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Applying New Customer Due Diligence Requirements in AML Programs for Broker-Dealers

July 10, 2018
1:00 PM - 3:00 PM EDT
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Course Description:

In 2016, FinCEN issued a Final Rule for Customer Due Diligence (CDD) under the Bank Secrecy Act that impacted not just banks but other financial institutions.

Effective July 11, 2016 the new rule imposed a new requirement on broker-dealers, mutual funds, futures commission merchants, and introducing brokers in commodities to identify and verify the identity of natural persons behind the legal entity customers, also referred to as beneficial owners.

Institutions covered under the rule must be in full compliance by May 11, 2018.

NRS and other industry experts will discuss how the new rule affects firm AML programs. Moderators will address rule requirements, its application, and procedural considerations.

After completing this course you should be able to:

  • Update your understanding of the CDD Rule’s application
  • Identify new requirements as they relate to the other “pillars” of an effective AML program
  • Evaluate how to address the requirements in your AML procedures

For Whom: Designed to increase the professional competence of broker-dealer professionals with legal, compliance, operations and management responsibilities.

Suggested Skill Level: Advanced

Instructional Method: Group Internet-Based

Pre-requisites for participation: No prerequisites are required.

Advance Preparation: None

See NRS Continuing Education Guide
Maximum recommended CPE Credit: 2 in the Regulatory Ethics field of study
Maximum recommended IACCP® CE Credit: 2
Maximum recommended CA MCLE Credit: 2