Financial Crimes Enforcement Network: Proposed Customer Due Diligence Requirements for Financial Institutions
The Financial Crimes Enforcement Network (FinCEN) is proposing rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for banks (see complete schedule below).
Click Here for Webinar Description and Audience
The Financial Crimes Enforcement Network (FinCEN) is proposing rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for banks. The proposed rules would contain explicit customer due diligence requirements and would include a new regulatory requirement to identify beneficial owners of legal entity customers, subject to certain exemptions. This rule will help prevent the use of anonymous companies to engage in or launder the proceeds of illegal activity in the U.S. financial sector. The proposed rule would clarify and strengthen customer due diligence obligations of financial institutions. The proposed amendments would add a new requirement that these entities know and verify the identities of the real people (also known as beneficial owners) who own, control, and profit from the companies they service.
These proposed amendments represent significant enhancements to the BSA and build upon post-9/11 augmentation of the regulations designed to protect the U.S. financial system. They would make valuable information needed to disrupt illicit finance networks available to law enforcement. The resulting increase in financial transparency would enhance the ability of financial institutions and law enforcement to identify the assets and accounts of criminals and national security threats.
- The Four Core Elements of Customer Due Diligence
- Identifying and verifying the identity of customers
- Identifying and identifying and verifying the beneficial owners of legal entity customers
- Understanding the nature and purpose of customer relationships
- Conducting ongoing monitoring to maintain and update customer information and to identify and report suspicious transactions
- The proposed requirement for financial institution to collect beneficial ownership in a standardize format
- The proposed requirement that financial institutions will have to identify and verify any individual who owns 25 percent of more of a legal entity, and an individual who controls the legal entity
Who Should Attend?
This webinar will benefit BSA officers, BSA coordinators, compliance officers and security officers.
Click Here for Continuing Education Credits (CEC) Info
This webinar is recommended for 2.5 CE Credit Hours. Each attendee will receive a Certificate of Attendance for self-reporting of CE Credits.
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INCLUDES SEVEN DAYS OF ONDEMAND PLAYBACK! With this option, you will participate in the webinar (via the internet) as it is being presented. 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. Participants can type and send their questions to the instructor. Many companies are now running their PC through an LCD projector allowing many employees to participate in the same room.
SIX MONTH ONDEMAND VIDEO RECORDING:
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 an effective training tool. The weblink will be available to you (and anyone else in the company) for up to 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.
CD-ROM VIDEO RECORDING:
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 the PowerPoint slides and a CD-ROM Recording (featuring PowerPoint presentation with audio) of the webinar 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.