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Customer Due Diligence Masterclass

A guide for managing money laundering, tax evasion, terrorist financing and sanctions risks following regulatory laws and obligations, as well as an evolving financial crime threat landscape.

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A one-day CDD training course

Customer Due Diligence Training

Case studies and examples will be used throughout this customer due diligence course to illustrate and confirm the learning points.

Opening exercise: you are the money launderer

Financial Crime Trends & Vulnerabilities

  • Money laundering
  • Terrorist financing
  • Tax evasion
  • Linkages to Sanctions Evasion
  • The scope and scale of financial crimes
  • Fines and penalties
  • Reputational risk
  • Case Study: Deutsche Bank Mirror Trades
  • Case Study: Latvian Banks
  • Case Study: 1 Malaysia Development Berhad
  • Case Study: Illicit Financial Flows
  • Case Study: Binance
  • Group Discussion: The Value of Art

Legal & Regulatory Framework

  • Corporate Transparency Act (US)
  • Economic Crimes Corporate Transparency Act (UK)
  • Criminal Finances Act 2017 (UK)
  • Status of Financial Crime Globally, Regionally
  • Exercise: Communicating change in policy

The Risk-Based Approach

  • The Gold Standard
  • RBA Methodology
  • Case Study: Standard Chartered Bank
  • Case Study: UK LLPs
  • Case Study: The Russian Laundromat
  • Exercise: Product Evaluation

Customer Due Diligence (CDD)

  • When Is CDD Required?
  • The CDD Process
  • Identification & Verification (ID & V):
    • Screening
    • Individuals
    • Corporate Beneficial Owners & Controllers
    • Authorised Signatories
  • Know Your Customer (KYC):
    • Purpose of relationship
    • Source of funds
    • Source of wealth
    • Nature of business
    • Management and Governance
    • Intermediaries
    • Customers’ customers
  • DNFBPs
  • Exercise: Is There a UBO?
  • Case Study: DNFBPs
  • Case Study: Madoff KYC Fail
  • Case Study: The FTX Scandal
  • Case Study: Parmalat’s Story

Enhanced Due Diligence Training

  • Regulatory Requirements and advisories
  • Customer Risk Model
  • Determining Risk Appetite
  • Geographic risks
  • Customer channel risks
  • Ownership Risks
  • High-Risk Customers and Industries
  • Mitigating PEPs Risks
  • MSBs, MVTs, TPPPs
  • Due Diligence on Trusts
  • Product Risks
  • High-Risk Services
  • Exercise: Bittrex
  • Case Study: Lebanese Canadian Bank
  • Exercise: Company A

Sanctions & Enhanced Due Diligence

  • Sanctions Risk Exposures
  • Geography vs Jurisdiction
  • Shell Companies, TBML
  • Red Alert: Russian Sanctions Indicators
  • Proxies & Hidden Wealth
  • Explicit vs Narratives
  • Magnitsky & Global Magnitsky Acts
  • US Export Admin Regulations (EAR)
  • EDD Strategies
  • Case Study: Iran & Turkey Gold Trades
  • Case Study: North Korea Sanctions Evasion

Customer Risk Management

  • Ongoing Due Diligence
  • Trigger Events
  • Policies & Governance
  • Communications
  • Escalation & Reporting
  • Reputational Risk
  • CDD training final Case Study: Shah vs HSBC

Redcliffe Training’s customer due diligence courses are delivered by an investment banking governance, audit, risk and compliance specialist who has extensive international experience. He holds an MBA from CASS Business School, London and is a Chartered Certified Accountant.

He worked for Price Waterhouse in Kingston, Jamaica before arriving in London just after the Big Bang in 1986 and subsequently worked for several major institutions; including Manufacturers Hanover Trust, Continental Bank, CIBC and ABN AMRO. His roles have included internal audit, product control, risk management and SOX.

In addition to gaining experience in the major global financial centres, the above roles covered all aspects of regulation, governance and internal controls over the origination, sales and trading of a broad range of investment banking and capital market products. These products include credit trading and credit derivatives; asset securitisation and structured finance; foreign exchange and foreign exchange options; interest rate derivatives; commodities and treasury.

He has also served as a business manager where he played a leading role in the development and implementation of major strategic initiatives within global banking and markets. This was followed by the delivery of a training and cultural change programme in alignment with that strategy, across 50 countries.

This customer due diligence course trainer currently delivers financial crime courses for major banks (HSBC, Soc Gen, SMBC, RBS, Lloyds, Nordea and Handelsbanken) covering AML, Sanctions, Tax Evasion, Terrorist Financing Bribery & Corruption, as well as their related governance aspects. This delivery encompasses frontline staff and senior managers across global markets, private, corporate and retail banking in the UK, Europe, Asia, Middle East, Africa, US and the Americas. He was a Master Trainer on HSBC’s global financial crime training programme.

Based on his considerable experience in the financial markets, he has developed specialist training in AML and Sanctions in financial market products, securities and investments. He has also run train-the-trainer (TTT) courses and delivered presentations in front of US regulators. In addition, he has delivered training programmes in Audit, Conduct Risk, Operational Risk, Treasury, Basel III, Liquidity Management, Capital Management and the Internal Capital Adequacy Assessment Process (ICAAP).

Our CDD courses trainer is the author of three books including Clearing The Bull, The Financial Crisis And Why Banks Need A Human Transformation (2012 iUniverse).

Customer due diligence training course participants will develop a greater appreciation and understanding of:
  • Current financial crime vulnerabilities and threats to the landscape.
  • The International legal and regulatory framework within which customer due diligence is required to be conducted.
  • Incorporation of that framework into local laws and customer risk management practices.
  • The importance of customer due diligence in deterring, detecting and protecting against financial crime risks.
  • The requirements for enhanced due diligence for the management of high-risk customer and industry types, high-risk products, complex ownership structures, and high-risk jurisdictions.
  • The need for enhanced due diligence procedures specific to the management of sanctions risks.
  • CDD training explores the importance of escalation and ongoing threat management procedures in managing financial crime risks.

  • Customer due diligence training is designed to provide a systematic and comprehensive analysis of the legal and regulatory guidelines that firms must follow when managing money laundering, tax evasion and terrorist financing risks.
  • This CDD training covers best practices in the governance, risk management and internal control of said financial crime risks.
  • Redcliffe Training’s CDD courses include several case studies, exercises and discussion points. As such, this will be a highly practical and interactive session.
  • The course is developed and delivered by a professional trainer with extensive experience in banking and financial markets, covering risk, audit and financial crime training across all major business and product lines.

  • Compliance Professionals
  • Customer Onboarding Teams / KYC Operations
  • CDD / KYC Auditors

This customer due diligence training course is designed to ensure that financial crime risk professionals acquire the knowledge necessary to efficiently and effectively manage money laundering, tax evasion and financial crime risks within their organisations. KYC CDD training focuses on those topics and specific aspects of governance and internal controls, identified by international and local regulatory bodies.

The course draws on the trainer’s extensive experience in working with and delivering courses for a wide range of financial institutions. As such, it will be both practical and interactive and should be of interest to compliance, finance and risk professionals in financial institutions and other relevant entities.
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