Critical CIP & CDD Issues: Compliance, Beneficial Ownership & FAQs
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- Take-away toolkit
- Ability to download webinar video
- Presenter's contact info for questions
Do you really know your accountholder? How can you be sure? What does it take to comply with CIP, CDD, and EDD? Are you asking the right questions and requesting the right documents? Join this informative program for a regulatory line-by-line review and detailed explanation.
- Line-by-line look at the CIP regulation
- Information that must be obtained before opening an account
- Required documentary and non-documentary verification
- Should more types of identification be added? What types are available?
- How should online banking be addressed?
- Should CIP be kept up to date?
- Is non-documentary verification enough?
- Can we back off from the 2003 CIP now that more systems are in place?
- Examination expectations on customer due diligence (CDD)
- Keeping customer records current
- Anticipating transactions and activities
- Enhanced due diligence on high-risk customers
- Developing the questionnaire
- Ongoing communication during the relationship
- When should a relationship be closed? How should it be closed/ended?
- Regulatory concerns
- Working with sales and not against them
- CDD rules – beneficial owners, controlling person, and the form
- Renewals, IOLTAs, trusts, and multi-tiered business ownership
Your original Customer Identification Program (CIP) was probably written in 2003. Has it changed? This webinar will explore updating your CIP in light of new systems, processes, and 2021 technology. Your program should shift with the new technologies and identifications in the marketplace. This program will look at the regulation line-by-line and point out avenues of change to explore in 2021.
What does it mean to “know” your accountholder? When is it required to ask purpose, source, and anticipated volume questions? How can program compliance be enforced within your institution? These questions are hard and the pending CDD legislation doesn’t help. This program will evaluate the CDD and EDD regulations and exam guidance, plus provide ideas on how to proceed with a program that is sales friendly to the accountholder.
Attendance certificate provided to self-report CE credits.
WHO SHOULD ATTEND?
This webinar will benefit BSA officers, BSA support personnel, deposit operations staff, compliance officers, and trainers.
- New account manual
- FFIEC exam manual
- Employee training log
- Interactive quiz