Kyc Foundations For Managing Financial Risk

What you'll learn
Understand the foundational concepts of KYC/CDD
Be aware of the relevance of KYC/CDD in practice
Differentiate between and characterize KYC/CDD
Understand key KYC/CDD laws and regulations
Comprehend global regulatory KYC/CDD frameworks
Differentiate between key international legislative bodies and standard-setters
Be aware of risks associated to KYC/CDD from an organizational perspective
Identify organizational KYC/CDD risk management and risk mitigation principles
Understand how to conduct an KYC/CDD activities effectively in practice
Identify indicia for potential suspicion with regards to KYC/CDD
Requirements
To participate in this Certificate Program, you will need an electronic device with online video-viewing capabilities (e.g., smartphone, tablet, laptop, desktop computer, etc.).
Although this is helpful, you will need no previous knowledge in compliance or anti-financial crime.
A background in business, legal, or finance might also be beneficial but is not required.
Description
This course offers a deep dive into the Know Your Customer (KYC) processes, an indispensable component for businesses, particularly within the financial sector. Designed to cater to the needs of banks, insurance companies, brokerage houses, and more, this course highlights the significance of KYC in preventing financial crimes such as money laundering, terrorist financing, and other illegal activities. Through four detailed modules, participants will gain a thorough understanding of KYC measures, from basic concepts to advanced organizational practices. This certificate program not only aims to reduce the incidence of financial crimes but also to empower organizations with robust KYC procedures for better risk management.COURSE STRUCTUREModule 1: Introduction to Know Your CustomerDiscover the essence of KYC and Customer Due Diligence (CDD) and why they're pivotal in compliance and anti-financial crime efforts. This module covers the broad spectrum of risks (regulatory, legal, financial, reputational) managed through KYC/CDD, defines the scope of 'customer' across industries, and examines real-world consequences of non-compliance through a detailed case study.Module 2: Overview of Relevant KYC/CDD Laws and RegulationsNavigate the complex landscape of KYC/CDD laws and regulations globally, with insights into the Financial Action Task Force, Wolfsberg Group guidance, and specific legal frameworks in the US, EU, UK, Hong Kong, and Singapore. A case study on the Financial Action Task Force's role in ML/TF prevention offers practical understanding of regulatory impact.Module 3: Organizational KYC/CDD Measures and Core PrinciplesThis module delves into the application of KYC throughout the customer lifecycle, emphasizing a risk-based approach. It discusses the differentiation in due diligence levels, identification and verification processes for individuals and legal entities, and how to assess beneficial ownership. A case study on simplified due diligence provides a practical angle to theoretical knowledge.Module 4: The KYC/CDD Process in PracticeLearn about the practical implementation of KYC through a four-step process: Assess, Explore, Organize, and Present. This module equips learners with the tools to effectively carry out KYC procedures, illustrated through a comprehensive case study that simulates the KYC steps for a prospective business customer.Each module is structured to enhance understanding through introductory overviews, case studies, quizzes for self-assessment, and additional resources for further exploration. By the end of this course, participants will be well-prepared to implement effective KYC measures in their organizations, ensuring compliance and mitigating financial crime risks.COURSE FEATURESInteractive Modules: Engage with dynamic content, including multiple-choice exercises that mirror real-world scenarios.Expert Instruction: Benefit from the insights and experiences of seasoned professionals in know your customer foundations.Flexible Learning Environment: Access our course from anywhere, at any time, through our state-of-the-art online platform, designed for busy professionals.Professional Certification: Earn a distinguished certification issued by the Financial Crime Academy that showcases your expertise in know your customer foundations with an understanding of its importance within the compliance, risk management, and anti-financial crime landscape.WHO THIS COURSE IS FORThis program is ideally suited for compliance officers, anti-financial crime specialists, risk managers, financial investigators, and professionals within financial services, consulting, or legal services. It's also highly relevant for anyone in industries requiring a strong understanding of anti-financial crime compliance and risk management principles, such as technology, manufacturing, or healthcare, who are looking to accelerate their career by staying updated with the latest developments in KYC/CDD, gaining practical knowledge, and acquiring industry-recognized certifications.ENROLL TODAYEnroll in our know your customer foundations course today to take a significant step towards becoming an expert in navigating and mitigating financial, market, and credit risks, thereby contributing to the overall success of your organization.Important! This course, similar to the Financial Crime Academy's Certificate in Know Your Customer Foundations, is available on Udemy to support FCA's mission of making professional education more widely accessible. Completion via Udemy grants a certificate of completion only without access to FCA's platform, support, or a verifiable certificate ID. Courses on Udemy do not count towards FCA's CAMP, CAIP, or CFCP programs.
