Alert! Implementing New Customer Due Diligence Rules - Consumers

This is the second installment of a two-part webinar. You can sign up for either part individually or the series. Click here for information and to register for the series.

FinCEN dropped new rules on May 11th. FinCEN believes 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, 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 customer information.

It’s time to implement new CDD rules for both consumers and legal entities. Learn the three elements that apply to consumer accounts. You will receive scripts, monitoring tips and lots of information about managing the consumer process for CDD.

You will have to comply with these rules for both consumer and legal entity accounts. Learn how to address the consumer issues.

Covered Topics:

  • Final Rule and changes
  • Understand what part of regulation applies to consumer accounts
  • How to develop new accounts scripts/risk rating and other tools to comply
  • Risk rating and monitoring your consumer customers
  • What are purpose and source questions?
  • How to incorporate into existing procedures
  • How to develop excel spreadsheets to risk rate your customers
  • Developing alerts and using them for SAR filing
What you will receive:
  • Sample Policy
  • Sample Procedures
  • Script for New account process

Who Should Attend?

BSA Officers, BSA Staff, CIP and Deposit Operations, Branch Personnel, Training, Compliance and anyone who opens consumer accounts