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.
Published
2022/01/11