FinCEN’s CDD Rule and the impact of the AML Act of 2020
Instructor:
Jim George
Product ID: 705602
- Duration: 60 Min
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.
The new requirements are formidable. They will impact commercial, small business, private, and international banking areas of the Banks as well as compliance officers and areas currently performing KYC tasks. New research will be required on new entities never addressed before in customer acceptance.
Areas Covered in the Webinar:
- 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
Who Will Benefit:
- Fraud
- Compliance and AML
- VP
- Manager
- Director
- Supervisor
Jim George
Independent consultant, George Consulting LLC
Jim George brings over 25 years of experience as a consultant to major banks in areas including AML (anti-money laundering) compliance, detection and investigation. His background includes work in bank operations and payments strategy, reengineering, systems, and quality improvement. Jim in an independent consultant having prior experience as an Associate Partner at IBM, PriceWaterhouse-Coopers Consulting and Andersen Consulting. He participated in a major Federal Justice Department AML Task Force in Miami, Florida.
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