinar Description and Intended Audience
Ready, Set, Go! It’s time to implement new CDD rules for legal entities customers. Final rules go into effect on May 11th, 2018. This is a practical approach to implementation of the regulation for legal entities and consumers. FinCEN believes that there are four core elements of customer due diligence (CDD), and that they should be explicit requirements in the anti-money laundering (AML) program for all covered financial institutions, in order to ensure clarity and consistency across sectors:
- Customer Identification and Verification
- Beneficial Ownership Identification and Verification
- Understanding the nature and purpose of customer relationships to develop a customer risk profile
- Ongoing monitoring for reporting suspicious transactions and, on a risk-basis, maintaining and updating customer information
- Final rule and changes
- What is a legal entity?
- Who is included and excluded?
- What special rules do we add for beneficial owners?
- Do we have to use the new form?
- Can we gather beneficial ownership information at lower amounts than 25%?
- Do we have to use our same CIP for beneficial owners or can we use a different but similar CIP?
- Are trusts covered? IOLTA?
- How does this work on a multi-tiered business?
- What do we do on charities and nonprofit organizations?
- Does this apply to sole proprietorship accounts?
- How do we risk rate? Monitor?
- Develop new procedures and policies for business accounts
What You Will Receive:
- Sample Policy
- Sample Legal Entity Handbook with procedures
- Script for consumers and legal entities
Who Should Attend?
BSA Officers, BSA Staff, CIP and Deposit Operations, Branch Personnel, Training, Compliance and anyone who opens legal entity accounts.
Webinar Viewing Options
INCLUDES 7 DAYS OF UNLIMITED ONDEMAND PLAYBACK! With this option, you will participate in the webinar live, via the internet. You will login to the webinar on your PC to view the PowerPoint presentation, and you have the option of using your PC speakers or a telephone for the audio. You can type and send your questions to the instructor. Many companies are now running their PC through an LCD projector allowing many employees to participate at the same time. And don’t worry if you miss the webinar, you can still view it for up to seven days after it takes place!
SIX MONTH ONDEMAND VIDEO:
With this option, you will receive an e-mail that contains a link to the PowerPoint slides (to download, print, and copy) as well as a link to the media player where you will view and hear the entire webinar just as it was delivered, featuring the full-color PowerPoint presentation with audio. You can pause, fast-forward and rewind as needed, which makes it a very effective training tool. The OnDemand Video will be available to you (and anyone else in the company) for six months and can be accessed 24/7 as many times as you wish. Delivered via e-mail the day after the webinar takes place.
If you do not have internet access or want to make the webinar part of your training library, the CD-ROM Recording is a great option for viewing a webinar. You can pause, fast-forward and rewind as needed, which makes it an effective training tool. With this option, you will receive a download of any applicable handouts and a CD-ROM (featuring the full-color PowerPoint presentation with audio) via regular mail. Mailed 7 to 10 days after the webinar takes place.
Webinars can be scheduled and offered exclusively for your company. They can even be customized to best fit your needs. To find out more, please complete the in-house request form found in the Schedule and Registration Information section below.
Continuing Education (CE) Credits
This webinar is recommended for 2.5 CE Credit Hours. Each attendee will receive a Certificate of Attendance for self-reporting of CE Credits.