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FinCEN has issued substantial new AML requirements focused on a major expansion of Know Your Customer into what is now Customer Due Diligence, CDD. It goes far beyond knowledge of the Customer Legal Entity to the Beneficial Owner of that entity and its Controlling Persons. It is focused beyond the initial customer acceptance step, requiring updating and on-going monitoring against baseline “normal” activity for the customer type. It is very unlikely that many banks already comply with these requirements. Compliance implementation is required by May 11, 2018. Join this webinar to learn specific reporting requirements that affect clients and businesses
with transactions that involve cash and cash equivalents, as well as the growing potential exposure for those clients who are not in compliance. The presentation will provide both a "101" overview and offer some advanced insights into reporting compliance, and will cover the important and relevant reporting forms, including: Currency Transaction Reports ("CTRs"), Form 8300, Suspicious Activity Reports (SARs), and the Report of Foreign Bank and Financial Accounts (FBARs), among others.
Key Learning Objectives
- SAR preparation and reporting
- SAR perceptions and realities
- Best Practices in SAR reporting
- Knowing your customer (KYC)
- Beneficial owners
- Proper identification of your clients and vendors
- How digitization has changed movement of money
- AML compliance and Digital Currencies
- Monitoring, investigating and reporting suspicious transactions
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Armen K. Khachadourian
Mr. 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. He 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.
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