Sometimes regulations are so confusing that they require official clarification. This is a great opportunity to delve into FinCEN’s new CDD FAQs to get the latest scoop about new accounts, risk profiles, and ongoing monitoring. Also, are COVID restrictions masking your ability to identify accountholders? Learn more about dealing with daily practical challenges.
- Understand the account opening flexibility detailed in FinCEN’s new FAQs
- Employ follow-up procedures for when activity is outside of the norm
- Initiate event-triggered account reviews to ensure beneficial ownership and risk profile information is current and conforms to regulatory standards
- Audit your CDD program in preparation for your next exam
- Identify potential COVID-19 related scams and fraud
On August 3, 2020, FinCEN issued new CDD FAQs to clarify regulatory requirements regarding obtaining customer information, establishing a risk profile, and ongoing relationship monitoring. This session will address the new guidance and its impact to your new account and loan origination procedures and provide updated CDD language for your BSA policy.
It will also review the four elements of CDD, and the impact COVID-19 has had on your ability to successfully meet each requirement. How has your ability to identify and verify accountholders and beneficial owners been impacted by lobby closures, mask mandates, and increased use of online account-opening portals? How are you monitoring for activity outside an accountholder’s norm, when so many transactions defy usual expectations for those individuals or businesses? This program will provide best practices and recommendations to support your CDD program during this unusual time and assist you in identifying potential instances of pandemic-related fraud. Don’t miss this jam-packed session with loads of information and tools.
Dawn Kincaid, Brode Consulting Services, Inc.
Dawn Kincaid began her banking career while attending The Ohio State University. She has 19 years’ experience in client service, operations, information technology, administrative and board relations, marketing, and compliance. Most recently Dawn served as the Senior Vice President of Operations for a central-Ohio-based community bank, where she created and refined policies and procedures, conducted self-audits and risk assessments, and organized implementation of new products and services. Dawn has served in the roles of Compliance, BSA/AML, CRA, Privacy, and Security Officer. She has led training initiatives, prepared due diligence information, completed a variety of regulatory applications, coordinated internal and external audits and exams, and presented for numerous state associations.