BankNewswatch

Customer Due Diligence Update

Tuesday, October 13th, 2020 1:30 pm - 3:00 pm CT

A BankWebinars.com Program

Click Here to register for live program $265

Click Here to register for live program $395*

New FAQs on obtaining customer information and 25 Common Errors on Beneficial Ownership

How much is enough? How far do we go to know our customer?

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. We will also look at the common errors on beneficial ownership certification and maintenance.

Covered Topics:

  • What do we have to obtain on customers at account opening
  • Do we have to treat certain groups of customers as high risk?
  • New FAQs explain flexibility of account openingĀ 
  • 25 Errors on Beneficial Ownership
  • Certification and recertification of beneficial ownership
  • Trusts as a customer, owner of business and certification
  • Foreign banks, foreign businesses and beneficial ownership
  • Renewals on CDs and loans
  • Pending legislation at the federal level to move beneficial ownership to FinCEN

Faculty

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 30+ years of combined teaching and banking experience.

* Registration Plus Recording: Includes the live session (one connection, unlimited attendees), CD ROM, (shipped 7-10 business days after live session), unlimited access to OnDemand Playback and links to presenter materials and supplementary handouts for 6 months after live session.