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FinCEN's New CDD Rule - The New Fifth Prong of the AML
Areas Covered During The Session
(Bullet Points)
• 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
o Customer legal entity
o Beneficial owners
o Controling persons
o Exclusions
• New Requirements
o Risk profiles
o Updating
o Baseline/normal transactions
o Transaction monitoring
• By May 11, 2018 you must be ready, here is what you will need
Overview of the webinar
The new requirements are formidable. They will impact commercial, small business, private, and international banking areas of the Banks as well as compliance officers and areas currently performing KYC tasks. New research will be required on new entities never addressed before in customer acceptance. Follow-up will require new updating requirements and strong linkage of monitored transactions versus baseline.
Who should attend?
• Retail Banking Leaders
• Risk and Compliance Officers
• AML and Financial Crimes Departments
Why should you attend?
FinCEN has issued substantial new AML requirements focused on a major expansion of Know Your Customer into what is now Customer Due Diligence, CDD. 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 on-going monitoring against baseline “normal” activity for the customer type. It is very unlikely that many banks already comply with these requirements. Compliance implementation is required by May 11, 2018.
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.