FinCEN's CDD Rule - 2 CPEs

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

Follow the below links for further detail information:
. Seminar Highlights
. Learning Objectives
. Key Issues on the Agenda
. The Instructor

The retail cost of this 2 CPE seminar is $120.00 for the first attendee from a single organization. Discounts are available for more than one attendee from each organization: (2) $230.00 (3) $325.00 (4) $410.00 (5) $510.00.

To reserve your space, click here on "SIGN-UP NOW!". You have to complete the registration form and use the corresponding "Submit Registration Form and Move to Payment Options Page" button for filing the registration and moving to the payment page.

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

Program Level of Understanding: Basic
Prerequisites: None
Advance Preparation: None
Delivery Format: Group Internet Based
NASBA Field(s) of Study: Business Ethics
CPE Credits: 2, based on 50 minutes of instruction per hour

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Seminar 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

. 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 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.

Jim G. George - The Instructor

Jim G. George is an independent consultant to banks focusing on issues of fraud, AML, and identity.

He has 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).

He was a senior vice president for operations for a Fortis-US division providing outsourcing services to the banking industry.

His work experiences include projects in fraud investigation, fraud prevention, identity issues, compliance, and AML (anti-money laundering). Jim's background also includes work in bank operations and payments strategy, reengineering, systems, and quality improvement. He assisted a Justice Department led Federal taskforce investigating a very large money laundering situation.

He has an M.B.A. from Purdue University, Krannert School of Management. This was after he received his B.S. in Mechanical Engineering also from Purdue University.

He has a very strong math background included graduate level computer science and statistical training. In addition he worked with Neural net, unusual behavior alerting and other artificial intelligence and decision support software.

He was also a Presidential Interchange Executive. He was competitively selected and served as a Federal executive during a one-year leave of absence. He worked in the Office of Management and Budget and at the Department of Housing and Urban Development in Washington D.C.

Tradecraft

Tradecraft, within the internal and external auditing communities, refers to the techniques, methods and technologies used in modern financial and internal auditing and generally, as part of the activity of creating assurance.

Honing client interaction skills can significantly improve the effectiveness of audit engagements.

This includes general topics or techniques (interviewing, for example), or the specific techniques of an organization (the particular form of performance improvement (Lean Six Sigma), for example).

Corporate Compliance Seminars (CCS) was created by experts who enjoy providing CPE training events. All our experts have years of experience in providing training courses, workshops and consulting on internal controls, internal auditing, information technology, cybersecurity and accounting related subjects. We have focused on SOX, COSO, PCAOB, COBIT, CMMI, GRC, GAAP, IFRS, AICPA, GAO, NAIC, ISO, and IIA Standards. We are your best source for continuing professional education (CPE).

Our programs, live in-person, webinar and on-demand, provide CPE for professionals with CPA, CGA, CIA, CFE, CISA, CMA and CA designations. CCS is focused on providing the best learning programs in using three distinct distribution channels: live in-person events, virtual webinar events and on-demand self-study e-learning.

Corporate Compliance Seminars presents CPE to a range of professionals, auditors, accountants, finance staff, compliance personnel, information technology (IT) professionals, Boards of Directors and Audit Committees. We examine the details of risk management, Sarbanes-Oxley Act compliance, Model Audit Rule (MAR) compliance, auditing, internal controls, cybersecurity and compliance, and fraud prevention and detection.

Within the U.S.A. marketplace, Corporate Compliance Seminars allows the attendee to earn NASBA CPE credit.

Our events focus on the details of the Sarbanes-Oxley Act of 2002 (SOX), Internal Controls over Financial Reporting (ICFR), Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control Frameworks, ISACA's Control Objectives over Information Technology (COBIT), Information Technology Infrastructure Library (ITIL), Open Compliance & Ethics Group's (OCEG) Governance, Risk & Compliance (GRC) methodology, PCAOB's Auditing Standard 5 (AS5), AICPA auditing standards, and NAIC regulatory model regulations and acts .

Our live in-person events are generally presented in a small classroom setting with two to five attendees. Over the last few weeks, we have come to the understand we need to provide distant e-learning events. We are now in the process of moving all our content to an online available status. We have created distant e-learning opportunities using both a virtual webinar event approach and on-demand e-learning self-study modules. These two e-learning approaches: webinars and on-demand self-study with extended web access to our content into the global continuing professional development (CPD) marketplace. In the webinar e-learning events we will limit the number of students to maximize the interaction between the live instructor and attendees. The on-demand self-study e-learning modules will be created and offered to meet the NASBA CPE credit requirements .

Our seminars provide CPE for the CPA, CFE, CIA, CISA, auditors and others with effective and engaging internal audit training courses.

Our instructors have had direct experience in the following industries: financial activities, bank, insurance, healthcare, construction, leisure and hospitality, professional and business services, mining and oil & gas extraction, manufacturing, educational, government agencies, transportation, software, technical, hi-tech and agricultural.

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