New Business Accounts: The Interview, CIP, New CDD Rules and Authority
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Online Compliance Panel
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The webinar will discuss the updated CDD Rule which requires covered financial institutions to establish and maintain written procedures that are reasonably designed to identify and verify the beneficial owners of legal entity customers. The
new rule also amends existing anti-money laundering (AML) program requirements by requiring covered financial institutions to implement and maintain risk-based procedures to conduct ongoing customer due diligence (CDD), including understanding the nature and
purpose of customer relationships, conducting ongoing monitoring to identify and report suspicious transactions, and maintaining and updating customer information.
Recognizing and investigating suspicious activities is the key in safeguarding an organization's financial system from illicit use and combating money laundering. Timely and accurate reporting will promote national security through the collection, analysis, and dissemination of financial intelligence to the proper authorities.
Objectives of the Presentation
Financial institutions should begin taking the necessary steps to comply with the final rule. Some of the changes that may be required include:
Recognizing and investigating suspicious activities is the key in safeguarding an organization's financial system from illicit use and combating money laundering. Timely and accurate reporting will promote national security through the collection, analysis, and dissemination of financial intelligence to the proper authorities.
Objectives of the Presentation
Financial institutions should begin taking the necessary steps to comply with the final rule. Some of the changes that may be required include:
- Updating BSA/AML policies and procedures, including with specific regard to CIP policies and procedures
- Updating new account opening procedures, including developing procedures to identify and verify identifies of beneficial owners who are not present during account opening
- Updating Currency Transaction Report (CTR) aggregation procedures
- Updating suspicious activity monitoring procedures
- Updating risk assessments
- Updating OFAC policies and procedures, including OFAC scanning procedures
Outline
Why Should you Attend
We are months away from the May 11, 2018 deadline to implement the Customer Due Diligence (CDD) Requirements for Financial Institutions Rule…aka, Beneficial Ownership. The countdown has prompted financial institutions and vendors alike to jump to action. This webinar will discuss the concepts and the current changes in the marketplace and portray the new facets of AML, discuss the current changes in the marketplace and examine areas of Politically Exposed People (PEPs) regulation that pose present and future challenges for regulated businesses. In addition, the webinar will address the updated CDD Rule outlining explicit customer due diligence requirements and imposes a new requirement for these financial institutions to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions. It will also provide guidance in monitoring suspicious activities and examine red flags that pose present and future challenges for regulated businesses.
In addition, the webinar will discuss the current changes in the marketplace including updates to general purpose prepaid card programs and identification of beneficiary owners. New Customer Identification Program (CIP) rules on prepaid cards came out through interagency guidance to clarify that a bank's CIP should apply to the cardholders of general purpose prepaid cards that have the features of an account and are issued by a bank. The guidance applies to these cards even if they are sold, distributed, promoted, or marketed by third-party program managers.
Areas Covered
We are months away from the May 11, 2018 deadline to implement the Customer Due Diligence (CDD) Requirements for Financial Institutions Rule…aka, Beneficial Ownership. The countdown has prompted financial institutions and vendors alike to jump to action. This webinar will discuss the concepts and the current changes in the marketplace and portray the new facets of AML, discuss the current changes in the marketplace and examine areas of Politically Exposed People (PEPs) regulation that pose present and future challenges for regulated businesses. In addition, the webinar will address the updated CDD Rule outlining explicit customer due diligence requirements and imposes a new requirement for these financial institutions to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions. It will also provide guidance in monitoring suspicious activities and examine red flags that pose present and future challenges for regulated businesses.
In addition, the webinar will discuss the current changes in the marketplace including updates to general purpose prepaid card programs and identification of beneficiary owners. New Customer Identification Program (CIP) rules on prepaid cards came out through interagency guidance to clarify that a bank's CIP should apply to the cardholders of general purpose prepaid cards that have the features of an account and are issued by a bank. The guidance applies to these cards even if they are sold, distributed, promoted, or marketed by third-party program managers.
