• Who?
This two-hour course is aimed at First and Second Line of Defence staff who want to protect their organisations from legal, regulatory, financial and reputational risk arising from failures in their customer onboarding processes.
• Why?
International standards and national legal requirements are clear – using a risk-based approach, financial firms must conduct effective due diligence against prospective customers both from the developed world and emerging economies if they don’t believe they can manage those risks effectively. In dynamic economies, heavily reliant on import/export trade, gold and areas with active financial, real estate, consulting and property sectors, it’s essential that due diligence is done properly to stay within the law and avoid de-risking by correspondent banks. This course explains how.
• What?
The course starts by summarising the risk-based approach and the requirements of FATF Recommendation 10, as incorporated in national legislation. It examines examples of “high,” “medium” and “low” risk and the components of Standard and Enhanced Due Diligence. It analyses specific onboarding challenges relating to Politically Exposed Persons (PEPs), establishing Source of Wealth (SoW) and Ultimate Beneficial Ownership (UBOs) and looks at regionally specific risks associated with e.g. non-resident customers (particularly those from high risk countries), consultancy and business service firms, import/export businesses, gold and precious metals businesses and virtual asset service providers such as crypto exchanges. It emphasises throughout – whether digitised or relationship manager-based models are being used – the importance of obtaining a real understanding of the customer, not just copies of their documentation.
• How?
• 2-hour live seminar with our expert tutor.
• 15-question online course assessment and certificate.
• CPD points available.
