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FinCEN's New CDD Rule - The New Fifth Prong of the AML
- 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
1.Customer legal entity
2.Beneficial owners
3.Controlling persons
4.Exclusions
- New Requirements
1.Risk profiles
2.Updating
3.Baseline/normal transactions
4.Transaction monitoring
Overview of the webinar
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. This webinar will present various aspects of the requirements.
Who should attend?
- Risk Management Officers
- Legal Officers
- Regulatory Professionals
- Auditors
- Compliance Officers
- Lenders
- Operations Personnel
- Branch Managers
- Assistant Branch Managers
- Customer Service Reps
- Risk Officers
- Collectors
- Trainers
Why should you attend?
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.
Faculty - Mr.Jim George
Jim George is an independent consultant to banks focusing on issues of fraud. He brings over 25 years 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.
Jim's work has included projects in fraud investigation, fraud prevention, identity issues, compliance and AML (anti-money laundering). His background includes work in bank operations and payments strategy, reengineering, systems and quality improvement.