Online Individual Course

Bank Secrecy Act: Customer Due Diligence and Beneficial Ownership

Online Training
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.

Learning Objectives:

  • 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

Course Outline:

  • Introduction
  • 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. 

ICBA Member - $179.00
Non-Member - $299.00