EDD what are the auditors looking for?

This webinar will explain the concept of Enhanced Due Diligence (EDD), including EDD time tables and checklist. Attendees will learn how to conduct Enhanced Due Diligence (EDD) that will satisfy the auditors.

Why Should You Attend:

In the last four years we have seen some of the highest fines levied on financial institutions because they did not follow proper customer due diligence measures. Wachovia was fined $160 million dollars in 2010, HSBC was filed $1.9 billion in 2012 and The Reserve Bank of India penalized 22 banks for violating Know-Your-Customer norms and Anti-Money Laundering guidelines in 2013. EDD is a relatively new concept and a hot topic for auditors and most institutions, especially smaller institutions, don’t really know what it entails.

This webinar will help by giving points as to what the auditors want in an EDD so you are not wasting your time and resources and still keeping the auditors happy. Also, by conducting proper EDD reviews your institution can confirm that all Customer Due Diligence (CDD) information is up to date as well as accurate and ensures that it is not being taken advantage of by individuals/entities that would try to exploit it for nefarious purposes.

Areas Covered in the Webinar:

• What is an EDD
• History of EDDs
• Who are EDDs conducted on
• EDD time tables
• What type of information should be included in an EDD
• Personal accounts vs. Business accounts
• EDD checklist
• What are the consequences if you fail an audit

Who Will Benefit:

• Chief Compliance Officer
• VP/AVP Compliance Officer
• Compliance Officer
• Finance professionals
• Internal Auditors
• Risk Management
• Governance
• Compliance Board Members