New Customer Due Diligence regulations are effective July 11, 2016, and credit unions must be in compliance by May 11, 2018. Do you know how you'll accomplish that?
Customer Due Diligence rules will impact your business and entity accounts in a dramatic way. There are four elements to the new CDD regulation which affect legal entity and three elements that affect consumer accounts. It may take you a year to see how to retain beneficial owner information, where to store it on your system, how to document legal entity accounts with 25 percent beneficial owners, and on all accounts how to ask transactional questions to risk rate your customer for the purpose monitoring anti-money laundering.
This is going to be a very integrated process, and we want to begin to understand how this is all interconnected with your BSA program, new customer process, and ultimately tracking customer activity based on the risk rating questions.
Membership service representatives, deceased accounts representatives, share operations, compliance, BSA officer, training, and all branch managers and personnel.
Little Rock, October 19
Early Bird Deadline: Aug. 24
Regular Rate Deadline: Sept. 21
Arkansas Credit Union Association
1023 W. Capitol Ave.
Little Rock, AR 72201
Presenter – Deborah L. Crawford
As president of Gettechnical, Inc., Deborah Crawford specializes in the education of credit union employees and officers in the areas of deposit account laws, new account documentation, complex compliance regulations, and IRAs. Crawford is well known within the industry for her humorous delivery, personal accounts, and promise to reach each and every attendee in her seminar.
The Cornerstone Credit Union Foundation is accepting grant applications for League training events based on financial need. Applications must be received by application deadlines. Please visit the Foundation’s website to view all grant applications, guidelines and deadlines. Contact Emily Moreno, Foundation grants manager, at 469-385-6483 for more information.
Contact 800-442-5762, ext. 6635; or 469-385-6635; or firstname.lastname@example.org.