Email to order the Recording + Free Digital Download
From identifying accountholders to providing proper disclosures, the process of opening accounts is riddled with regulatory requirements. This webinar will address the requirements in-depth, including identifying parties to the account for both BSA and identity theft purposes; ensuring you have enough information to determine the normal and expected account activity; providing proper disclosures for Truth in Savings, Regulation CC (check holds), Regulation D (limitations on transactions), Regulation E (debit/ATM cards, home banking, bill payer, etc.); and contractual items, such as remote deposit capture and business accounts. Knowing the rules and timing requirements and why they must be followed will make your account-opening process run smoothly plus minimize liability and risk.
HIGHLIGHTS
What are the requirements for providing disclosures electronically?
Which disclosures need to be provided and when?
How can the institution protect itself from potential issues when depositors misuse their accounts?
Who should be identified during CIP?
When should there be an OFAC check?
Should business accounts be treated differently at account opening?
Why are we required to know about prospective activity and watch for identity theft?
TAKE-AWAY TOOLKIT
Sample checklists for business accounts
List of required disclosures, notices, and timing requirements
Outline of regulatory requirements and internet links/citations
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Frontline employees, new accounts staff, auditors, and compliance officers.
ABOUT THE PRESENTER – Mary-Lou Heighes, Compliance Plus, Inc., is President and founder which has assisted financial institutions with the development of compliance programs since 2000. She provides compliance training for trade associations and financial institutions. Mary-Lou has been an instructor at regulatory compliance schools, conducts dozens of webinars, and speaks at numerous conferences throughout the country. Involved with financial institutions since 1989, Mary-Lou has over 20 years’ compliance experience. Before starting Compliance Plus in 2000, she spent five years working as a loan officer, marketer, and collector. She also worked at a state trade association for seven years providing compliance assistance and advising on state and federal legislative issues that affect financial institutions.
Showing posts with label Due Diligence. Show all posts
Showing posts with label Due Diligence. Show all posts
(ON DEMAND) New Customer Due Diligence Rules for Beneficial Ownership: Implementation Game Plan
Email to Order the Recording + Free Digital Download
On May 5, 2016, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued final rules on customer due diligence requirements for banks, credit unions, and other covered institutions. The new rule adds a fifth pillar to the four pillars of an anti-money laundering program. Effective May 11, 2018, finding beneficial owners of legal entity customers will become a legal requirement.
Why worry now? This sweeping change will require significant time and resources to fully understand the rule and its impact on your financial institution’s policies, procedures, forms, monitoring processes, and ongoing due diligence responsibilities. While regulators can’t require early compliance, they can and will expect to review how well your financial institution understands the changes and the efforts being made to develop a successful implementation plan. There are no grandfathering features and the new rules will be triggered each time a “legal entity” opens a loan, deposit, or escrow account.
HIGHLIGHTS
What is in the final rule?
What is the definition of a legal entity, what is the coverage, and what are the exclusions?
What’s involved in the two-prong test for ownership and control?
Compliance challenges include:
Reliance on beneficial ownership information supplied by customers
Collecting beneficial ownership information on existing customers
Heightened expectations for uses of beneficial ownership information
Model certification form issues
What’s expected in risk-based procedures for conducting ongoing customer due diligence?
Understanding the nature and purpose of customer relationships for the purpose of developing a customer risk profile
Conducting ongoing monitoring:
Identifying and reporting suspicious transactions
Maintaining and updating customer information on a risk basis
TAKE-AWAY TOOLKIT
Sample new CDD policy
Sample checklist to prepare for the changes
Interview questions for account opening
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? BSA officers, BSA personnel, deposit operations staff, branch personnel, risk managers, compliance officers, new account staff, and auditors.
ABOUT THE PRESENTER – Susan Costonis, Compliance Consulting and Training for FIs, a compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real life examples.
On May 5, 2016, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued final rules on customer due diligence requirements for banks, credit unions, and other covered institutions. The new rule adds a fifth pillar to the four pillars of an anti-money laundering program. Effective May 11, 2018, finding beneficial owners of legal entity customers will become a legal requirement.
Why worry now? This sweeping change will require significant time and resources to fully understand the rule and its impact on your financial institution’s policies, procedures, forms, monitoring processes, and ongoing due diligence responsibilities. While regulators can’t require early compliance, they can and will expect to review how well your financial institution understands the changes and the efforts being made to develop a successful implementation plan. There are no grandfathering features and the new rules will be triggered each time a “legal entity” opens a loan, deposit, or escrow account.
HIGHLIGHTS
What is in the final rule?
What is the definition of a legal entity, what is the coverage, and what are the exclusions?
What’s involved in the two-prong test for ownership and control?
Compliance challenges include:
Reliance on beneficial ownership information supplied by customers
Collecting beneficial ownership information on existing customers
Heightened expectations for uses of beneficial ownership information
Model certification form issues
What’s expected in risk-based procedures for conducting ongoing customer due diligence?
Understanding the nature and purpose of customer relationships for the purpose of developing a customer risk profile
Conducting ongoing monitoring:
Identifying and reporting suspicious transactions
Maintaining and updating customer information on a risk basis
TAKE-AWAY TOOLKIT
Sample new CDD policy
Sample checklist to prepare for the changes
Interview questions for account opening
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? BSA officers, BSA personnel, deposit operations staff, branch personnel, risk managers, compliance officers, new account staff, and auditors.
ABOUT THE PRESENTER – Susan Costonis, Compliance Consulting and Training for FIs, a compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real life examples.
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