Know Your Customer/Customer Due Diligence Issues

This webinar will discuss the background of the KYC/CDD process as explained in the Federal Financial Institutions Examination Council’s BSA/AML Examination Manual. You will be exposed to the information you need to gather, how the information is used during the AML process, and how the regulators will examine you institution to ensure you comply with all of the legal requirements related to KYC/CDD.

In this webinar we will discuss the new requirements of 31 CFR Parts 1010, 1020, 1023, 1024, and 1026 as related to Customer Due Diligence Requirements for Financial Institutions. This includes, rules for banks, brokers or dealers in securities, mutual funds, and futures commission merchants and introducing brokers in commodities. We will discuss the purpose of the regulatory action, the major provisions fo the rulemaking (beneficial ownership and anti-money laundering program rule amendments), and costs and benefits of implementing the rule. We will discuss the background of the Bank Secrecy Act. This webinar will provide you with information regarding basic KYC/CDD compliance issues. You will learn about the background of KYC/CDD, what customer information you should gather, why you gather the information, and how the information fits into the identification, monitoring, and reporting of suspicious activity. In addition, you will learn of current issues and the latest updates and changes to the rules and regulations related to Customer Due Diligence Requirements for Financial Institutions (31 CFR Parts 1010.230 and 1020). We will focus on the requirements for obtaining KYC/CDD for beneficial owners which takes affect May 11, 2018.

Why Should You Attend

You should attend this webinar so that you are aware of and understand the background of the KYC/CDD process, why gathering customer information is so important, how the regulators will examine your institution for compliance, and some of the costs of non-compliance. We will also review and discuss the new requirements of 31 CFR Parts 1010, 1020, 1023, 1024, and 1026 as related to Customer Due Diligence Requirements for Financial Institutions so that your financial institution develops procedures and practices to ensure you fully comply witht the May 2018 changes to the requirements related to beneficial owners.

Areas Covered

Who Will Benefit

Your Instructor

Thomas E. Nollner

Thomas E. Nollner has more than 38 years of experience in financial institution supervision and consulting. Mr. Nollner spent 30 years as a National Bank Examiner (NBE) for the Controller of the Currency where he was a safety and soundness examiner and a compliance examiner. The last 15 years as an NBE and for the past 8 years as a consultant, Mr. Nollner has specialized as an AML/CFT examiner/consultant. In these roles he has analyzed financial institutions’ AML/CFT programs to ensure that they complied with applicable AML/CFT laws, rules, and regulations; he reviewed the suspicious transactions identification, monitoring, and reporting processes;he traced proceeds and transactions through several layers of activity; and he provided AML/CFT training for many different financial institutions. Mr. Nollner currently works as a consultant for the Office of Technical Assistance (OTA), a branch of the U S Treasury that assists developing countries with banking issues. Mr. Nollner is assigned to the Economic Crimes Team that focused on training, assisting, and mentoring the staffs of the financial regulatory departments and financial intelligence units of various countries regarding AML/CFT compliance. In this capacity, he worked in countries such as Afghanistan, Iraq, Turkmenistan, Viet Nam, Honduras, Guatemala, Guyana, Suriname, and Argentina developing AML/CFT examination procedures, providing AML/CFT training and mentoring, and updating local AML/CFT laws and regulations.