CIP, CDD & ECDD…Oh My! - BSA Acronyms Online Bankers Training -

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