Customer Due Diligence Training for a Global Financial Institution

Foodman CPAs & Advisors provided a global financial institution with training related to "Customer Due Diligence Best Practices." During the training, the financial institution was able to identify and verify the beneficial ownership identity of a customer, learn about the minimum period for retention of customer documents, and the application of enhanced due diligence.

Beneficial ownership requirements and record retention best practices per the BSA and FATF were discussed, as well as high-risk customers and risk rating methodologies. Foodman's Corporate Governance training programs ensure that a Financial Institution's BSA/AML compliance program is reasonably designed and risk-based, including at a minimum:

• Internal controls to promote ongoing compliance.
• Independent testing for compliance.
• Designation of BSA/AML compliance officer(s) responsible for coordinating and monitoring day-to-day compliance.
• Training for appropriate personnel.
• Suspicious activity reporting.
• Customer identification, customer due diligence and beneficial ownership.