Gain valuable insight into advanced due diligence and the requirements of risk-based customer due diligence.
The Bank Secrecy Act (BSA), as amended by the USA Patriot Act (Patriot Act), requires financial institutions, including banks, credit unions, broker-dealers, and money services businesses (MSBs), to develop and implement anti-money laundering (AML) compliance programs. FinCEN has recently issued final rules under the BSA to clarify the four core elements of customer due diligence (CDD) and to strengthen requirements, including by introducing new rules for identifying and verifying the identities of beneficial owners of legal entity customers. This topic will provide important updates on the new legal requirements as well as an in-depth look at the elements of a sound CDD program from initial due diligence to ongoing monitoring to escalating and reporting. This topic is critically important for ensuring that your customers are properly risk assessed and for avoiding regulatory criticism of your compliance program.
More Program Information
Why Lorman?
Over 35 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
Insights Into Requirements of Risk-Based Customer Due Diligence (CDD)
- Does CDD Fit Into the BSA Framework?
- Requirements for Banks vs. Nonbank Financial Institutions
General Due Diligence
- FinCEN's CDD Rule - Four Core Requirements to Establish and Maintain Written Policies and Procedures
- Special Procedures Requirements When Institution Cannot Perform Either General or Enhanced Due Diligence
- Correspondent Accounts Procedures
- Private Banking Accounts Procedures
How to Escalate Processes When High-Risk Members Require Enhanced Due Diligence
- Enhanced Due Diligence
How to Conduct Ongoing Due Diligence and Constantly Reassess Risk
- Tips for Developing Customer Risk Profiles
- FinCEN CDD Rule Questions and Answers and Guidance
- SARs
More Program Information
Why Lorman?
Over 35 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
MP3 Download
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
OnDemand Course
This course was last revised on October 20, 2021.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
More Program Information
Why Lorman?
Over 35 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
Stephanie R. Hager
Stevens & Lee
- Associate with the law firm of Stevens & Lee
- Represents financial institutions and other public companies in a wide range of corporate matters, including capital formation, mergers and acquisitions, corporate governance, reporting requirements under the Securities Exchange Act of 1934 and financial institution regulatory requirements under banking and securities law
- Wide range of international experience
- Member of various associations and a published author
- LL.M. degree, University College London; J.D. degree, Washington & Lee University School of Law; B.A. degree, magna cum laude, Allegheny College
Steven Szaroleta
AlixPartners
- Director – Investigations, Disputes, and Risk at AlixPartners
- Over 15 years’ experience performing compliance assessments, internal audits, regulatory monitorships, forensic accounting reviews, and complex international investigations related to compliance with the U.S. Foreign Corrupt Practices Act as well as Bank Security Act/Anti-Money Laundering Regulations
- Has conducted FCPA investigations for global financial institutions related to bribery, corruption, fraud, and misconduct
- Has a deep understanding of regulatory risks as they relate to customers and transactions, geographies and delivery channel, and a variety of products and services
- Certified fraud examiner and certified anti-money laundering specialist
- M.B.A. degree, University of Delaware; B.S degree, Villanova University
More Program Information
Why Lorman?
Over 35 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.
All of your training, right here at Lorman.
Pay once and get a full year of unlimited training in any format, any time!
- OnDemand Courses
- Live Webinars
- MP3 Downloads
- Course Manuals
- Executive Reports
- White Papers and Articles
Additional benefits include:
- State Specific Credit Tracker
- All-Access Pass Course Concierge
Questions? Call 877-296-2169 to speak with a real person.
Access to all training products for one year
$699/year
Unlimited Lorman Training
With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!
Easy Registrations
Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.
Invest in Yourself
You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.
