Understand the procedural issues for compliance and areas of risk for enhanced due diligence.
This material will provide an overview of BSA/AML/Know Your Customer (KYC) components, including the Customer Identification Program (CIP) and beneficial owner Customer Due Diligence (CDD) Rule. We will cover key definitions and procedural issues for compliance and highlight areas of risk for enhanced due diligence. Finally, we will discuss issues experienced during the pandemic, including accelerated digitization and potential for future information from the Anti-Money Laundering Act of 2020.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
BSA/AML Background
Know Your Customer (KYC)
Customer Due Diligence (CDD) Rule
- Customer Identification and Verification
- Risk Assessment
- Customer Risk Profiling
- Customer Monitoring
- Recordkeeping and Retention
The CIP Rule
- Identifying a Customer
- Identifying an Account
- CIP Notice
Beneficial Ownership (Customer Due Diligence Rule)
- Identifying a Legal Entity Customer
- Identifying a Beneficial Owner
Identity Verification
- Required Identifying Information
- Appropriate Identifying Documents
- Identifying Customers Who Cannot Appear In Person
- Verifying Customer Identity
- Reliance on Information From Other Financial Institutions or Third Parties
Enhanced CDD
- Customer Risk Factors
- Enhanced CDD Measures
Customer Monitoring
- Customer Risk Profiles
- Risk-Based Monitoring
Recordkeeping and Retention Requirements
Recent Developments
- Digitization and the Pandemic
- AML Act of 2020
- Corporate Transparency Act
- Enforcement Priorities
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on December 23, 2022.
Call 1-866-352-9540 for further credit information.
- AK CLE 1.0
- Alaska attorneys may receive 1.0 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.0
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.0 hours credit.
- AR CLE 1.0
- This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.0
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.0
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
- CT CLE 1.0
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
- GA CLE 1.0
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
- HI CLE 1.0
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 CLE credit hours.
- MO CLE 1.2
- This course qualifies for self-study CLE credit in Missouri.
- ND CLE 1.0
- North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.0 hours of CLE credit.
- NH MCLE 1.0
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 61 Minutes.
- NM CLE 1.0
- This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.0 hours of credit.
- NV CLE 1.0
- This program has been approved by the Nevada Board of Continuing Legal Education for 1.0 CLE hours.
- NY CLE 1.0 including Areas of Professional Practice 1
- This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.0 credit hours in the area(s) of Areas of Professional Practice for 1.00 hour. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Education- Noggin Guru, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
- RI CLE 1.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
- VT CLE 1.0
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Jules Carter
Moore & Van Allen PLLC
- Associate in Moore & Van Allen PLLC’s Litigation group
- Practice is focused primarily on complex commercial litigation and financial regulatory compliance issues
- Financial regulatory experience includes helping financial institution clients respond to regulatory enforcement actions and address the supervisory concerns of state and federal banking authorities
- Assists clients in their recovery and resolution planning efforts
- Involved in significant efforts related to AML/CFT and is a member of the Association of Certified Anti-Money Laundering Specialists (ACAMS)
- Full bio may be found here: https://www.mvalaw.com/people-JulesCarter
Barbara S. Meeks
Chapman and Cutler LLP
- Partner in Moore & Van Allen PLLC’s Financial Regulatory Advice and Response
- Over 25 years of experience counseling financial institutions
- Previously led the Global Commercial Banking team at Wells Fargo for 20 years, where she was responsible for legal support of AML/BSA matters for various small business, wealth management, and commercial banking divisions
- Currently advises clients on AML/BSA regulatory and compliance matters
- Member of the Association of Certified Anti-Money Laundering Specialists (ACAMS)
- Can be contacted at https://www.mvalaw.com/professionals-885.html
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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