May 2016

Volume 4, Issue 10

Posted on 5/6/2016

New Rules on CDD Scheduled to Be Published on May 11th
The Treasury Department's Financial Crimes Enforcement Network (FinCEN) is making public a final rule requiring financial institutions to know and verify the identities of the national persons (also known as beneficial owners) who own, control, and profit from companies when those companies open accounts.

This rule also amends existing regulations under the Bank Secrecy Act (BSA) to enhance transparency and protect the integrity of the financial system by clarifying and strengthening the customer due diligence obligations of financial institutions. The CDD Final Rule advances the implementation of the BSA by helping to make available to law enforcement valuable information needed to disrupt illicit finance networks. This will in turn increase financial transparency and augment the ability of financial institutions and law enforcement to identify the assets and accounts of criminals and national security threats. This will also facilitate compliance with sanctions programs and other measures that cut off financial flows to these actors.  

For more information or to read the pre-publication of the final rule, click here
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Implementing New Customer Due Diligence Rules: Legal Entity Customers Webinar on June 17th
Ready, set, go! It is time to implement the new CDD rules for legal entity account holders. This webinar is a nuts and bolts on the new regulation and what it will mean to legal entity account holders. 

Webinar Highlights
  • What is a legal entity?
  • Who is included and excluded?
  • What special rules do we add for beneficial owners?
  • How do we risk rate?
  • How do we monitor?
  • How to develop new procedures and policies for business accounts

What You Will Receive
  • Sample policy
  • Sample Legal Entity Handbook with procedures
  • Script for business and legal entities
For more information, to register or pre-order the webinar on CD, please click here

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Implementing New Customer Due Diligence Rules: Consumers Webinar on June 24th
This webinar will discuss the three prongs that apply to consumer accounts. Participants will receive scripts, monitoring tips and lots of information about managing the consumer process for customer due diligence. 

Webinar Highlights
  • Understand what part of the regulation applies to consumer accounts
  • How to develop new account scripts, risk rating and other tools to comply
  • Risk rating and monitoring your consumer account holders

What You Will Receive
  • Sample policy
  • Sample procedures
  • Script for the new account process
For more information, to register or pre-order the webinar on CD, please click here
 
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Implementing New Customer Due Diligence Rules: Compliance for Lenders Webinar on July 14th
This webinar is an overview on the new regulation and what impacts the requirements bring to the lending area and a review of BSA concerns in the lending area.

Webinar Highlights
  • What are the new customer due diligence requirements for lenders?
  • Review of expansion on the CIP rules
  • What special rules do we add for beneficlal owners?
  • FinCEN Certification Form: "Certification Regarding Beneficial Owners of Legal Entity Customers"
  • Importance of customer due diligence for loan customers
  • How to develop new procedures and policies for loan application processing
What You Will Receive
  • Checklist for lenders
  • Script for business and legal entities
For more information, to register or pre-order the webinar on CD, please click here
 
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Introducing the BSA Officer's Toolkit
The BSA Officer's Toolkit contains tools to help manage your institution's BSA/AML program. It is designed to help you revamp and revitalize your BSA program before the examiners arrive. Each tool covers a particular program and will help you nail the examination into place. This toolkit contains a sample BSA policy, risk assessment worksheets, audit worksheets, handbooks and PowerPoints to train your staff. You can't go wrong with this box of tools on your side.  Click here for more information.

Do you have a question or topic that you would like to see addressed in our monthly newsletter? If so, email us and let us know. Send questions and/or topic suggestions to info@bankersecampus.com.