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Advanced Due Diligence: A Cornerstone of Any BSA/AML Program

Gain valuable insight to 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.

Learning Objectives

  • You will be able to identify the characteristics of the Bank Secrecy Act (BSA).
  • You will be able to identify requirements of Risk-Based Customer Due Diligence (CDD)
  • You will be able to recognize the FinCEN's CDD Rule
  • You will be able to identify how to Escalate Processes When High-Risk Members Require Enhanced Due Diligence

Runtime: 89 minutes
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Why Lorman?

Over 33 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 - the CDD Rule Has Four Core Requirements - Establish and Maintain Written Policies and Procedures That Are Reasonably Designed to:
  • 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
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Why Lorman?

Over 33 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 Course

This course was last revised on September 21, 2020.

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

  • CPE/NASBA - QAS Self Study 2.2 including Business Law 2.2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.2 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Business Law for 2.2 hours. Prerequisite: basic knowledge of the banking industry. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 33 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

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
Frank A. Mayer, III

Frank A. Mayer, III

Stevens & Lee

  • Has more than 30 years of banking law experience, chairs his firm’s financial services regulatory enforcement practice
  • Clients include some of the largest financial services firms throughout the world and he regularly defends insured depository institutions, related affiliates, officers and directors, foreign banking organizations, branches and agencies from United States government enforcement actions
  • Was a senior attorney at FDIC and while with the Resolution Trust Corporation in more senior positions, he advised policy makers and officials in the liquidation divisions in connection with closing financial institutions as well providing legal advice and holding requisite delegated authority to dispose of some of the agencies’ most complex assets and liabilities
  • As the legal representative to the RTC settlement work out team, he held co-delegated authority of $100,000,000.00
  • Frequently sought by the media to offer insights into bank regulatory issues and he has chaired the ABA Bano Agency Comment Committee and is the current chair of the ABA Banking Law Committee task force concerning the bank examination privilege
Steven Szaroleta

Steven Szaroleta

Freeh Group International Solutions, LLC

  • Senior director at Freeh Group International Solutions, LLC
  • 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 FCPS 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
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Why Lorman?

Over 33 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: 408042
Published 2020
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