Designing Know Your Client Process
About the Course
Undertaking this KYC training prepares compliance teams to meet increasing risk exposure and establishes a fundamental baseline of knowledge in client due diligence area. As regulatory expectations increase, having a solid understanding of risks related to client relation becomes essential across all industries. The aim of KYC process does not stop with identification of customers that are high-risk for bribery, tax evasion, and sanctions violations, the real value of KYC process presents when complete customer profiles are subject to ongoing monitoring. Perpetual KYC process is a solid baseline for any risk and compliance programme. Although regulations and procedures vary worldwide, the processes for KYC can be generalized based on the requirements common to all or most jurisdictions, including specifics of the organization and its industry. A number of territories require KYC to be carried out by law to help prevent money laundering or financial crime.
Training pillars
The course agenda introduces the key principles around a robust KYC framework, provides understanding on a company's unique risk exposure linked to client relations and proposes controls to safeguard the business.
The key points are:
Deep understanding of most common KYC concepts
Walk through core components within KYC frameworks
Comprehensive overview of the practical steps of working within the KYC environment
Real life examples on risks associated with customer acquisition and retention activities
Insights why categorizing your risk factors by customer, jurisdiction, product, and channel helps in streamlining the processing of outcomes
Guideline on performing due diligence and assessing the customer information required to manage organizations risk
Practical outlook on data sources for relevant customer information, and how to spot inconsistencies in information and use open-source information to validate findings
Applied knowledge on organizing customer information in a meaningful way to provide logical chain of your analysis and audit trail
Best practice for creating and presenting a compelling customer profile to internal and external audiences
Practical ways in sources of customer wealth identification
Awareness of how to detect and flag potential criminal activity hidden behind opaque and complex structures.
Insights on best practices how to implement robust controls within KYC process
Practice in assessing complex client cases, including managing of high-risk clients and conduct risk-based escalation
Guideline on conducting ongoing due diligence to keep your business safe from financial and reputational damage
Goals
Learn about general principles involved in KYC processes and see examples of how identification may be carried out using different sources and depending on customer types. Master best practice for KYC process which stipulates the need for each organization to design and embed 3 phases of vigilance:
Robust customer identification program
Risk-based approach to customer due diligence
Continuous system for ongoing monitoring
Benefits
Build up your expert profile, as the risk landscape rapidly evolves, it’s important to have a holistic understanding of the discipline to build a successful KYC programme. This course gives an opportunity to raise professional profile by gaining cross industry outlook on KYC requirements based on regulatory guidelines.
Real life cases
The course includes real-life case examples which guide participants through most common client risk scenarios. The course is dedicated for experienced practitioners and ones who wish to build up their expertise in this area. The first group will get an opportunity to reflect on adopted procedures based on current best practice, while the second group will gain practical knowledge in implementing KYC process and procedures in the organization.
Training recipients
Compliance Officers
In house Lawyers
Procurement Experts
Internal Finance Professionals
Board Members
Internal Auditors
Schedule
On Demand