Beneficial Ownership Requirements for a Legal Entity
Instructor:
Doug Keipper
Product ID: 706905
- Duration: 60 Min
Why Should You Attend:
FinCEN issued the Customer Due Diligence (CDD) Rule last year to amend existing BSA regulations in order to clarify and strengthen customer due diligence requirements for certain financial institutions. Along with outlining explicit customer due diligence requirements, the rule also enacts a new requirement for these financial institutions to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions.
Areas Covered in the Webinar:
- Understand what beneficial ownership is and why we have to know this
- Demonstrate how to determine beneficial ownership
- Understand what the new procedures are for determining beneficial ownership
- Background on the new Customer Due Diligence Beneficial Owner rule
- Beginning the project - how to start, where to start
- Creating a project plan
- Who should be involved in the Customer Due Diligence Beneficial Ownership project
- Creating flow charts to make out current process and future process
- Examples of what decisions points are needed
- How to train and who to traing
- How to implement the project
- Higher risk customer types that need frequency monitoring in comparison to lower risk customer types that need infrequent monitoring
- BSA policy and program requirements and changes
- Regulatory requirements
- Types of accounts to include in CDD monitoring
- Board and senior management expectations and responsibilities
- Baseline determination of "normal" vs "suspicious" activity
- Development of an initial customer risk profile
- Threshold for updating a customer profile
- Connecting the dotted line between unusual CDD activity and the filing of a SAR
- CDD and its impact upon the bank's annual BSA risk assessment
- How to avoid examination and audit findings
- Record retention
- Transactional internal testing
Free Handouts:
- Beneficial Ownership Participant Guide
- Sample Beneficial Ownership form at account opening
Who Will Benefit:
- BSA Officers
- BSA Staff
- CIP and Deposit Operations
- Anti-Money Laundering Officers
- Internal Auditors
- Financial Officers
- Front Line Staff
- Risk Officers
- Operational Managers
- Branch Personnel
- Training
- Compliance
- Staff with roles and responsibilities in BSA / AML management and oversight
- Anyone who opens legal entity accounts
- New Accounts Representative
- Banking operations managers
- Business operations managers
- Payments directors
- Compliance officers and managers
- Risk management staff
- Account managers
- General counsel
Doug Keipper
Certified Anti-Money Laundering Specialist, Leading Bank
Doug Keipper, is a Certified Anti-Money Laundering Specialist (CAMS) since 2005 and a Bank Secrecy Act Officer for a $1 billion dollar bank.
Doug sold BSA software for eight years and has taught anti-money laundering classes since 2008 throughout the southeast and online.
He has talked with over 500 BSA officers throughout the USA and Caribbean.
He has spent over 20 years in retail banking, wholesale mortgages and financial services.
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Registrants may cancel up to two working days prior to the course start date and will receive a letter of credit to be used towards a future course up to one year from date of issuance. ComplianceOnline would process/provide refund if the Live Webinar has been cancelled. The attendee could choose between the recorded version of the webinar or refund for any cancelled webinar. Refunds will not be given to participants who do not show up for the webinar. On-Demand Recordings can be requested in exchange. Webinar may be cancelled due to lack of enrolment or unavoidable factors. Registrants will be notified 24hours in advance if a cancellation occurs. Substitutions can happen any time. On-Demand Recording purchases will not be refunded as it is available for immediate streaming. However if you are not able to view the webinar or you have any concern about the content of the webinar please contact us at below email or by call mentioning your feedback for resolution of the matter. We respect feedback/opinions of our customers which enables us to improve our products and services. To contact us please email [email protected] call +1-888-717-2436 (Toll Free).
