Due Diligence: Know Your Customer and Business Partner to Unveil Sanctioned Parties and Hidden Beneficial Owners
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On Demand Webinar
During this practical webinar, our panelists will share best practices on how they have approached customer due diligence for sanctions compliance purposes and where to focus limited resources.
Using audience polls, this interactive session also gives attendees the unique opportunity to benchmark their CDD compliance programs against their peers in the industry.
CDD for sanctions purposes goes beyond list screening and know your customer (KYC) during on boarding or periodic reviews and extends into CDD related to pre-transaction checks. The session will provide insights into the essential elements of a strong CDD compliance program focusing on sanctions compliance, and will explore tailored strategies to address these risks in a OFAC/sanctions compliance program.
An example of the scenario to be discussed include: You are doing due diligence on a Russian party, with financial interests worldwide. You are screening him as an individual, and he turns out to be listed. Now, you’re also responsible for screening for evidence whether he might be Ultimate Beneficial Owner (UBO) holding at least 50 % ownership in other corporate customers or business partners? How to leverage the information in your CDD/KYC data for sanctions screening purposes to capture listed UBOs?
What you will learn:
- What regulators and auditors expect to see in your CDD program to detect embargoed countries, denied parties and prohibited end-users;
- Practical guidance on applying OFAC’s 50% rule, and FINCEN’s customer due diligence rule;
- Use of OFAC enforcement guidelines, FFIEC BSA/AML Examination Manual in formulating your CDD procedures;
- How to perform Enhanced Due Diligence on clients with high risk for sanctions;
- How to perform on-going Know Your Client updates while sanctions are so dynamic;
- Most common mistakes when conducting CDD for sanctions compliance purposes, and how to develop more effective CDD policies and controls.
June 8, 2017