New Customer Due Diligence Rules: Are you Ready?

Duration: 60 Minutes
FinCEN has promulgated new rule for customer due diligence that is encouraging, in a very official way, to go beyond the check box mentality that has really plagued all KYC since the first Patriot Act was passed. We will look at requirements for Beneficial Ownership, the 25% threshold is just a beginning, truly understanding your new client so you can anticipate the nature of transactions and know or at least suspect those that are incongruent. While the new rule is in effect, when do you need to be complaint, is the rule retroactive (yes and no) and breadth and depth of the application of the rules. It is not hard, but it is nothing minor and will require customer intake protocols to change.
FINCEN Customer Due Diligence Requirements
Instructor: Burke Files
Product ID: 506670
Objectives of the Presentation
  • Key Elements of the new CDD rules
  • Beneficial ownership and control dissected
  • Dates effective and when you need to be complainant
  • Scope and breadth of the impact of the law
  • Who the law covers and it is broad
  • Where customer intake protocol has to be revised
  • It is a risk based approach, so prepare levels and trigger for look backs
Why Should you Attend
With the new rule, financial institutions will be required to establish and maintain written procedures that incorporate the identification of beneficial owners of legal entity customers into their AML compliance program. What caught many by surprise is the new rules to strengthen CDD requirements and unofficially incorporates CDD into a new fifth pillar for BSA/AML. The presentation will focus on the key takeaways and what you’ll need to prepare for when examination time comes.

Who will Benefit
Any one in banking, insurance, trust services, corporation law and compliance, trust companies and professionals, financial advisors, securities brokers and dealers as well as AML and Compliance auditors including those focused on ISO standards.
$300
Recorded Session for one participant
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  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
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Instructor Profile:
Mr. Files is a widely recognized expert in the area of financial investigations and due diligence. He has authored numerous articles as well as books on the subject. He has been presenting and sharing his knowledge and has done so with delegates in over 30 countries.

As a financial industry insider, Mr. Files is keenly aware of the type and accuracy of the information required to make informed and timely decisions. Mr. Files has managed due diligence and financial investigations ranging in size from ten of thousands of dollars to over $20 billion. Mr. Files is an international expert on due diligence and is regularly sought out for the most difficult projects and cases. Mr. Files is at the forefront of both understanding and utilizing the new currency of due diligence.

Financial Examinations & Evaluations, Inc., founded by Mr. Files in 1991 has grown to be one of the most respected independent financial investigation firms. Mr. Files and his firm conduct investigations in the United States, Eastern Europe, Central and South America and China.

Before founding FE&E, Inc. Mr. Files was a partner in a regional consulting firm specializing in business, financial and securities consulting. He also served as the Director of Corporate Finance for an investment banking company. Additionally, Mr. Files was a commodities specialist for Oppenheimer/Rouse.

Mr. Files has written extensively and been quoted in many publications. Many times he is the quoted source for articles regarding financial investigation and due diligence. Among the publications in which he has been quoted are: Chief Executive Officer, Wall Street Journal, The Guardian, European Business, The Independent, and CBS news, The Financial Times, New York Post, Wall Street Journal and more.
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