Know Your Customer Specialist

This program will provide you with the best learning experience about Know Your Customer.

Learn how to identify real beneficiaries, detect PEP customers, and Conduct due diligence on a risk-based approach, in addition to identifying the customer tax status (FATCA & CRS). Understand the customer risk rating process, account opening workflow, and how to design the smartest KYC applications.

Explore the newest technologies, including digital identity and online customer onboarding, and much more.

Learning Objectives:

• Know Your Customer & Its International Context
• Understand the concept of Know Your Customer (KYC).
• Define KYC and its importance.
• Recognize the relationship between KYC and Anti-Money Laundering (AML).
• Identify when KYC applies
• Understand the international context of KYC, including the Financial Action Task Force (FATF), Basel Committee on Banking Supervision (BCBS), Wolfsberg Group, European Union, European Data Protection Act (GDPR), and the US Anti-Money Laundering Act (AMLA 2020).
• Customer Onboarding Requirements
• Learn about the requirements for individual accounts, including customer identification and verification, identifying the real beneficiary, and screening for politically exposed persons (PEPs).
• Understand the KYC requirements for corporate accounts, including ultimate beneficial owners (UBOs) and changes in entity ownership.
• Identify the specific considerations and vulnerabilities related to charities and non-profit organisations (NPOs).
• Customer Tax Status (FATCA & CRS)
• Understand what FATCA and CRS are.
• Learn about the forms and self-certifications related to FATCA & CRS.
• Conduct customer due diligence and reasonableness test.
• Risk-Based Approach in Customer Due Diligence
• Comprehend the concept of customer risk rating.
• Understand the money laundering risk classifications and electronic AML risk rating.
• Learn about risk-scoring models and customer/account overall risk assessment.
• Account Opening Processes and Management
• Identify account opening procedures, including decentralised and centralised approaches.
• Understand KYC updates and accept instructions by fax or email.
• Learn about opening non-face-to-face accounts, handling incomplete accounts, dormant accounts, and closure of accounts.
• Online Customer Onboarding and Digital Identity
• Understand the relationship between customer onboarding and digital identity.
• Learn about the challenges, threats, and benefits of digital identity and online onboarding.
• Explore a proposed mechanism for implementing online onboarding.