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

1. What KYC is, as defined extensively   
2. Why KYC is necessary, why financial institutions like banks, insurance companies and others are easy AML targets   
3. Learn the importance of KYC as advised by local and international  standard setters 
4. 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
5. 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
6. Enhanced Due Diligence (EDD) – what is it all about and when is it applied, how do you de-escalate enhanced risk etc
7. Learn about record keeping and its relevance to CDD/EDD processes. What financial records are expected to be kept etc
8. We will examine the essentials of a proper KYC/CDD strategy and why we need to have a good strategy in place
9. 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