Description
Financial institutions are expected to collect sufficient due diligence at account opening and through ongoing monitoring to identify customers that are higher risk for money laundering and terrorist financing. What the regulation doesn’t tell us is how to interpret the information we collect to determine who is high risk. Additionally, certain higher-risk customer types do have specific guidance from FinCEN stating what documentation should be collected.
Even once we have checked all the boxes, our customer review is not complete. Regulators expect that we take all the due diligence pieces and put them together to demonstrate that we understand why the activity we’re reviewing is not suspicious. In this session, we discuss the various types of data that can help us understand our customers’ activity and explore some of the specific requirements for high-risk customers.
Key takeaways:
- Identify due diligence information collection best practices
- Evaluate customer risk-rating methodologies
- Identify specific due diligence requirements for certain high-risk customer types
- Identify suspicious activity red flags that require additional investigation
- Demonstrate a sample enhanced due diligence analysis
* Please note that the recording links will be delivered to you via a downloadable PDF in your confirmation e-mail. The PowerPoint that corresponds with the recording will be automatically delivered upon purchasing via email from the website.
