Why Should You Attend:
This webinar program will discuss the key concepts and the current changes in the marketplace and provide practical approach to implement the regulation for legal entities and consumers. The rule applies only to accounts open on or after the May 11, 2018 compliance date; the rule will not apply retroactively. The rule applies to all accounts, including checking accounts, savings accounts, certificates of deposit, and loans. FinCEN believes that there are four core elements of customer due diligence (CDD) in order to ensure clarity and consistency across sectors:
Customer Identification and Verification
Beneficial Ownership Identification and Verification
Understanding the nature and purpose of customer relationships to develop a customer risk profile
Ongoing monitoring for reporting suspicious transactions and, on a risk-basis, maintaining and updating customer informationAreas Covered in the Webinar:
Updated key pillars of an AML regulations
Updating existing monitoring procedures to incorporate ongoing CDD
Special rules for beneficial owners?
Do we have to use the new form?
Best practices for beneficial ownership information at lower ownerships amounts under 25%?
Expectations in BSA/AML programs
How to implement an effective program
New faces of AML fraud
New procedures and policies for business accounts
Ongoing monitoring and training programs
Examples of High Risk Profiles
This webinar program will discuss the key concepts and the current changes in the marketplace and provide practical approach to implement the regulation for legal entities and consumers. The rule applies only to accounts open on or after the May 11, 2018 compliance date; the rule will not apply retroactively. The rule applies to all accounts, including checking accounts, savings accounts, certificates of deposit, and loans. FinCEN believes that there are four core elements of customer due diligence (CDD) in order to ensure clarity and consistency across sectors:
Customer Identification and Verification
Beneficial Ownership Identification and Verification
Understanding the nature and purpose of customer relationships to develop a customer risk profile
Ongoing monitoring for reporting suspicious transactions and, on a risk-basis, maintaining and updating customer informationAreas Covered in the Webinar:
Updated key pillars of an AML regulations
Updating existing monitoring procedures to incorporate ongoing CDD
Special rules for beneficial owners?
Do we have to use the new form?
Best practices for beneficial ownership information at lower ownerships amounts under 25%?
Expectations in BSA/AML programs
How to implement an effective program
New faces of AML fraud
New procedures and policies for business accounts
Ongoing monitoring and training programs
Examples of High Risk Profiles
Speakers
Armen Khachadourian is the founder and president of Digital Payments Inc., a consulting firm providing advisory services in the areas of merchant processing, ISO/MSP formation, development of best practices, BSA/AML guidelines, merchant portfolio and acquiring acquisitions, prepaid and alternative payment products including decoupled debit. As a trusted partner with vision to understand his client’s future business he has helped design and evaluate new products and services in today's changing marketplace.Mr. Khachadourian has also served in executive positions at several top ten financial institutions and helped them maximize growth and revenues in today’s challenging electronic payments marketplace. As a vice president of JPMorgan Chase’s Prepaid Product in Treasury Services he was responsible for designing and launching prepaid cards in the EU market. As a senior vice president at Visa USA, he expanded card acceptance to new markets such as supermarkets, recurring payments, quick service restaurants and federal government agencies. His expertise in card products extends to issuance of credit, debit, prepaid and commercial cards. He is also an experienced manager of technology solutions including development of best practices, network policy, third-party processor contract negotiation and problem resolution.
Mr. Khachadourian earned a Bachelor of Arts degree in mathematics and a Master of Science degree in computer science from the San Jose State University in California. He authored the “Basics of Data Communications” textbook and lectured at College of San Mateo, CA. He was awarded an honorary teaching credential from State of California. He is a member of the United States National Masters team and has represented United States at four world championships.
