Alert! Implementing New Customer Due Diligence Rules: Part Two - Consumers

FinCEN dropped new rules on May 11th. FinCEN believes that there are four core elements of customer due diligence (CDD), and that there 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:  (1) customer identification and verification, (2) beneficial ownership identification and verification, (3) understanding the nature and purpose of customer relationships to develop a customer risk profile, and (4) ongoing monitoring for reporting suspicious transactions and, on a risk-basis, maintaining and updating customer information.  

It’s time to implement new CDD rules for both consumers and legal entities. Learn about the three elements that apply to consumer accounts and how to address consumer issues. You will receive scripts, monitoring tips and lots of information about managing the consumer process for CDD. You will have to comply with these rules for both consumer and legal entity accounts.

What You Will Receive:

Attend this program and receive not only copies of the presentation slides and materials but also:

  • Sample Policy 
  • Sample Procedures
  • Script for New account process

Covered Topics:

  • Final Rule and changes
  • Understand what part of regulation applies to consumer accounts
  • How to develop new accounts scripts/risk rating and other tools to comply
  • Risk rating and monitoring your consumer customers
  • What are purpose and source questions?
  • How to incorporate into existing procedures
  • How to develop excel spreadsheets to risk rate your customers 
  • Developing alerts and using them for SAR filing
Also, attend this program and receive:
  • A Sample Policy 
  • Sample Legal Entity Handbook with procedures
  • Script for business and legal entities

Who Should Attend?

BSA Officers, BSA Staff, CIP and Deposit Operations, Branch Personnel, Training, Compliance and anyone who opens consumer accounts.