CDD Update: New FinCEN FAQs & COVID’s Daily Practical Challenges


Sep 25, 2020

11:00 am – 12:30 pm EST THIS IS A MORNING WEBINAR
(90-minute webinar – recording also available)

Sometimes regulations are so confusing that they require official clarification.  This is a great opportunity to delve into FinCEN’s new CDD FAQs to get the latest scoop about new accounts, risk profiles, and ongoing monitoring.  Also, are COVID restrictions masking your ability to identify accountholders?  Learn more about dealing with daily practical challenges.

On August 3, 2020, FinCEN issued new CDD FAQs to clarify regulatory requirements regarding obtaining customer information, establishing a risk profile, and ongoing relationship monitoring.  This session will address the new guidance and its impact to your new account and loan origination procedures and provide updated CDD language for your BSA policy.

It will also review the four elements of CDD, and the impact COVID-19 has had on your ability to successfully meet each requirement.  How has your ability to identify and verify accountholders and beneficial owners been impacted by lobby closures, mask mandates, and increased use of online account-opening portals?  How are you monitoring for activity outside an accountholder’s norm, when so many transactions defy usual expectations for those individuals or businesses?  This program will provide best practices and recommendations to support your CDD program during this unusual time and assist you in identifying potential instances of pandemic-related fraud. Don’t miss this jam-packed session with loads of information and tools.