FinCENs CDD Rule

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. Full compliance implementation is required on accounts opened on or after May 11, 2018.

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.

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