FinCEN's New CDD Rule - The New Fifth Prong of the AML
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Category Aml due diligence;FinCENBeneficial Ownership; Anti money laundering;AML Requirements
Deadline: June 26, 2018 | Date: June 26, 2018
Venue/Country: Training Doyens 26468 E Walker Dr,Aurora, Colora, U.S.A
Updated: 2018-05-26 21:20:13 (GMT+9)
Call For Papers - CFP
OVERVIEWFinCEN has issued substantial new AML requirements focused on a major expansion of Know Your Customer into what is now Customer Due Diligence, CDD. It goes far beyond knowledge of the Customer Legal Entity to the Beneficial Owner of that entity and its Controlling Persons. It is focused beyond the initial customer acceptance step, requiring updating and ongoing monitoring against baseline “normal” activity for the customer type. It is very unlikely that many banks already comply with these requirements. Full compliance implementation is required starting May 11, 2018.WHY SHOULD YOU ATTENDThe new rulesgo far beyond knowledge of the Customer Legal Entity to the Beneficial Owner of that entity and its Controlling Persons. It is focused beyond the initial customer acceptance step, requiring updating and ongoing monitoring against baseline “normal” activity for the customer type. It is very unlikely that many banks already comply with these requirements. Full compliance implementation is required and starts May 11, 2018.AREAS COVERED • The existing 4 prongs/pillars of AML per the BSA• Overview of the new 5th prong/pillar• Triggers that caused this expansion of regulations• Purposes, per FinCEN• Three covered entity typeso Customer legal entityo Beneficial ownerso Controlling personso Exclusions• New Requirementso Risk profileso Updating o Baseline/normal transactionso Transaction monitoring • It starts May 11, 2018you must be doing it then, here is what you will needLEARNING OBJECTIVESLearn about the FenCIN requirements announced in 2017 and to be fully implemented second quarter of 2018. They are extensive Customer Due Diligence and involve research into entities few banks currently document fully. WHO WILL BENEFITBanking, Brokerage, or any Financial Services company which have AML requirements.For more detail please click on this below link:https://goo.gl/8BQwyyEmail: supporttrainingdoyens.comToll Free: +1-888-300-8494Tel: +1-720-996-1616Fax: +1-888-909-1882
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