CDD, EDD and Beneficial Ownership

July 29 2020 16:00 - 17:00 UTC

The Customer Due Diligence Rule formalized customer due diligence as the fifth pillar under the Bank Secrecy Act. While the Rule addressed, and brought into the BSA's formal structure, customer due diligence as we have historically practiced, it also brought into light beneficial ownership requirements. Customer due diligence is critical on the front-end of account opening and upon taking a loan application to really understand the risk a prospective customer poses to your institution. When a prospective customer demonstrates characteristics that are inherently higher risk, we must deploy enhanced due diligence to ensure proper risk mitigants have been implemented. Beneficial ownership requirements go hand-in-hand with these controls.

In this webinar, we will walk through the full scope of customer due diligence, discuss when enhanced due diligence is warranted, and cover beneficial ownership requirements and challenges.

CPE Information:
• Prerequisites: N/A • Advanced Preparations: N/A
• Course Level: Basic • Group Internet Based Training

CBANC Network is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:

  • Customers
  • Risk
    • BSA/AML
    • Due Diligence
    • Beneficial Ownership
  • CIP CDD and Beneficial Ownership 07292020.pdf
    Attendees Only

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