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Intersection of AML-OFAC Requirements with FATCA Requirements - FinCen, Customer Onboarding & More

  • Training

  • 60 Minutes
  • Compliance Online
  • ID: 5975229
This session will explore the different requirements of FATCA, AML, OFAC and how to avoid breaking these regulatory requirements. You will understand how to deal with all the differing requirements and developing a Customer Due Diligence strategy to deal with such scenarios.

Why Should You Attend:

FinCen’s proposed rule on beneficial ownership (“Customer Due Diligence Requirements for Financial Institutions”) and the EU’s Fourth Anti-Money Laundering Directive both set the threshold for identifying an entity’s individual beneficial owners at 25% (or otherwise exercises control). Yet, FATCA has a 10% threshold while OFAC’s threshold could be even lower. How should financial institutions cope with these divergent requirements?

With the growth of AML fines by the Government (State and Federal) including Standard Chartered’s $300 million settlement and BNP Paribas’ $10 billion settlement, financial institutions need to exercise greater care than ever to prevent inadvertent violations. One of the fundamental concepts in AML is KYC/CDD - Know Your Customer/Customer Due Diligence. Despite the fact that is appears that FinCEN is about to codify the 25% threshold, the industry is still faced with FATCA’s 10% trigger for foreign entities to determine a “Substantial U.S. Owner”. This session will explore the different requirements and provide specific suggestions to avoid running afoul of these regulatory requirements.

Areas Covered in the Webinar:

  • Review which types of financial institutions are covered by FinCEN proposed regulations
  • Analyze FinCEN definition of “Legal Entity” and implications of such definition
  • Overview of EU requirements and status of directive
  • Assess FATCA requirements and relevance to AML practices
  • Evaluate OFAC requirements on “Shadow SDNs”, differences between regulations and Q+A
  • Compare and contrast different regulatory regimes (FinCEN, EU, FATCA, OFAC)
  • Evaluate exemptions in FinCEN proposed regulations, compare to EU directive
  • Review recommended “best practice” CDD procedures to be applied

Who Will Benefit:

  • Compliance and legal personnel
  • Internal Auditors
  • Consultants
  • Operations (onboarding) personnel
  • Management levels responsible for Internal Audit, Compliance or Onboarding
  • External Auditors

Course Provider

  • Steven G Lewis
  • Steven G Lewis,