CIP, CDD & ECDD…Oh My! – BSA Acronyms

When it comes to Bank Secrecy Act, there are a ton of acronyms to know.  CTR (Currency Transaction Report), SAR (Suspicious Activity Report), ML/TF (Money Laundering, Terrorist Financing) are just a few.  When we talk about your Customer Due Diligence Program, common acronyms include CIP (Customer Information Program), CDD (Customer Due Diligence), ECDD (Enhanced Customer Due Diligence), and CDDBO (Customer Due Diligence Beneficial Owners) and they all have one thing in common…knowing your customer or KYC.

Kevin explains what each of these elements entails in the video.

Ready to learn more?  JOIN US for our webinar, “Customer Due Diligence Programs & Beneficial Owners.”  Featured topics include:

  • The Latest Guidance & Updates
  • Customer Due Diligence Program Requirements
  • Exam Manual Updates and Understanding “ML/TF Risk”
  • Performing & Documenting Customer Due Diligence
  • Enhanced Due Diligence for Higher Risk Customers
  • Identifying & Verifying Beneficial Owners of Legal Entity Customers
  • Specific BSA/AML Regulatory Expectations
  • Record Retention & Much More! 

Published
2022/01/11

Kevin Edwards

Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).

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