Quarterly Compliance Webinar: October 2016
Keith Monson, CSI’s chief risk officer, provides important regulatory updates from this quarter and an executive summary of FinCEN’s Customer Due Diligence (CDD) final rule. Keith discusses what your financial institution needs to know since FinCEN determined that more explicit guidance for financial institutions is needed within Bank Secrecy Act (BSA) rules and regulations in order to clarify and strengthen CDD with respect to “Beneficial Ownership” transparency.
The final rule became effective July 11, 2016, with mandatory compliance beginning May 11, 2018. It’s important that bankers understand who their customers are, and what type of transactions they conduct, in order to effectively combat all forms of money laundering under FinCEN’s updated rule.
Tune in to learn about:
• FinCEN’s CDD final rule
• Beneficial Ownership requirements
• New risk-based procedures for conducting ongoing customer due diligence
• Next steps and timeline for implementation
Keith Monson, Chief Risk Officer