Areas Covered
- The key pillars of an AML regulations
- Expectations in BSA/AML programs
- How to implement an effective program
- Financial action task force and their role
- CDD Rule on Beneficial owners
- New CIP guidelines for prepaid cards
- New faces of AML fraud
- Reporting guidelines
- Ongoing monitoring and training programs
- Examples of high risk profiles
Speaker/s
Instructor Profile:
Armen Khachadourian is the founder and president of Digital Payments Inc, a consulting firm providing advisory services in the areas of merchant processing, ISO/MSP formation, development of best practices, BSA/AML guidelines, merchant portfolio and acquiring acquisitions, prepaid and alternative payment products including decoupled debit. As a trusted partner with vision to understand his client's future business he has helped design and evaluate new products and services in today's changing marketplace.
Mr. Khachadourian has also served in executive positions at several top ten financial institutions and helped them maximize growth and revenues in today's challenging electronic payments marketplace. As a vice president of JPMorgan Chase's Prepaid Product in Treasury Services he was responsible for designing and launching prepaid cards in the EU market. As a senior vice president at Visa USA, he expanded card acceptance to new markets such as supermarkets, recurring payments, quick service restaurants and federal government agencies. His expertise in card products extends to issuance of credit, debit, prepaid and commercial cards. He is also an experienced manager of technology solutions including development of best practices, network policy, third-party processor contract negotiation and problem resolution.
Mr. Khachadourian earned a Bachelor of Arts degree in mathematics and a Master of Science degree in computer science from the San Jose State University in California. He authored the “Basics of Data Communications” textbook and lectured at College of San Mateo, CA. He was awarded an honorary teaching credential from State of California. He is a member of the United States National Masters team and has represented United States at four world championships.
Armen Khachadourian is the founder and president of Digital Payments Inc, a consulting firm providing advisory services in the areas of merchant processing, ISO/MSP formation, development of best practices, BSA/AML guidelines, merchant portfolio and acquiring acquisitions, prepaid and alternative payment products including decoupled debit. As a trusted partner with vision to understand his client's future business he has helped design and evaluate new products and services in today's changing marketplace.
Mr. Khachadourian has also served in executive positions at several top ten financial institutions and helped them maximize growth and revenues in today's challenging electronic payments marketplace. As a vice president of JPMorgan Chase's Prepaid Product in Treasury Services he was responsible for designing and launching prepaid cards in the EU market. As a senior vice president at Visa USA, he expanded card acceptance to new markets such as supermarkets, recurring payments, quick service restaurants and federal government agencies. His expertise in card products extends to issuance of credit, debit, prepaid and commercial cards. He is also an experienced manager of technology solutions including development of best practices, network policy, third-party processor contract negotiation and problem resolution.
Mr. Khachadourian earned a Bachelor of Arts degree in mathematics and a Master of Science degree in computer science from the San Jose State University in California. He authored the “Basics of Data Communications” textbook and lectured at College of San Mateo, CA. He was awarded an honorary teaching credential from State of California. He is a member of the United States National Masters team and has represented United States at four world championships.
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Onlinecompliancepanel is a dedicated team of youngsters, who work in tandem with the latest US FDA regulations/regulatory compliance in creating training sessions suitable for individuals and corporations. These sessions are simple, interactive and cost effective. We are a predominantly web based information exchange forum. Our interactive training sessions could be beneficial to corporations thriving in industries such as pharmaceuticals, drugs and chemicals, FDA compliance, medical devices, packaging and labeling, food and beverages, banking and finance, audits and inspections, recalls and crisis management and many more. We emphasizes in offering regulatory compliance training to compliance professionals on varied topics. These primarily include risk management, quality management, corporate compliance and other regulatory compliances. Some of our primary areas of focus include advancement and updates in regulatory compliance, best practices, risk management and market trends.
Professional training, in the essential quality disciplines, contributes to both the competitiveness of your business and also to personal motivation; it broadens the experience and accelerates the development of those who participate. We provide training in a number of ways: ...
Professional training, in the essential quality disciplines, contributes to both the competitiveness of your business and also to personal motivation; it broadens the experience and accelerates the development of those who participate. We provide training in a number of ways: ...
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