FinCEN's CDD Rule - The New Fifth Prong of the AML

Learn valuable insights and strategies from industry experts.

  • Expert-led Training
  • Industry Best Practices
  • Practical Implementation
  • Real-world Scenarios
Banking and Finance Webinar Image
Date
30 January, 2023 (Monday)
Time
10:00 AM PST | 01:00 PM EST
Duration
60 Minutes

Overview

The FinCEN has issued substantial new AML requirements focused on a major expansion of Know Your Customer into what is now Customer Due Diligence, CDD. This webinar will present various aspects of the requirements.

Area Covered

  • The existing 4 prongs/pillars of AML per the BSA
  • Overview of the new 5th prong/pillar
  • Triggers that caused this expansion of regulations
  • Purposes, per FinCEN
  • Three covered entity types
  • Customer legal entity
  • Beneficial owners
  • Controlling persons
  • Exclusions
  • New Requirements
  • Risk profiles
  • Updating
  • Baseline/normal transactions
  • Transaction monitoring

Why Should You Attend

It goes far beyond knowledge of the Customer Legal Entity to the Beneficial Owner of that entity and its Controlling Persons. It is focused beyond the initial customer acceptance step, requiring updating and ongoing monitoring against baseline “normal” activity for the customer type. It is very unlikely that many banks already comply with these requirements.

Who Will Benefit?

Commercial banking, Small Business Banking, Private Banking, and International Banking.
New customer processing staff and supervisors
Banks, brokers, other depository institutions

  • Fraud
  • Compliance and AML
  • VP
  • Manager
  • Director
  • Supervisor

Speaker

Jim George is an independent consultant to banks focusing on issues of fraud. He brings over 25 years as a consultant to major banks in Associate Partner and Principal roles at PriceWaterhouse-Coopers Consulting, IBM Consulting in Bank Risk and Compliance and Andersen Consulting (now Accenture). He has also been SVP Operations for a Fortis-US division providing outsourcing services to the banking industry. 

Jim's work has included projects in fraud investigation, fraud prevention, identity issues, compliance and AML (anti-money laundering). His background includes work in bank operations and payments strategy, reengineering, systems and quality improvement.

Upcoming Webinars

View All Webinars