New Customer Due Diligence Beneficial Owner Rule

Instructor: Joe Soniat
Product ID: 705221
  • Duration: 60 Min
FinCEN is issuing final rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for: banks; brokers or dealers in securities; mutual funds; and futures commission merchants and introducing 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 training program will walk attendees through the new rules and how to implement them.

recorded version

1x Person - Unlimited viewing for 6 Months
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Recorded Link and Ref. material will be available in My CO Section
Last Recorded Date: Sep-2017

Training CD / USB Drive

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(For multiple locations contact Customer Care)
CD/USB and Ref. material will be shipped within 15 business days

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Why Should You Attend:

FinCEN issued the Customer Due Diligence (CDD) Rule last year to amend existing BSA regulations in order to clarify and strengthen customer due diligence requirements for certain financial institutions. Along with outlining explicit customer due diligence requirements, the rule also enacts a new requirement for these financial institutions to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions.

In this breakout session, the webinar instructor will review the CDD Rule and the new requirements issued by FINCEN, along with sharing information and procedures for the beneficial ownership rule.

Areas Covered in the Webinar:

  • Background on the new Customer Due Diligence Beneficial Owner rule
  • Beginning the project - how to start, where to start
  • Creating a project plan
  • Who are involved in the CDD B.O project
  • Creating flow charts to make out current process and future process
  • Examples of what decisions points are needed
  • How to train and who to train
  • How to implement the project
  • Higher risk customer types that need frequency monitoring in comparison to lower risk customer types that need infrequent monitoring
  • BSA policy and program requirements and changes
  • Regulatory requirements
  • Types of accounts to include in CDD monitoring
  • Board and senior management expectations and responsibilities
  • Baseline determination of "normal" vs "suspicious" activity
  • Development of an initial customer risk profile
  • Threshold for updating a customer profile
  • Connecting the dotted line between unusual CDD activity and the filing of a SAR
  • CDD and its impact upon the bank's annual BSA risk assessment
  • How to avoid examination and audit findings
  • Record retention
  • Transactional internal testing

Who Will Benefit:

  • BSA Officers
  • BSA Staff
  • CIP and Deposit Operations
  • Anti-Money Laundering Officers
  • Internal Auditors
  • Financial Officers
  • Front Line Staff
  • Risk Officers
  • Operational Managers
  • Branch Personnel
  • Training
  • Compliance
  • Staff with roles and responsibilities in BSA / AML management and oversight
  • Anyone who opens legal entity accounts
Instructor Profile:
Joe Soniat

Joe Soniat
Bank Secrecy Act Officer, Union Bank and Trust

Robert J. Soniat (Joe) is the BSA officer for Union Bankshares Corporation, located in Richmond, Virginia. He also worked as a finance officer for the United States Government from 2002 – 2004. He holds a Bachelor’s of Science in Accounting from Virginia Commonwealth University as well as minors in criminal justice and international relations.

Mr. Soniat is a Certified Anti Money Laundering Specialist (CAMS) with an advance certification in Financial Crimes Investigations (FCI). He is also a Certified Fraud Examiner as well as a Certified Anti Money Laundering and Fraud Specialist (CAFP). He is on the BSA Coalition Advisory Board as well as the ACAMS Virginia Chapter Board.

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Refund Policy

Registrants may cancel up to two working days prior to the course start date and will receive a letter of credit to be used towards a future course up to one year from date of issuance. ComplianceOnline would process/provide refund if the Live Webinar has been cancelled. The attendee could choose between the recorded version of the webinar or refund for any cancelled webinar. Refunds will not be given to participants who do not show up for the webinar. On-Demand Recordings can be requested in exchange.

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