Update! FFIEC Issues New Customer Due Diligence and Beneficial Ownership Examination Procedures

On May 11th, 2018, the Federal Financial Institutions Examination Council (FFIEC) issued new examination procedures on the final rule, “Customer Due Diligence Requirements for Financial Institutions,” issued by the Financial Crimes Enforcement Network (FinCEN) two years prior on May 11th, 2016.

These examination procedures apply to banks, savings and loan associations, savings associations, credit unions, and branches, agencies, and representative offices of foreign banks.

The new examination procedures replace those in the current "Customer Due Diligence - Overview and Examination Procedures" section of the FFIEC's Bank Secrecy Act/Anti-Money Laundering Examination Manual. In addition, a new overview and examination procedures were developed for the beneficial ownership requirements for legal entity customers.

Covered Topics:

  • How to audit the new beneficial ownership procedures
  • What important exam procedures will impact your deposit, loan and other account services
  • Two parts of the exam procedures
    • Customer Due Diligence (CDD)
    • Beneficial Ownership (BO)
  • Learn the steps for complete success following BO procedures

Who Should Attend?

BSA Officers, Deposit and Loan Operations, Compliance and Training staff will all benefit from attending this webinar.