BSA/AML: CIP Advanced explains the additional steps that must be taken at account opening to identify customers who are not individuals and how to confirm that their activities and funds are legitimate. This course emphasizes the importance of gathering sufficient information about the business entities and their beneficial owners to understand and assess the risks of the account relationship. It describes the documentation and enhanced due diligence the bank may require for non-U.S. persons.
This course also discusses risks the bank must consider when offering services to higher risk entities such as money services businesses. This course describes additional due diligence requirements for banks that offer private banking accounts or that offer banking services to politically exposed persons (PEPs). It covers the steps banks might take as part of enhanced due diligence for third-party payment processors. This course also explains the enhanced due diligence required for correspondent accounts in the United States.
After completing this course, students will be able to:
• Describe ways to know your customers who are not individuals and their banking practices to identify and report unusual activity
• Identify examples of enhanced due diligence for the following high risk entities:
– Business accounts
– Non-U.S. persons
– Money services businesses (MSBs)
– Private banking and politically exposed persons (PEPs)
– Third-party payment processors
– Foreign correspondent accounts