Customer Due Diligence (CDD) is the cornerstone of an effective AML/CFT Programme. It is therefore critically important to fully understand the salient legislative provisions and be in a position to develop practical and effective measures.
With this in mind this two-part course has been designed to outline the regulatory requirements and expectations, as well as to detail good practice and offer workable solutions.
The first session will introduce the key concepts, and cover the following core elements:
- Identification and verification procedures for customers, beneficial owners and intermediaries;
- Understanding the nature and purpose of business relationships to develop a customer risk profile; and
- Conducting ongoing monitoring for reporting suspicious transactions and maintaining and updating customer information.
The second session will provide guidance on how to complete a Customer Risk Assessment and on the application of a commensurate level of CDD, including both Simplified Due Diligence (SDD) and Enhanced Due Diligence (EDD) measures.
Specific areas that will be addressed throughout the two sessions include:
- Beneficial Ownership;
- Politically Exposed Persons;
- Non-Reputable and High-Risk Jurisdictions;
- Source of wealth and source of funds;
- Timing of CDD procedures; and
- Failure to complete CDD measures.
The course will include a few cases studies, exercises and discussion points, and as such will be highly practical and interactive.