Bank Secrecy Act: Customer Due Diligence and Beneficial Ownership

This Bank Secrecy Act – Customer Due Diligence and Beneficial Ownership online training course will explore the Customer Due Diligence rules.

Customer Due Diligence is the fifth pillar of a compliance Bank Secrecy Act and Anti-Money Laundering program. In this course, you will learn about the Customer Due Diligence rules including the following requirements and how to comply with them: customer identification and verification; beneficial ownership identification and verification; using customer relationships to develop a customer risk profile; and monitoring for reporting suspicious transactions.

Course Learning Objectives

By taking this online Bank Secrecy Act – Customer Due Diligence and Beneficial Ownership course, the user will:

• State the four core elements of a Customer Due Diligence program
• Understand the difference between the requirements for CIP versus Beneficial Ownership
• Know the rules for opening an account for a legal entity customer
• Work with your BSA team to risk rate your customers and monitor their activity
• Ensure your bank has compliant written policies and procedures to address each of the elements of a Customer Due Diligence program

Course Outline

This online Bank Secrecy Act – Customer Due Diligence and Beneficial Ownership course is made up of the following sections:

1. Customer Identification and Verification
2. Beneficial Ownership
3. Customer Risk Profile and Ongoing Monitoring

Course Audience

This Bank Secrecy Act – Customer Due Diligence and Beneficial Ownership online training course was designed for new accounts personnel, both deposits and loans, and BSA and compliance personnel.

If you have any concerns as to whether this course is appropriate for you or your industry, please browse our full selection of online courses.