Gain
an understanding of the requirements and related developments with
FinCEN's new customer due diligence rules.
Banks and other financial institutions are
required to identify and verify the identity of beneficial owners of
legal entity customers under the Financial Crime Enforcement
Networks’ (FinCEN) new customer due diligence (CDD) rule. Many bank
employees do not fully understand exactly when the CDD rule applies
and what actions are required in order to satisfy their regulatory
obligations.
This topic helps the persons responsible for
customer due diligence to understand which customers are covered by
the CDD rule and which are excluded from the new requirements, as
well as the specific information and documentation requirements for
banks. It also guides banks in developing and implementing ongoing
anti-money laundering policies to comply with FinCEN rules,
including CDD requirements.
This information is also critical for legal
entity customers to understand their disclosure obligations when
beginning new banking relationships, including in corporate
transactions.
Learning Objectives:
- You will be able to recognize legal entity customer and
beneficial owner.
- You will be able to describe the requirements to
identify and verify the identification of beneficial owners.
- You will be able to identify the exclusions to the CDD
rule requirements for legal entity customers.
- You will be able to discuss risk-based considerations
for development of AML and CDD policies and procedures.
This Live Webinar Covers These Hot Issues:
Identifying Beneficial Owners
- Beneficial Owner Definitions and Thresholds
- Exclusions to Definition of Legal Entity Customer
- Complex Ownership and Control Structures
Verification and
Documentation of Beneficial Owners
- Existing Customers vs. New Customers
- Product or Service Renewals
- Completing CTRs
Bank Policies and Procedures
- Risk-Based Determinations More Stringent Than CDD Rule
- Beneficial Ownership Certification Form
- Updating and Monitoring Customer Information
AML Program Requirements
- Nature and Purpose of Customer Relationship
- Ongoing Monitoring
- Updating Customer Information
Credit Information (Sponsored by Lorman Education Services)
For Detailed Credit Information page
click here
Only registered attendee will receive continuing education credit.
Faculty
V. Gerard Comizio, Fried, Frank,
Harris, Shriver & Jacobson LLP
- Partner in the corporate department and chair of the
banking practice, resident in Fried, Frank, Harris, Shriver
& Jacobson LLP’s Washington, DC office
- Practice emphasizes all aspects of financial services
matters
- Conducts regular seminars and workshops and has written
numerous articles analyzing current issues in financial
services regulation, and is an author or contributing author
of four books on financial services matters
- Member, Law360 International Trade Editorial Advisory
Board (2018-2019); Board of Advisors of the University of
North Carolina Law School Center for Banking and Finance;
Governing Committee of the U.S. Conference on Consumer
Financial Law; Trusts and Investments Subcommittee, American
Bar Association, 2005-2006; (Former) Member, Advisory Board,
George Washington Law School Center for Law, Economics and
Finance; Deputy Chair, Gifts For The Homeless; Member, Board
of Visitors, Pace University (Elizabeth A. Haub) Law School
- Recognized in Chambers USA: America's Leading Lawyers
for Business as a leading individual in Financial Services
Regulation: Banking (Compliance) and also recognized by
Legal 500
- LL.M. degree, Georgetown University Law Center; J.D.
degree, Pace Law School; B.A. degree, Fordham University
- Can be contacted at v.gerard.comizio@friedfrank.com or
202-639-7450
Michael T. Gershberg, Fried, Frank,
Harris, Shriver & Jacobson LLP
- Partner in the corporate department and U.S. head of the
international trade and investment practice, resident in
Fried, Frank, Harris, Shriver & Jacobson LLP’s Washington,
DC office
- Practice emphasizes all aspects of international trade
and investment law
- Conducts regular seminars and workshops and authors
publications related to the areas of economic sanctions,
anti-money laundering, export controls, and foreign
investment
- Member, Law360 International Trade Editorial Advisory
Board (2017-2019)
- Recognized in Chambers USA: America's Leading Lawyers
for Business as a Recognized Practitioner in International
Trade: CFIUS Experts and also recognized in the Foreign
Investment Review chapter of Who’s Who Legal: M&A and
Governance
- J.D. degree, cum laude, Harvard Law School; B.A. degree,
magna cum laude, Yale University
- Can be contacted at michael.gershberg@friedfrank.com or
202-639-7085
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