Customer / Member Due Diligence (CDD)

Date recorded: October 27, 2022
Presented by: Mark Dever, Director, Forvis Mazars, LLP

A two-hour webinar to address the rules, requirements, and nuances covering THE focus of BSA Compliance in the year 2022 – CDD.

As we move towards the 53rd Anniversary Year of the establishment of BSA, Customer/Member Due Diligence is where the most effort and attention must be applied. Even though the Corporate Transparency Act of 2020 (a subsidiary of the Anti-Money Laundering Act of 2020) “may” modify some of the beneficial ownership requirements imposed on banks and credit unions, the other elements of CDD remain critically important. As the current CDD Rules were implemented over four years ago, this session will look at lessons learned and the current regulatory focus on CDD.

This Webinar Will:

• Provide an overview of the final rules;
• Study the latest FinCEN guidance and direction on the CDD process;
• Identify the “changes” predicated by the Corporate Transparency Act;
• Discuss the Four Elements, and their major components;
• Highlight “other” anti-money laundering program rule amendments, and the addition of the “Fifth Pillar” to BSA policies;
• Address the key issues; and
• Allow time for questions from participants.

This two-hour webinar will provide the compliance, audit, and training staffs in bank, savings associations, and credit unions with an understanding of the program requirements, as well as an understanding of the items needed to assist with successful exam completion.  In addition, this program compliments existing internal education sessions to help meet the annual BSA/AML training requirements for all personnel.