This webinar will explain the concept of Enhanced Due Diligence (EDD), including EDD time tables and checklist. Attendees will learn how to conduct Enhanced Due Diligence (EDD) that will satisfy the auditors.
President of Landon Associates, Inc.
Vicki Landon, CAMS-Audit, CFCS, FLMI and a Principal of Landon Associates, Inc., provides anti-money laundering, sanctions, and anti-fraud services to financial institutions. She brings extensive experience in BSA/AML and sanctions risk assessment, independent AML audit, vendor assessment, and implantation / tuning of transaction monitoring systems. She frequently teaches and presents sessions on AML, sanctions and anti-fraud topics via webinars, seminars, and industry conferences, and has been published by the Association of Certified Anti-Money Laundering Specialists (ACAMS). Her 25+ years’ experience in financial services also includes record management systems, data management, and business process management, enabling her to address the full scope of a company’s AML needs. She co-founded and is an Executive Director of the Central Texas Chapter of ACAMS.
The purpose of EDD reviews is to follow up on high risk bank customers and determine if they are conducting the expected activity in the account. Rules and regulations for foreign banking relationships have changed in recent years along with high risk customers such as MSBs. Auditors want to ensure that high risk customers’ accounts are being thoroughly reviewed consistently and proper EDD reviews are their way of ensuring this practice is taking place in the financial institution.
Another point is by properly conducting EDD, it will not only keep the auditors happy but will strengthen the security of your institution. By passing all audits no negative press will come to your institution. Upholding a proper EDD review system also guarantees that any merger will be simplified.
EDD reviews will also assist from a marketing perspective. By knowing your customers you will know who you can market to and what type of institution you are/want to become. Some institutions prefer high risk customers while others shy away from the challenges that accompany them. But with the challenges comes great profit potential. If you can see the risk of the high risk customer through an EDD review you will be able to see if you want to market your services to more or less high risk customers.
Registrants may cancel up to two working days prior to the course start date and will receive a letter of credit to be used towards a future course up to one year from date of issuance. TrainBanking would process/provide refund if the Live Webinar has been cancelled. The attendee could choose between the recorded version of the webinar or refund for any cancelled webinar. Refunds will not be given to participants who do not show up for the webinar. On-Demand Recordings can be requested in exchange.
Webinar may be cancelled due to lack of enrolment or unavoidable factors. Registrants will be notified 24hours in advance if a cancellation occurs. Substitutions can happen any time.
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