FinCEN's New CDD Rule - The New Fifth Prong of the AML - NASBA Certificate
- Speaker:Jim George
- Date: 24th October 2018 11:00 AM PST | 02:00 PM EST
- Product Code:GRC-90430
- NASBA CPE: 1.5
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NASBA CPE - 1.5
Group Internet Based | 1.5 NASBA Credits (1 CPE for 50 minutes) | Intermediate | Prerequisites - None | No advance preparation | Management Advisory Services – 30 Minutes – 0.6 CPE Credits | Regulatory Ethics – 30 Minutes – 0.6 CPE Credits
This webinar will cover 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.
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. Full compliance implementation is required by May 11, 2018.
Areas we will be covering:
- 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
- New Requirements
- Risk profiles
- Baseline/normal transactions
- Transaction monitoring
Audience who will benefit the most:
- Risk Management
Jim George is an independent consultant to banks focusing on issues of fraud. He has over 25 years’ 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 Fortis-US division providing outsourcing services to the banking industry.
His work includes projects in fraud investigation, fraud prevention, identity issues, compliance, and AML (anti-money laundering). Mr. George’s background also includes work in bank operations and payments strategy, re engineering, systems, and quality improvement.