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    Attention! Implementing New Customer Due Diligence Rules: Legal Entity Customers

    Thursday, June 21, 2018 - 11:00 AM - 12:30 PM ET
    $149.00
    *
    FinCEN is issuing final rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for: banks; brokers or dealers in securities; mutual funds; and futures commission merchants and introducing brokers in commodities. The rules contain explicit customer due diligence requirements and includea new requirement to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions.

     This is a rebroadcast of a session that was recorded in 2017.

     

    Overview

    When you register for this Webinar, you will receive the following three (3) supplemental handouts-- so rich in content that they alone are worth the program's price! 

    • (1) CDD Final Rule (full text)
    • (2) Sample Proposed CDD Policy & Procedures
    • (3) Business Accounts Risk Questionnaire

    Ready, set go: It’s time to implement new CDD rules for legal entities customers.  

    Final rules were issued by FinCEN on May 11th and went into effect July 11th 2016.  This is a nuts and bolts webinar on the new regulation and what it will mean to legal entity customers. FinCEN believes that there are four core elements of customer due diligence(CDD), and that they 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 customerinformation.  

    Covered Topics

    • Final rule and changes
    • What is a legal entity?
    • Who is included and excluded?
    • What special rules do we add for beneficial owners?
    • Do we have to use the new form?
    • Can we gather beneficial ownership information at lower amounts than 25%?
    • Do we have to use our same CIP for beneficial owners or can we use a different but similar CIP?
    • Are trusts covered? IOLTA?
    • How does this work on a multi-tiered business?
    • What do we do on charities and nonprofit organizations?
    • Does this apply to sole proprietorship accounts?
    • How do we risk rate? Monitor?
    • Develop new procedures and policies for business accounts

     

    What You Will Receive

    • 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 Legal Entity Accounts.
    Products specifications
    CE Credits 2.5
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     This is a rebroadcast of a session that was recorded in 2017.

     

    Overview

    When you register for this Webinar, you will receive the following three (3) supplemental handouts-- so rich in content that they alone are worth the program's price! 

    • (1) CDD Final Rule (full text)
    • (2) Sample Proposed CDD Policy & Procedures
    • (3) Business Accounts Risk Questionnaire

    Ready, set go: It’s time to implement new CDD rules for legal entities customers.  

    Final rules were issued by FinCEN on May 11th and went into effect July 11th 2016.  This is a nuts and bolts webinar on the new regulation and what it will mean to legal entity customers. FinCEN believes that there are four core elements of customer due diligence(CDD), and that they 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 customerinformation.  

    Covered Topics

    • Final rule and changes
    • What is a legal entity?
    • Who is included and excluded?
    • What special rules do we add for beneficial owners?
    • Do we have to use the new form?
    • Can we gather beneficial ownership information at lower amounts than 25%?
    • Do we have to use our same CIP for beneficial owners or can we use a different but similar CIP?
    • Are trusts covered? IOLTA?
    • How does this work on a multi-tiered business?
    • What do we do on charities and nonprofit organizations?
    • Does this apply to sole proprietorship accounts?
    • How do we risk rate? Monitor?
    • Develop new procedures and policies for business accounts

     

    What You Will Receive

    • 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 Legal Entity Accounts.
    Products specifications
    CE Credits 2.5
    Product tags
    Presenters:

    Deborah Crawford

    Deborah Crawford is the President of gettechnical inc. She specializes in compliance and regulations for the deposit side of financial institutions. Her 20+ year career in banking and training began at Hibernia National Bank. She has been a seminar leader for many state associations and credit union groups across the nation. She has Bachelors and Masters degrees from Louisiana State University.

    ,

    Christy Crawford

    Christy Crawford is president of Christy Crawford Consulting specializing in the education of banks and credit unions across the nation. Christy is an associate speaker for Gettechnical Inc. As a former trainer for Wal-Mart Corporation, and former V.P. of Gettechnical Inc. she brings her previous 12 years of sales and training experience to your financial institution. She earned a bachelor's degree from Louisiana State University and is BSA/AML certified. Her expertise is in the deposit side of the financial institution and focuses on teller, new accounts, IRAs, HSAs, robbery, security and BSA for the frontline training.