Overview
Section 1: Introduction to this Program
Lecture 1 Thank You & Welcome
Lecture 2 Introduction
Section 2: Introduction to Know Your Customer
Lecture 3 Introduction to this Module
Lecture 4 What is Know Your Customer? What is Customer Due Diligence?
Lecture 5 Why is KYC/CDD Important?
Lecture 6 Relevance of KYC/CDD for Compliance and Anti-Financial Crime
Lecture 7 KYC/CDD for Organizational Risk Management
Lecture 8 Who is Your Customer? Definition of Customer and Types of Customers
Lecture 9 Case Study - Fines on Banks Due To Non-Compliance of KYC Requirements
Lecture 10 Module Summary
Section 3: Overview of relevant KYC/CDD Laws and Regulations
Lecture 11 Introduction to this Module
Lecture 12 Financial Action Task Force - Overview of Relevant KYC/CDD Recommendations
Lecture 13 Wolfsberg Group - Overview of Relevant KYC/CDD Guidance
Lecture 14 United States - Overview of Relevant KYC/CDD Laws & Regulation
Lecture 15 European Union - Overview of Relevant KYC/CDD Laws & Regulation
Lecture 16 United Kingdom - Overview of Relevant KYC/CDD Laws & Regulation
Lecture 17 Hong Kong & Singapore - Overview of Relevant KYC/CDD Laws & Regulation
Lecture 18 Case Study: Role of Financial Action Task Force in Prevention of ML/TF
Lecture 19 Module Summary
Section 4: Organizational KYC/CDD Measures and Core Principles
Lecture 20 Introduction to this Module
Lecture 21 KYC/CDD in the Customer Lifecycle: Onboarding, Ongoing, Event-Driven, Exit
Lecture 22 The Risk-Based Approach to KYC
Lecture 23 Overview of key risk categories
Lecture 24 Levels of Due Diligence: Simplified, Regular, and Enhanced
Lecture 25 Customer Identification and Customer Verification
Lecture 26 KYC/CDD for Persons vs. Legal Entities
Lecture 27 Nature and Purpose of the Relationship
Lecture 28 Beneficial Ownership and Control
Lecture 29 Relevant KYC Red Flags: Politically Exposed Persons, Shell Companies, etc.
Lecture 30 Case Study: Performance of Simplified Due Diligence to Open an Account
Lecture 31 Module Summary
Section 5: The KYC/CDD Process in Practice
Lecture 32 Introduction to this Module
Lecture 33 Overview of the 4-Step KYC Process
Lecture 34 Step 1: Assess
Lecture 35 Step 2: Explore
Lecture 36 Step 3: Organize
Lecture 37 Step 4: Present
Lecture 38 Case Study: Performing 4 KYC Steps for a Prospective Business Customer
Lecture 39 Module Summary
Section 6: Completing the Program
Lecture 40 Course Summary
Lecture 41 Get Your Certificate of Completion issued by the Financial Crime Academy
Compliance professionals that want to acquire a solid understanding of KYC/CDD,Risk management professionals that want to effectively manage KYC/CDD risks,Ambitious KYC/CDD compliance personnel looking to broaden knowledge and skills,Career starters seeking career opportunities in the KYC/CDD and compliance industry
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