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Wisconsin Credit Union Foundation

Preparation Plan for CDD Changes to Beneficial Ownership Rules: Effective May 11, 2018

Join us to learn more about these significant changes and how to implement them.

Dec 20, 2017 02:00 PM   -­­  Dec 20, 2017 03:30 PM


For More Information



Type of Event
On Demand Webinar

Who Should Attend
  • On Demand
  • Webinars
  • Compliance



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.

Learning Objectives

  • 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


Susan Costonis, CRCM, Compliance Consulting & Training for FIs

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