Customer Due Diligence is the fifth pillar of a compliance Bank Secrecy Act and Anti-Money Laundering Program. In this course you will learn about the Customer Due Diligence rules including the following requirements and how to comply with them: customer identification and verification; beneficial ownership identification and verification; using customer relationships to develop a customer risk profile; and monitoring for reporting suspicious transactions. This course is intended for new accounts personnel, both deposits and loans and BSA and compliance personnel.
- State the four core elements of a customer due diligence program
- Understand the difference between the requirements for CIP versus Beneficial Ownership
- Know the rules for opening an account for a legal entity customer
- Work with your BSA team to risk rate your customers and monitor their activity
- Ensure your bank has compliant written policies and procedures to address each of the elements of a customer due diligence program
- Customer Identification and Verification
- Beneficial Ownership
- Customer Risk Rating and Ongoing Monitoring
Rev–Mar. 2021. Course length ≈ 25 minutes.
This course is worth 0.5 CPE credit.