Why Should You Attend:
It goes far beyond knowledge of the Customer Legal Entity to the Beneficial Owner of that entity and its Controlling Persons. It is focused beyond the initial customer acceptance step, requiring updating and ongoing monitoring against baseline “normal” activity for the customer type. It is very unlikely that many banks already comply with these requirements.
The new requirements are formidable. They will impact commercial, small business, private, and international banking areas of the Banks as well as compliance officers and areas currently performing KYC tasks. New research will be required on new entities never addressed before in customer acceptance.
Agenda
- 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
- Controlling persons
- Exclusions
- New Requirements
- Risk profiles
- Updating
- Baseline/normal transactions
- Transaction monitoring
Speakers
Jim George is an independent consultant working with major banks and other financial institutions in areas of mortgage, compliance management, and risk management. He was formerly an Associate Partner in the Bank Risk and Compliance unit of IBM Consulting and with PriceWaterhouse-Coopers consulting before that. Jim worked for the Director of Operations in HUD’s Office of Fair Housing around the time HDMA reporting regulations were first implemented. He was Senior Vice President of Operations and Compliance for a mortgage servicing company.Who Should Attend
- Fraud
- Compliance and AML
- VP
- Manager
- Director
- Supervisor
