Archived Webinar

New FFIEC Exam Procedures for Customer Due Diligence

Key Considerations for your BSA/AML Compliance Program

Originally Presented: June 26, 2018

On May 11, 2018, the FFIEC released new Customer Due Diligence Examination procedures that reflect and codify the requirements of FinCEN’s final CDD rule.

These updates detail how financial institutions must establish appropriate risk-based CDD procedures to understand the nature and purpose of their customer relationships. By following this risk-based approach, institutions develop and maintain an accurate customer risk profile with an increased focus on higher-risk customers and incorporate ongoing monitoring for enhanced due diligence and suspicious activity monitoring.

This webinar will explore the updated FFIEC Exam Procedures for Customer Due Diligence and outline key considerations for your BSA/AML Program as you prepare for your next examination.

Highlights of this educational webinar will include:

  • Discussion on the challenges of meeting regulatory expectations for CDD with a focus on higher risk customers.
  • Overview of CDD Requirements according to the FFIEC Exam Manual:
    • Customer Due Diligence including the impact of the new CDD Rule, Ultimate Beneficial Ownership, and Guidance on CDD
    • Customer Risk Profile including the importance of proper identification and assessment of risk
    • Customer Information – Risk-based Procedures including Higher Risk Profile Customers and Ongoing Monitoring of Customer Relationships
    • Enhanced Due Diligence for Higher Risk Customers including the spectrum of risk within categories of customers and risk mitigation through ongoing monitoring.
  • Key considerations for your BSA/AML program in preparation for your next examination.
  •   BSA/AML Compliance
  •   CDD/EDD
  •   Examination
  •   High-Risk Customer Management
  •   Intelligent Segmentation

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