New Customer Due Diligence Beneficial Owner Rule

Speaker

Instructor: Joe Soniat
Product ID: 705221

Location
  • Duration: 60 Min
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 include a new requirement to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions. This training program will walk attendees through the new rules and how to implement them.
RECORDED TRAINING
Last Recorded Date: Sep-2017

 

$179.00
1 Person Unlimited viewing for 6 month info Recorded Link and Ref. material will be available in My CO Section
(For multiple locations contact Customer Care)

$299.00
Downloadable file is for usage in one location only. info Downloadable link along with the materials will be emailed within 2 business days
(For multiple locations contact Customer Care)

 

 

Customer Care

Fax: +1-650-362-2367

Email: [email protected]

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Why Should You Attend:

FinCEN issued the Customer Due Diligence (CDD) Rule last year to amend existing BSA regulations in order to clarify and strengthen customer due diligence requirements for certain financial institutions. Along with outlining explicit customer due diligence requirements, the rule also enacts a new requirement for these financial institutions to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions.

In this breakout session, the webinar instructor will review the CDD Rule and the new requirements issued by FINCEN, along with sharing information and procedures for the beneficial ownership rule.

Areas Covered in the Webinar:

  • Background on the new Customer Due Diligence Beneficial Owner rule
  • Beginning the project - how to start, where to start
  • Creating a project plan
  • Who are involved in the CDD B.O project
  • Creating flow charts to make out current process and future process
  • Examples of what decisions points are needed
  • How to train and who to train
  • How to implement the project
  • Higher risk customer types that need frequency monitoring in comparison to lower risk customer types that need infrequent monitoring
  • BSA policy and program requirements and changes
  • Regulatory requirements
  • Types of accounts to include in CDD monitoring
  • Board and senior management expectations and responsibilities
  • Baseline determination of "normal" vs "suspicious" activity
  • Development of an initial customer risk profile
  • Threshold for updating a customer profile
  • Connecting the dotted line between unusual CDD activity and the filing of a SAR
  • CDD and its impact upon the bank's annual BSA risk assessment
  • How to avoid examination and audit findings
  • Record retention
  • Transactional internal testing

Who Will Benefit:

  • BSA Officers
  • BSA Staff
  • CIP and Deposit Operations
  • Anti-Money Laundering Officers
  • Internal Auditors
  • Financial Officers
  • Front Line Staff
  • Risk Officers
  • Operational Managers
  • Branch Personnel
  • Training
  • Compliance
  • Staff with roles and responsibilities in BSA / AML management and oversight
  • Anyone who opens legal entity accounts
Instructor Profile:
Joe Soniat

Joe Soniat
Bank Secrecy Act Officer, Union Bank and Trust

Robert J. Soniat (Joe) is the BSA officer for Union Bankshares Corporation, located in Richmond, Virginia. He also worked as a finance officer for the United States Government from 2002 – 2004. He holds a Bachelor’s of Science in Accounting from Virginia Commonwealth University as well as minors in criminal justice and international relations.

Mr. Soniat is a Certified Anti Money Laundering Specialist (CAMS) with an advance certification in Financial Crimes Investigations (FCI). He is also a Certified Fraud Examiner as well as a Certified Anti Money Laundering and Fraud Specialist (CAFP). He is on the BSA Coalition Advisory Board as well as the ACAMS Virginia Chapter Board.

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Registrants may cancel up to two working days prior to the course start date and will receive a letter of credit to be used towards a future course up to one year from date of issuance. ComplianceOnline would process/provide refund if the Live Webinar has been cancelled. The attendee could choose between the recorded version of the webinar or refund for any cancelled webinar. Refunds will not be given to participants who do not show up for the webinar. On-Demand Recordings can be requested in exchange. Webinar may be cancelled due to lack of enrolment or unavoidable factors. Registrants will be notified 24hours in advance if a cancellation occurs. Substitutions can happen any time. On-Demand Recording purchases will not be refunded as it is available for immediate streaming. However if you are not able to view the webinar or you have any concern about the content of the webinar please contact us at below email or by call mentioning your feedback for resolution of the matter. We respect feedback/opinions of our customers which enables us to improve our products and services. To contact us please email [email protected] call +1-888-717-2436 (Toll Free).

 

 

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