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.  This course is intended for new accounts personnel, both deposits and loans and BSA and compliance personnel.  Rev–Mar. 2021. Course length ≈ 25 minutes.

Learning Objectives:
• 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