Customer Due Diligence: AML Controls and Procedures
What you'll learn
- Understand what AML - Customer Due Diligence is? Also the different types of AML due diligence
- Pros and Cons of not observing due diligence in your organisation
- Know the best standards for formulating excellent KYC/CDD strategies
- How to design a standard KYC/CDD Policy for your business
- Steps needed to take for Customer Due diligence according to FATF recommendations
- Learn about enhanced due diligence (EDD), when it is used and how to de-risk your client
- Learn how to identify risk, risk profile customers, transactions and regions according to AML principles....
- Bonus - Audio on AML Risk
- You should have a basic understanding of customer identification and acceptance
- Legal basis for identifying and verifying customers
- You should have basic AML Knowledge
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
What KYC is, as defined extensively
Why KYC is necessary, why financial institutions like banks, insurance companies and others are easy AML targets
Learn the importance of KYC as advised by local and international standard setters
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
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
Enhanced Due Diligence (EDD) - what is it all about and when is it applied, how do you de-escalate enhanced risk etc
Learn about record keeping and its relevance to CDD/EDD processes. What financial records are expected to be kept etc
We will examine the essentials of a proper KYC/CDD strategy and why we need to have a good strategy in place
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
A course designed by Samuel Aremu in partnership with g-Log Consult. He is a Certified Anti-Money Laundering Specialist (CAMS) with Postgraduate degrees in Intelligence, Law Enforcement and Criminal Justice. Mr. Samuel has been a driver in the AML/CFT regime in Nigeria and West Africa. He has trained and mentored over 700 students, law enforcement officers, financial and intelligence analysts, and staff of Financial and Designated Non-Financial businesses in Nigeria, Ghana, Senegal, Togo, South Africa among others.
g-Log Consult specialise in Anti-Money Laundering / Combating the Financing of Terrorism (AML/CFT), background checks / staff vetting, regulatory compliance, tax matters, financial crimes, fraud, audit, corporate governance and ICT consulting among other subjects of interest.