BSA/AML Contextual Awareness of High Risk Customers

Why Should You Attend:

The management of compliance risk requires a thorough evaluation of the customer base. Determining the risk rating of a customer – especially those seen as High Risk – plays an important role in the construction of a complete and accurate BSA/AML Risk Assessment . The determination of High Risk Customers may involve a wide array of variables, carefully rated and scored, or a single variable that overrides all others. The factors to calculate high risk – or any risk – must drive an on-boarding system – computer-based or manual. How many high-risk customers must an institution have before the meaning of high risk becomes meaningless? The USA Patriot Act has laid out the requirements for Customer Due Diligence and Enhanced Due Diligence for High Risk customers. The recently implemented FinCEN CDD Rule which formalized the concept of beneficial ownership, provides guidance for the management of high risk customers.

This webinar will examine the regulatory background behind the determination of high risk, weighting and rate factors leading to high risk scoring, and asking when is a high-risk customer too hot to handle, what is the risk appetite of the institution.

Learning Objectives:

• High Risk Customers and the BSA/AML Risk Assessment
• What makes a Customer High Risk – Institutional Risk Appetite
• Evaluating and Validating Rating Factors
• Enhanced Due Diligence Considerations
• Can an Institution have too Many or too Few High-Risk Customers

Areas Covered in the Webinar:

• The Customer Risk Rating Profile
• What is High Risk?
• The On-boarding System
• The BSA/AML Risk Assessment
• Country Risk Ratings

Who Will Benefit:

• BSA/AML Officers
• Compliance Officers
• Chief Compliance Officers
• Sanctions Officers
• AML Analysts
• Chief Risk Officers
• Legal Departments Personnel
• Risk Managers
• CEO/Presidents at Banks
• Broker-Dealers
• Money Services Businesses

Instructor Profile: