Customer Due Diligence Update
Webinar | 1 Hour
New FAQs on obtaining customer information
The Financial Crimes Enforcement Network (FinCEN), in consultation with the federal functional regulators, issued three frequently asked questions (FAQs) regarding customer due diligence requirements for covered financial institutions. These FAQs clarify the regulatory requirements related to obtaining customer information, establishing a customer risk profile, and performing ongoing monitoring of the customer relationship in order to assist covered financial institutions with their compliance obligations in these areas. In May 2018 the four elements of CDD included CIP, Beneficial Ownership, Customer Risk Rating and Monitoring. How this is accomplished has been left up to the individual financial institution. New FAQs reinforce the ability of financial institutions to accomplish this many different ways.
During this webinar we will exam the new FAQs and how they may impact the new account opening processes.
What you will learn:
• What do we have to obtain on customers at account opening
• Do we have to treat certain groups of customers as high risk?
• Are all high risk customers the same?
• How do we decide who is low or high risk?
• How much is enough to know our customer?
• New FAQs explain flexibility of account opening
• Certification and recertification of beneficial ownership
• Pending legislation at the federal level to move beneficial ownership to FinCEN
What you will receive:
WHO SHOULD ATTEND? BSA Officer, BSA staff, Compliance Officers, New Accounts, Loan officers and others who open accounts for hemp related businesses.
Deborah Crawford is the President of Gettechnical Inc., a Virginia based training company. She specializes in the deposit side of the financial institution and is an instructor on IRAs, BSA, Deposit Regulations and opening account procedures. She was formerly with Hibernia National Bank (now Capital One) and has bachelor’s and master’s degrees from Louisiana State University. She has over 30 years of combined teaching and banking experience.