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Course Details

New FinCEN Rules For Customer Due Diligence

new-fincen-rules-for-customer-due-diligence
Webinar: ID# 1002904
About This Course:
On May 11th, FinCEN issued final rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for banks, securities broker dealers, mutual funds, futures commission merchants, and brokers in commodities.

The rules contain explicit customer due diligence requirements and include a new requirement to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions.

This webinar covers the nuts and bolts of the new regulation and what it will mean to legal entity customers.

Covered Topics:
  • Final rule and changes
  • What is a legal entity
  • Who is included and excluded?
  • What special rules do we add for beneficial owners?
  • Do we have to use the new form?
  • Can we gather beneficial ownership information at lower amounts than 25%?
  • Do we have to use our same CIP for beneficial owners or can we use a different but similar CIP?
  • Are trusts covered? IOLTA?
  • How does this work on a multi-tiered business?
  • What do we do on charities and nonprofit organizations?
  • Does this apply to sole proprietorship accounts?
  • How do we risk rate? Monitor?
  • Develop new procedures and policies for business accounts.
You Also Receive:
  • Sample Policy
  • Sample Legal Entity Handbook with procedures
  • Script for business and legal entities
Who Should Attend?

BSA Officers, BSA Staff, CIP and Deposit Operations, Branch Personnel, Training, Compliance and anyone who opens legal entity accounts

Your Presenter

Deborah Crawford is the President of Gettechnical Inc., a Virginia based training company. She specializes in the deposit side of the financial institution and is an instructor on IRAs, BSA, Deposit Regulations and opening account procedures. She was formerly with Hibernia National Bank (now Capital One) and has bachelor's and master's degrees from Louisiana State University. She has 27 years of combined teaching and banking experience.

Course Details
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