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FinCEN’s New CDD Rule – The New Fifth Prong of the AML

Summary

  • The existing 4 prongs/pillars of AML per the BSA
  • Overview of the new 5th prong/pillar
  • Triggers that caused this expansion of regulations
  • Purposes, per FinCEN
  • Three covered entity types
    • Customer legal entity
    • Beneficial owners
    • Controling persons
    • Exclusions
  • New Requirements
    • Risk profiles
    • Updating
    • Baseline/normal transactions
    • Transaction monitoring

Overview

This webinar will cover the FinCEN has issued substantial new AML requirements focused on a major expansion of Know Your Customer into what is now Customer Due Diligence, CDD.

Who should attend?

  • Risk Management
  • Legal
  • Regulatory
  • Compliance
  • Audit

Gina J. Lowdermilk

Expert

Dr. Gina J. Lowdermilk,PhD (ABD), CAMS, CRMS is a highly experienced and educated BSA/AML and Financial Regulatory Compliance professional with extensive policy and procedure development and implementation, training, internal audit, monitoring, risk management, and reporting experience. Her emphasis has been working with financial institutions that are experiencing regulatory concerns and resolutions, including enforcement actions such as memorandums of understanding and cease and desist orders. Her 15 years of experience has given her the opportunity to work from small community banks to large, international financial institutions. Her roles not only included BSA/AML and Compliance, but also operations, lending services, business development, marketing, management, department development, and asset quality.

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