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WEBINAR: How to enhance your implementation of the Beneficial Ownership Requirement of the CDD Rule

Date: May 7 and 16,  2019
Speaker: Laurie Kelly, CAMS

On January 22, 2019, the Financial Industry Regulatory Authority (FINRA) released its annual Priorities Letter in which it stated that examining implementations of FinCEN’s Customer Due Diligence (CDD) Rule was going to be one of its top priorities.

Most financial institutions already had long-standing policies and procedures in place with respect to much of the Rule’s requirements. However, the requirement to identify the beneficial owners of legal entity customers was a dramatic change in policy and procedure with respect to on-boarding and ongoing monitoring of legal entity customers and was one of the challenges presented in the implementation.

This two-part webinar explores the most significant challenges faced by financial institutions in implementing the beneficial ownership requirement of the CDD Rule as well as recommendations for enhancing compliance.

During Part 1 of this webinar (May 7) the following topics will be covered:

  • An introduction of the CDD Rule
  • Identifying beneficial ownership, including the legal entity
  • How to collect, store, manage and maintain beneficial ownership information
  • Identity verification for beneficial owners

During Part 2 of this webinar (May 16) the following topics will be covered:

  • Storing, managing, and maintaining beneficial ownership data
  • Opportunities for enhanced transaction monitoring and customer risk assessment from beneficial ownership data
  • Documentation: The key to regulatory compliance
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