BSA/AML Customer Identification Program and Due Diligence Basics

Understand the procedural issues for compliance and areas of risk for enhanced due diligence.

This material will provide an overview of BSA/AML/Know Your Customer (KYC) components, including the Customer Identification Program (CIP) and beneficial owner Customer Due Diligence (CDD) Rule. We will cover key definitions and procedural issues for compliance and highlight areas of risk for enhanced due diligence. Finally, we will discuss issues experienced during the pandemic, including accelerated digitization and potential for future information from the Anti-Money Laundering Act of 2020.

Learning Objectives

• You will be able to define Know Your Customer.

• You will be able to describe the Customer Due Diligence Rule.

• You will be able to discuss identity verification.

• You will be able to explain beneficial ownership (Customer Due Diligence Rule).

Registration

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$199