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Preparation Plan for CDD Changes to Beneficial Ownership Rules: Effective May 11, 2018

Tuesday, December 19, 2017

12:00 pm – 1:30 pm PT
1:00 pm – 2:30 pm MT
2:00 pm – 3:30 pm CT
3:00 pm – 4:30 pm ET

This session will offer three important steps to prepare for the new beneficial ownership changes. The first step is creating a leadership group that establishes policy requirements and identifies all compliance requirements across lines of business. The second step is implementation design, which outlines the required processes and options for technology solutions. The third step includes appropriate training and new internal controls for the “fifth pillar” CDD requirements for “legal entity” accountholders. Join us to learn more about these significant changes and how to implement them.

Continuing Education: Attendance verification for CE credits upon request

HIGHLIGHTS

  • New policy requirements that must be identified and revised
  • Four core elements of the CDD rules that must be included in the implementation design
    • Customer identification and verification
    • Beneficial ownership identification and verification of a "legal entity"
    • Understanding the nature and purpose of the relationship to develop a customer risk profile
    • Ongoing monitoring for suspicious transactions and maintaining and updating customer information
  • The preparation plan should include review of:
    • New account opening procedures
    • Suspicious activity monitoring procedures
    • CTR aggregation procedures
    • Onboarding processes, including eight important questions to update procedures
  • Training tips for the final rule, including customer education and potential form revisions for signature cards, certification forms, and worksheets

  • TAKE-AWAY TOOLKIT
    • CDD checklists under the new rules
    • Template to develop a risk profile
    • Sample CDD policy
    • Template for identifying and verifying beneficial owners
    • Employee training log
    • Quiz you can administer to measure staff learning and a separate answer key

WHO SHOULD ATTEND?

This informative session is designed for BSA officers, BSA staff, deposit operations personnel, loan operations staff, loan officers, risk managers, compliance officers, new accounts staff, and auditors.

PLEASE NOTE: Program content is subject to copyright and intended for your individual financial institution’s use only.

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