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Financial Crimes Enforcement Network FinCENs CDD Rule

Price

$120.00

Duration

2 CPEs

About the Course

Being offered twice a quarter on Tuesdays at 1:00 p.m. to 3:00 p.m. Central Time.

The FinCEN final rule, “Customer Due Diligence Requirements for Financial Institutions” (the CDD Rule) must be followed by all financial institutions.

Learn about the FinCIN CDD requirements and how to be fully compliant.

These FinCIN requirements are extensive and involve research into entities few banks previously documented well within their client base.

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

It is focused beyond the initial customer acceptance step, requiring updating and ongoing monitoring against baseline "normal" activity for the customer type. Until CDD became a requirement not many banks already complied with these requirements.

FinCEN 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.

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.

Each attendee will receive 2 CPE Hours (YB). A certificate of completion will be provided.

This Rule requires that banks maintain “appropriate risk-based procedures for customer due diligence,” including understanding customer relationships for developing a customer risk profile” and conducting ongoing monitoring to identify and report suspicious transactions and to maintain and update customer risk information”.

This event provides the tools to design better audit programs to address the Rule.

The purpose of this CPE training event is to cover the internal controls to address this regulation.

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.

Your Instructor

Jim J. George

Over 30 years of experience as a consultant and advisor to major banks. He was an associate partner and principal at PriceWaterhouse-Coopers Consulting, IBM Consulting in Bank Risk and Compliance, and Andersen Consulting (now Accenture).

Jim J. George

Contact Us

Please white list the email address johnb@cseminars.com to allow for CCS emails to reach you effectively.

Thanks for submitting!

Corporate Compliance Seminars is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

In accordance with the standards of the National Registry of CPE Sponsors, CPE credits are granted based on a 50-minute hour.

National Registry of CPE Sponsors ID #108983

Complaints may also be forwarded to the company principals, David S. Marshall (708-205-2366davem@cseminars.com) and/ or John Blackshire (479-200-4373johnb@cseminars.com)

 

At CCS, we are deeply dedicated to delivering NASBA-sponsored Continuing Professional Education (CPE) training events focusing on vital subjects such as risk management, audit & assurance, internal controls, internal audit, cybersecurity, and compliance. Our educational content is meticulously crafted to be accessible through live webinars and in-person CPE events, custom-tailored to meet the CPE requirements of certifications including CIA, CPA, CISA, CFE, and other professional certifications.

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Our comprehensive CPE training events provide invaluable insights across a diverse spectrum of topics, encompassing internal auditing, external audits, planning and execution of audits using the PCAOB Auditing Standards, formulation and implementation of effective internal audits, risk identification and evaluation, adherence to accounting and auditing standards, proficient management of business endeavors and projects, ITGCs and application controls, vigilant oversight of vendor and third-party risks, robust cybersecurity initiatives, and the reporting of audit, risk management, and internal control training courses.

Furthermore, we offer our professional attendees the opportunity to engage with our webinar CPE events virtually, featuring live instructors, or to participate in-person at select cities or a location of their choice.

We consider our target audience to include chief audit executives, audit partners in CPA firms, chief compliance officers, audit managers, audit supervisors, external auditors, internal auditors, internal control professionals, quality control professionals, compliance professionals, board members, and other professionals who prioritize continuous improvement and organizational sustainability.

Our CPE events are all based on the professional standards provided by the IIA, AICPA, PCAOB Auditing Standards, SEC, ISACA, ACFE, NAIC regulations, NIST, ISO, CMMC, COSO Framework, GAO Yellow Book, GAO Green Book, U.S. GAAP, IFRS, and IAASB.

The CCS training staff has a broad range of experience in internal auditing, Big 4 auditing, software development and implementation, Big 4 consulting, governmental accounting and auditing, regulatory compliance and professional training.

Our flexibility in delivering content allows us to cater to the diverse needs of our professional audit function, internal control professional and information technology participants, ensuring a truly enriching learning experience for all.

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