During Part I we will focus on that objective and ask questions which will allow us to risk rate our customers. Then in Part II of our webinar series, once we have established the baseline we will delve into how to look for risk in accounts like charities, PEPs, money service businesses, cannabis-related businesses, and more. We will take it to the next level and understand our risk and our to mitigate that risk.
CDD and EDD Part 1: Building a Customer Due Diligence Questionnaire
April 15, 2025 | 2:30 pm - 4:30 pm CDT
In May 2016, we received the Customer Due Diligence regulations including beneficial ownership. This program will focus on what has been called the fifth pillar of BSA: Customer Due Diligence. In other words, how does the customer plan to use the account? And why is the customer establishing an account with you?
What You'll Learn:
- Developing baseline questions
- Purpose and source questions
- Transactional questions
- International questions
- Consumer and entity accounts
- Learn to tie the questions to the monitoring system
- Making the new account interview fluid
- Completing customer identification programs
- Other compliance tasks that must be completed
- Using the interview or questionnaire to prevent identity theft
- Basic communication skills
- Checking OFAC
CDD and EDD Part 2: High Risk Customers - Establishing and Changing Risk Ratings
April 24, 2025 | 2:30 pm - 4:30 pm EST
During this program, we will cover the BSA risk issues with opening certain types of customer accounts. These enhanced due diligence requirements can help you mitigate risk and monitor your customer.
What You'll Learn:
- Hemp-related questions
- Marijuana-related questions
Third-party payment processors
- Casinos
- Nonresident alien accounts
- Politically exposed customers
- Cash intensive businesses
- Accounts with international transactions
- Money service businesses
- Virtual asset service providers
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