New customer due diligence (CDD) rules took effect in July 2016. The new rules have changed the way we must look at our commercial customers and its beneficial owners. While institutions are not required to be in compliance until May 11, 2018, it is important to start working on the changes now. There will be bumps in the road, so getting an early start is vital to ensure full compliance by next year.
These new rules affect many aspects of your BSA Program and raise quite a few questions. This session will explore the new CDD rules, and how they impact your institution's daily operations. During our discussion, we will explore updates to your BSA program documentation, customer forms, on-boarding processes, system changes, and the extensive training that will be required.
- What do the new rules require me to do?
- How do these new rules differ from the prior requirements?
- What is the two-prong approach to beneficial ownership?
- How do we handle NGOs, charities, and religious organizations?
- What types of verification is acceptable?
- What changes do I need to make to my processes?
- Do the new rules affect my OFAC requirements?
- How does my core and monitoring systems factor into the changes?
- And much, much more . . .
Who Should Attend?
This informative session is designed for BSA Officers and Staff, Risk Management Officers and Staff, Compliance Officers and Staff, Retail Operations Managers, and Internal Auditors and Staff.