KYC and Client Due Diligence

Research shows that the amount of criminal money laundered every year is approximately equal to 2.7% of global GDP. The same research estimates that the financial sector accounts for 70% of this criminal money flow. To maintain their customers’ trust and licence to operate, it is vital for banks to confront this exposure firmly.

The money laundering and terrorism financing risks banks face manifest themselves through the interaction with their customers. These same customers expect their banks to provide excellent service, and managing these seemingly competing interests carefully is a delicate process, fraught with risks.

 

DURATION: APPROXIMATELY 60  minutes including  knowledge checks
TARGET AUDIENCE: Client facing staff, customer support staff, junior Compliance officers, and New Hires. This course is also very well suited for non-bank actors dealing with this topic, such as Fund Managers, Trust & Company Services Providers, FinTech and RegTech companies.
COURSE OVERVIEW: In this course you will learn what being a gatekeeper means in the context of the prevention of financial crime and how financial institutions can effectively manage these responsibilities.
COURSE OBJECTIVES: After completing the e-learning a participant will be able to:

  • describe the legal framework underpinning the international community’s fight against financial crime;
  • identify the different parties involved in this fight and clarify their roles and responsibilities;
  • describe the principles that govern the Know Your Client (KYC) process;
  • describe the key criteria financial institutions use to asses a client’s financial crime risk profile
METHODOLOGY: The course has been developed using the latest e-learning authoring tools and is informative, interactive and engaging.
COURSE OVERVIEW: Module 1: Course Introduction

  • Why is this topic important for financial institutions?

Module 2: AML/CFT Laws & Governance

  • (Inter)national Laws & regulations;
  • Best practice how banks protect themselves against being misused by criminals.

Module 3: Client Due Diligence Process

  • How banks ensure they truly ‘know their clients’;
  • Customer Activity Monitoring;
  • Special topic: Sanctions.

Module 4: Knowledge Check

  • Minimum passing score
  • Audit trail: proof of completion
  • Certificate of Completion

KYC and Client Due Diligence

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