This webinar will discuss the background of the KYC/CDD process as explained in the Federal Financial Institutions Examination Council’s BSA/AML Examination Manual. You will be exposed to the information you need to gather, how the information is used during the AML process, and how the regulators will examine you institution to ensure you comply with all of the legal requirements related to KYC/CDD. In addition, we will discuss the new requirements of 31 CFR Parts 1010, 1020, 1023, 1024, and 1026 as related to Customer Due Diligence Requirements for Financial Institutions. This includesrules for banks, brokers or dealers in securities, mutual funds, and futures commission merchants and introducing brokers in commodities. We will discuss the purpose of the regulatory action, the major provisions for the rulemaking (beneficial ownership and anti-money laundering program rule amendments), and costs and benefits of implementing the rule. We will discuss the background of the Bank Secrecy Act.
WHY SHOULD YOU ATTEND
You should attend this webinar so that you are aware of and understand the background of the KYC/CDD process, why gathering customer information is so important, how the regulators will examine your institution for compliance, and some of the costs of non-compliance. We will also review and discuss the new requirements of 31 CFR Parts 1010, 1020, 1023, 1024, and 1026 as related to Customer Due Diligence Requirements for Financial Institutions so that your financial institution develops procedures and practices to ensure you fully comply with the May 2018 changes to the requirements related to beneficial owners.
We will discuss the origins of KYC/CDD requirements, why gathering the customer information is so important, how your financial institution should use the information in the identification, monitoring, and reporting of suspicious activity, and how the regulators will examine your institution to ensure compliance. We will also review the new requirements and guidelines of 31 CFR 1010, 1020, 1023, 1024, and 1026 and how they will affect your institution.
This webinar will provide you with information regarding basic KYC/CDD compliance issues. You will learn about the background of KYC/CDD, what customer information you should gather, why you gather the information, and how the information fits into the identification, monitoring, and reporting of suspicious activity. In addition, you will learn about current issues and the latest updates and changes to the rules and regulations related to Customer Due Diligence Requirements for Financial Institutions (31 CFR Parts 1010.230 and 1020). We will focus on the requirements for obtaining KYC/CDD for beneficial owners which takes effect from May 11, 2018.
WHO WILL BENEFIT
This webinar will benefit Risk Managers, BSA Officers, employees involved with any aspects of the KYC/CDD process, front line employees, tellers, account opening staff, customer relations officers, and senior management.
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