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FinCEN's New Customer Due Diligence Rules: What You Need to Know

Gain an understanding of the requirements and related developments with FinCEN's new customer due diligence rules.

This topic will provide an overview of FinCEN's new customer due diligence rule, which supplements existing requirements for covered financial institutions implementing effective AML programs. The topic will address the purpose of the rule and how it changes the current AML landscape. The definition of a legal entity's beneficial owner will also be addressed to assist you in applying the requirements. Guidance on developing procedures to comply with the rule will be provided, as will recommendations on risk-based procedures and ongoing monitoring. This content will offer you practical advice, by using examples.

Runtime: 57 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Introduction

  • Examples of Increased AML Enforcement Against Financial Institutions

FinCEN's Final Rule for Customer Due Diligence Requirements

  • Overview
  • Purpose of the Rule

Program Requirements

  • Application
  • What Are 'Beneficial Owners'?
  • Effect on Compliance Programs

Related Developments

  • FinCEN's Proposed AML Rule for Investment Advisers
  • Panama Papers
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on March 14, 2017.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.0
     
  • CA MCLE 1.0
     
  • GA CLE 1.0
     
  • HI CLE 1.0
     
  • IL CLE 1.0
     
  • ME CLE 1.0
     
  • MO CLE 1.2
     
  • MT CLE 1.0
     
  • NJ CLE 1.2
     
  • NV CLE 1.0
     
  • NY CLE 1.0 including Areas of Professional Practice 1
     
  • VT CLE 1.0
     
  • WA CLE 1.0
     
  • WV MCLE 1.2
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Jimmy Fokas

Jimmy Fokas

Baker & Hostetler LLP

  • Partner in the New York office of Baker & Hostetler LLP
  • Represents public and private companies and regulated entities, including their officers, directors and employees, before the Securities and Exchange Commission (SEC), Department of Justice (DOJ), New York Office of the Attorney General and Financial Industry Regulatory Authority (FINRA) in investigations and enforcement proceedings concerning a variety of securities law issues, including insider trading and accounting and offering fraud. He also counsels broker-dealers and others with respect to compliance issues, including the Foreign Corrupt Practices Act (FCPA)
  • Has conducted internal investigations of public companies involving accounting and financial reporting issues and compliance with the Controlled Substances Act, and has represented individuals in criminal investigations concerning tax and healthcare fraud
  • Former senior counsel at the Division of Enforcement in the New York regional office of the SEC, where he conducted investigations of securities law violations, including allegations of accounting and offering fraud and fraudulent trading practices
  • J.D. degree, St. John’s University School of Law, 2000, cum laude; B.A. degree, State University of New York at Albany, 1997, magna cum laude
  • Member of the Security Industry and Financial Markets Association, Hellenic Lawyer’s Association and American Bar Association
  • Can be contacted at 212-589-4272 or [email protected]
Margaret E. Hirce

Margaret E. Hirce

Baker & Hostetler LLP

  • Attorney in the New York office of Baker & Hostetler LLP
  • Practice emphasizes all aspects of white collar defense and corporate investigations, the FCPA, and securities litigation and regulatory enforcement
  • Recognized by New York Metro Super Lawyers as a 'Rising Star' (2015, 2016)
  • Wrote several publications related to the areas of important anti-money laundering, FCPA and securities legal and regulatory developments
  • Prior to law school, she worked as a paralegal in the Frauds Bureau of the Manhattan District Attorney's Office
  • Member of the American Bar Association and New York City Bar Association
  • J.D. degree, cum laude, Seton Hall University School of Law; A.B. degree in History, Princeton University
  • Can be contacted at 212-847-2852 or [email protected]
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 399770
Published 2017
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