The new CDD Chapter of FFIEC outlines the expectation to risk rate customers. “The bank should have an understanding of the money laundering and terrorist financing risk of its customers, referred to in the rule as the customer risk profile”. This concept is referred to as customer risk rating. How do financial institutions effectively risk rate their customers at account opening and throughout the duration of the relationship? What risk rating criteria should be used and what is the best method for performing ongoing due diligence based on this risk rating. Financial institutions will learn how to risk rate high risk customers, what the expectations are for moderate and low risk customers and how to effectively perform ongoing risk reviews.
- Overview of High-Risk Customers
- FFIEC Guidance on Risk Rating
- Most recent changes to guidance on CDD and performing ongoing EDD
- Best business practices for risk rating at account opening and throughout duration of relationship
- Documentation requirements
Who Should Attend?
- BSA Officer and support teams
- Deposit Operations
- Internal Auditors
- Risk Managers
- Compliance Managers
- Senior Management