Advanced Due Diligence: A Cornerstone of Any BSA/AML Program
1 hour 30 minutes
Gain valuable insight into advanced due diligence and the requirements of risk-based customer due diligence.
The Bank Secrecy Act (BSA), as amended by the USA Patriot Act (Patriot Act), requires financial institutions, including banks, credit unions, broker-dealers, and money services businesses (MSBs), to develop and implement anti-money laundering (AML) compliance programs. FinCEN has recently issued final rules under the BSA to clarify the four core elements of customer due diligence (CDD) and to strengthen requirements, including by introducing new rules for identifying and verifying the identities of beneficial owners of legal entity customers. This topic will provide important updates on the new legal requirements as well as an in-depth look at the elements of a sound CDD program from initial due diligence to ongoing monitoring to escalating and reporting. This topic is critically important for ensuring that your customers are properly risk assessed and for avoiding regulatory criticism of your compliance program.
• You will be able to recognize general due diligence.
• You will be able to identify insights into requirements of risk-based customer due diligence.
• You will be able to explain how to escalate processes when high-risk members require enhanced due diligence.
• You will be able to review how to conduct ongoing due diligence and constantly reassess risk.