Customer due diligence (CDD) is a fundamental component of an effective AML/CFT Compliance Programme. As regulatory expectations increase it becomes ever more important to fully understand the salient legislative provisions and be in a position to develop practical and effective measures on a risk-sensitive basis.
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 other related parties;
- Understanding the nature and purpose of business relationships to develop customer risk profiles; 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 (CRA) 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;
- Introducers, intermediaries and agents;
- Politically Exposed Persons;
- Non-Reputable and High-Risk Jurisdictions;
- Source of wealth and source of funds;
- Reliance and Outsourcing;
- 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.
Antonio Ghirlando is a seasoned compliance specialist with a specific focus on financial crime compliance, including the prevention of money laundering, countering the funding of terrorism, combatting proliferation finance, sanctions, anti-bribery & corruption, and fraud. He is also well versed in other regulatory compliance obligations.
