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FinCENs CDD Rule

FinCENs CDD Rule

Learn about the FinCEN CDD requirements and how to be fully compliant. This event has been updated to reflect the AML Act of 2020. Passed in early 2021, the Act has caused FinCEN to issue revised priorities and may impact the whole area of CDD responsibilities. These FinCEN requirements are extensive and involve research into entities within their client base.
 
The Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury has issued rules requiring minimum standards for anti-money laundering programs for some institutions lacking a federal regulator. The rules are focused beyond the initial customer acceptance step, requiring updating and ongoing monitoring against baseline "normal" activity for the customer type.
 
FinCEN has issued AML requirements that are focused on the institution having an effective "Know Your Customer" program, which is defined as Customer Due Diligence, CDD in the regulations. The FinCEN requirements are focused beyond the initial customer acceptance step, requiring updating and ongoing monitoring against baseline "normal" activity for the customer type.
 
This timely, two-hour CPE training event is designed for the internal auditor, compliance professional and others who wish to improve their AML and BSA tradecraft skills.
 
This internal control training course will provide each attendee with 2 CPE Event Hours (YB). A certificate of completion will be provided.
 
Program Level of Understanding: Basic
Prerequisites: None
Advance Preparation: None
Delivery Format: Group Internet Based
NASBA Field(s) of Study: Business Ethics
CPE Credits: 2, based on 50 minutes of instruction per hour

  • Details on Event Presentation

    Offered every six weeks on Wednesdays at 10:00 a.m. to 12:00 p.m. Central Time in two CPE-Credit event.

    We can schedule private events on your timetable for two or more attendees.

  • CPE Event Highlights

    On September 14, 2020, the U.S. Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN") issued a final rule ("Rule") requiring the minimum standards for anti-money laundering programs for certain institutions lacking a Federal functional regulator.

    The Rule applies to banks that lack a Federal functional regulator, including, but not limited to, private banks, privately insured credit unions, and certain trust companies. The Rule also extends customer identification program and beneficial ownership requirements to those institutions.

    ​FinCEN noted that it expected that banks lacking a Federal functional regulator "will be able to leverage existing policies, procedures, and internal controls required by other statutory and regulatory requirements to fulfill the obligations set out in the final rule." Banks lacking a Federal functional regulator have 180 days from the day of the Rule's publication in the Federal Register to be in compliance. The rule was published on September 15, 2020, noting a deadline of compliance of March 15, 2021.

    This event will expand your knowledge of these new compliance requirements. It will position your institution to have in place the compliance program elements for the Fifth Prong of the AML Program.

  • Learning Objectives

    This CPE event will cover the following learning objectives:

    • Learn about the FinCIN CDD requirements,

    • See how to be fully compliant with the requirements,

    • Understand all the requirements of a compliance program for a retail bank concerning CDD.

  • Key Issues on the Agenda

    The major agenda items within this intense CPE training event are answering:

    • The original 4 prongs of AML (anti-money laundering) per the BSA (Bank Secrecy Act)

    • Overview of the 5th prong

    • Triggers that caused this expansion of regulations

    • Purposes of the regulation, per FinCEN

    • Three covered entity types:

    • Customer legal entity

    • Beneficial owners

    • Controlling persons

    • Exclusions

    • CDD Requirements

    • Risk profiles

    • Updating

    • Baseline/normal transactions

    • Transaction monitoring

    • The difficulty in implementation.

  • NASBA Program Disclosure

    Program Level of Understanding: Basic
    Prerequisites: None
    Advance Preparation: None
    Delivery Format: Group Internet Based
    NASBA Field(s) of Study: Auditing
    CPE Credits: 2, based on 50 minutes of instruction per hour

  • Summary of the Subject Matter

    This CPE training event overviews into the Financial Crimes Enforcement Network's (FinCEN) Customer Due Diligence (CDD) Rule, which mandates covered financial institutions to implement robust processes for identifying and verifying the identity of beneficial owners of legal entity customers.

    This CDD Rule aims to enhance transparency in financial transactions, mitigate money laundering risks, and combat illicit financial activities. The event provides comprehensive insights into the requirements, compliance obligations, and best practices related to the CDD Rule, equipping participants with a deep understanding of how to effectively implement and adhere to these crucial regulatory standards.

$140.00Price
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