Course Labs- Course Labs
Customer Due Diligence: AML Controls and Procedures
KYC, CDD, EDD & AML Risk Inclusive
Requirements
You should have a basic understanding of customer identification and acceptance
Legal basis for identifying and verifying customers
You should have basic AML Knowledge
Description This is a three topic course compressed into a three-part module course plus one making it four (4) courses. These will extensively address the following
What KYC is, as defined extensively
Why KYC is necessary, why financial institutions like banks, insurance companies and others are easy AML targets
Learn the importance of KYC as advised by local and international standard setters
What KYC aims to achieve. Why financial institutions must go beyond just identifying their customers to familiarising themselves. Why this is necessary. Learn also about the KYC guide
Under CDD, we will define CDD, and draw a line between KYC and CDD. We will also explain why CDD is Importance and what best standards are available
Enhanced Due Diligence (EDD) - what is it all about and when is it applied, how do you de-escalate enhanced risk etc
Learn about record keeping and its relevance to CDD/EDD processes. What financial records are expected to be kept etc
We will examine the essentials of a proper KYC/CDD strategy and why we need to have a good strategy in place
And lastly, we will examine AML risks in details - Region, Product, Customer Transaction.
Who this course is for:
Anyone in customer relations, operations, management, compliance, front office staff, bank tellers, Human Resource
Students, financial institution interns, new hires
Criminal Law students, Fraud analysts