BSA for Lenders: Customer Due Diligence

When it comes to BSA/AML compliance, there is a lot to understand and comply with. There’s your Customer Identification Program, Customer Due Diligence, Enhanced Customer Due Diligence, Beneficial Owners, and on and on. It can be easy to get things turned around and sometimes not know what requirement is what and/or what purpose it serves. While they might not always think so, lenders play a crucial role in BSA/AML compliance.

Kevin explains more in the video.

 

BSA Resources!

Video Highlights:

  • CIP and customer due diligence are two distinct processes that loan officers must be aware of.
  • CIP is the “who” while CDD is the “what, where, when, why, and how”
  • Customer due diligence is the process by which banks develop a risk profile for customers to ensure their transactions and activities make sense.
  • Customer due diligence is designed to monitor relationships over time and update risk profiles with new information as it arises.

Published
2023/02/28

 
Kevin Edwards

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).

Recent Posts

Top Violations: Application Date

Marketing & UDAAP

Join the AML/CFT Membership Group!

Archives

see all topics