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Our League webinars offer training on topics for all aspects of credit union operations. You'll have the choice to participate in the live webinar only, purchase the recorded webinar or both. Included with all League webinars are the training log, quiz and answer key.

From time-to-time our webinar calendar will also show webinars from system partners. This is done as a courtesy to further your learning options and you should contact the system partner for details on those webinars.


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
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Type of Event
Webinar

Who Should Attend
  • Webinars
  • Compliance

Register

Description

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

Speaker

Susan Costonis, CRCM, Compliance Consulting & Training for FIs

Download the brochure >>