CIP & CDD: Regulations, Exam Procedures & FAQs

Compliance Frontline & New Accounts Operations Security & Fraud Senior Management

On-Demand Webinar

StreamedJul 10, 2024Duration90 minutes

Unlimited & shareable access starting two business days after live stream
Available on desktop, mobile & tablet devices 24/7
Take-away toolkit
Ability to download webinar video
Presenter's contact info for questions

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What does it mean to “know” your accountholder?

When do you have to ask purpose, source, and anticipated volume questions? How can compliance with our program be enforced? These are hard questions and the pending CDD legislation doesn’t help. This program will evaluate CDD and EDD regulations and exam guidance and provide insight on how to proceed with a program that is sales friendly. Join us for a look at the regulations line-by-line and what to expect with upcoming changes.

TOPICS COVERED DURING THIS WEBINAR:

The Customer Identification Program (CIP) regulation line-by-line
What information is required before opening an account?
Required documentary and non-documentary verification
Should you add more types of identification? What types are available?
Do you keep CIP up to date?
How should online banking be addressed?
Can you back off from your 2003 CIP now that more systems are in place?
Examination expectations on Customer Due Diligence (CDD)
Keeping accountholder records up to date
Anticipating transactions and activities
Enhanced due diligence (EDD) on high-risk accountholders
Developing the questionnaire
When and how should an account be closed?
Working with sales and not against them
CDD rules — beneficial owners, controlling person, and the form
Renewals, IOLTAs, trusts, and multi-tiered business ownership

WEBINAR DETAILS

Is it time to change your CIP written in 2003? Does anything above prompt questions or concerns? This webinar will explore changing your CIP in light of new systems, processes, and technology in 2024. Your program should shift with the new technologies and identifications in the marketplace. We will look at the regulation line-by-line and point out avenues of change to explore in 2024.

WHO SHOULD ATTEND?

This webinar will benefit BSA officers, BSA support personnel, deposit operations staff, compliance officers, and trainers.

TAKE-AWAY TOOLKIT

New accounts handbook
BOI handbook
Employee training log
Interactive quiz
PDF of slides and speaker’s contact info for follow-up questions
Attendance certificate provided to self-report CE credits

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

Presented By

Deborah L. Crawford