Customer Due Diligence Rule Update

Learn about the requirements of the rule, implementation challenges, and supervisory expectations

Compliance Deadline: May 11, 2018

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Available On-Demand Until May 2, 2019

 

The Financial Crimes Enforcement Network's (FinCEN) Customer Due Diligence Rule has received a significant update. Covered financial institutions will now be required to identify and verify the identity of beneficial owners of legal entity customers and implement procedures to form customer risk profiles and monitor accounts for suspicious activity. This includes changes in customer or beneficial ownership information—the "Fifth Pillar". Implementation of the updated FinCEN rule will cause significant changes to credit union policies and procedures, as well as vendor oversight and relevant staff training.

In this webinar we will provide you with a baseline understanding of the rule's requirements, implementation challenges, practical advice on working with examiners and meeting your compliance obligations. Attend this webinar and prepare for the May 11, 2018 compliance deadline.

Key Takeaways

  • Understand your legal entity member’s structure and explain the entity’s requirements to report changes
  • Learn how to keep an open dialogue with your examiners
  • Get guidance to ensure sure your processes can be operationalized and sustained over time

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$295 Members | $395 Nonmembers
(Additional $50 for CD) 
One registration gives your entire credit union access to the on-demand recording until April 5, 2019.
Already registered? Go to the Online Training Center to view live.

Who Should Attend?

  • Compliance staff
  • Risk management staff
  • Credit union staff in charge of BSA compliance
  • Open to all credit unions, regardless of membership or charter type!

Education Credits

  • NCCOwill receive 1.5 CEUs for participating in this webinar.
  • NCRMs can earn 1.5 CEUs for participating in this webinar.
  • NCBSOs can earn 1.5 CEUs for participating in this webinar.
  • CPA credit information is below; recommended 1.5 CPE credits.

CPA Certification Credit Information

  • Reviewer: Josie Collins, Education Manager, NAFCU
  • Learning Objectives: Understand your legal entity member’s structure and explain the entity’s requirements to report changes. Learn how to keep an open dialogue with your examiners. Get guidance to ensure sure your processes can be operationalized and sustained over time.
  • Program Level: Basic
  • Prerequisites Needed: None
  • Advance Preparation Needed: None
  • Delivery Method: Group Internet-Based
  • Recommended CPE Credits: 1.5 credits
  • Recommended Field of Study: Regulatory Ethics - Technical

NASBA Sponsor LogoNational Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more.

About Our Webinars

Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer.

Refund Policy

To qualify for a refund, cancellations must be processed prior to the live webinar date. Cancellations can be processed after the live webinar date, but refunds will no longer be issued and transfers would only be considered. Please email NAFCU's Member Service Center with your request for cancellation to msc@nafcu.org.

About the Presenter

Dan Stipano
Dan Stipano

Partner, Buckley Sandler