Attend webinar on how to prepare a plan for CDD Changes

December 14, 2017

On Wednesday, December 20, a webinar designed for BSA officers, BSA staff, deposit operations personnel, loan operations staff, compliance officers, auditors and others, will be presented.  The webinar, Preparation Plan for CDD Changes to Beneficial Ownership Rules: Effective May 11, 2018, will be held from 3:00 p.m. - 4:30 p.m.

This session will offer three important steps to prepare for the new beneficial ownership changes. The first step is creating a leadership group that establishes policy requirements and identifies all compliance requirements across lines of business. The second step is implementation design, which outlines the required processes and options for technology solutions. The third step includes appropriate training and new internal controls for the "fifth pillar" CDD requirements for "legal entity" accountholders. Join us to learn more about these significant changes and how to implement them.

Topics covered in this webinar include:

  • New policy requirements that must be identified and revised
  • Four core elements of the CDD rules that must be included in the implementation design
  • Customer identification and verification
  • Beneficial ownership identification and verification of a "legal entity"
  • Understanding the nature and purpose of the relationship to develop a customer risk profile
  • Ongoing monitoring for suspicious transactions and maintaining and updating customer information
  • The preparation plan should include review of:
  • New account opening procedures
  • Suspicious activity monitoring procedures
  • CTR aggregation procedures
  • Onboarding processes, including eight important questions to update procedures
  • Training tips for the final rule, including member education and potential form revisions for signature cards, certification forms, and worksheets

At the conclusion of the webinar, participants will receive: CDD checklists under the new rules; Template to develop a risk profile; Sample CDD policy; Template for identifying and verifying beneficial owners; Employee training log; and a Quiz you can administer to measure staff learning and a separate answer key.

This webinar is presented in partnership with the CU Webinar Network.  Register to participate by clicking here.