Wednesday
Apr 25
2018

Newly Released Guidance on CDD Requirements Effective May 11, 2018: FinCEN FAQs

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On April 3, 2018, the Financial Crimes Enforcement Network (FinCEN) issued long-awaited frequently asked questions (FAQs) regarding its new customer due diligence (CDD) requirements. The revised FAQs were released 28 working days before the CDD rules become effective on May 11, 2018. How will these new clarifications impact your CDD implementation plan? The 24-page document includes 37 questions and answers including coverage thresholds, identification and verification steps, collection and retention of beneficial ownership information, exclusions, and CTR reporting. Attend this session to hear vital definitions and requirements for the complex rules based on this new guidance.

Continuing Education:   Attendance verification for CE credits upon request

HIGHLIGHTS

  • Review of important definitions and clarifications in the new FAQs
  • Nineteen of the thirty-seven questions mention risk.  Learn about the expectations for measuring risk- related triggers based on the new guidance 
  • Options for the certification process using the form in Appendix A of the rule
  • Learn how and when re-certification of beneficial ownership is required
  • How to correctly confirm pre-existing CIP information for legal entities
  • Satisfy record retention requirements
  • Coverage of automatically renewable CDs as accounts
  • Options to handle renewed loans and CDD information for multiple accounts
  • Learn when subaccounts are considered new accounts
  • Training tips to help employees understand the impact of this guidance

  • TAKE-AWAY TOOLKIT
    • FinCEN Guidance FIN-2018-G001 – NEW FAQs issued April 3, 2018
    • 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

DON'T MISS THIS RELATED WEBINAR!

"Revisiting CDD Policies & Procedures to Include Beneficial Ownership Rule Changes Effective May 11, 2018"
Tuesday, March 6, 2018

WHO SHOULD ATTEND?

This informative session is designed for anyone with BSA/AML responsibility, especially designated BSA officers and staff, senior management, security/risk managers, compliance officers, auditors, legal counsel, and trainers.

NOTE:  All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your financial institution is prohibited. Print materials may be copied for eligible participants only.

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Compliance Consulting and Training for Financial Institutions
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