‘Know your customer’ (KYC) is a significant factor for businesses worldwide in combating financial crimes and fraud today. The KYC process involves various procedures, including ID card verification, document verification (utility bills as proof of address), face verification and more to check if clients are genuine. These procedures are crucial in assessing customer risk and double as legal requirements in complying with anti-money laundering (AML) laws and regulations. So how can these procedures be carried out to determine the validity of clients' information? We'll teach you the concepts of KYC and its procedures in assessing the level of risks involved with each client. We begin by discussing the process of KYC to ascertain the authenticity of clients. Then investigate the objectives of KYC, the KYC compliance framework and its benefits.
One of the ways to perform extensive background checks on clients is to scrutinise all their information for any inconsistencies and anomalies before establishing business relationships with them. To achieve this, you must do proper customer due diligence among many procedures of KYC. First, you will study the components of KYC, including the concept of customer due diligence. Following that, we outline the steps to carry out the KYC verification and the methods of collecting data from documents. In assessing risk, there are transactions that clients may carry out that can indicate the likelihood of risk and danger. This course will help you understand the two types of risk factors and the types of transactions that are risk indicators. Finally, you will learn when it is necessary to carry out extensive verification and monitoring processes on high-risk clients.
Money laundering involves the illegal process of acquiring vast amounts of money through criminal activities such as drug trafficking and terrorism financing. You'll study the stages of money laundering and a couple of examples of each of the stages. Then you'll learn about AML, AML compliance, AML compliance program, AML monitoring and the client onboarding process. Upon that, we show you the various regulatory bodies that govern KYC and AML compliance in different industries. Finally, we discuss the penalties for non-compliance of financial institutions to the KYC and AML regulations. This course is open to business owners, managers, entrepreneurs and anyone in the business and financial sector. By studying this course, you'll discover how to verify the identity of clients and maintain healthy business relations with them to intercept fraudulent activities such as money laundering, terrorism funding and other financial crimes. Why not enrol and start this course today?
