Customer Due Diligence Masterclass

Learn how to manage money laundering, tax evasion and terrorist financing risks under regulatory laws and obligations, as well as, an evolving financial crime threat landscape.

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A one-day CDD training course

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Customer Due Diligence Training

Opening exercise: you are the money launderer

Introduction

Customer due diligence Money Laundering
Terrorist Financing
Tax Evasion
Linkages to Sanctions Evasion
Scope & Scale of Financial Crimes
Fines & Penalties
Reputational Risk

Legal & Regulatory Framework

UNSC Resolutions
UN Conventions
Financial Action Task Force (FATF)
Egmont Group
EU Directives
Wolfsberg Group
Joint Money Laundering Steering Group (JMLSG)
FinCEN & USA Patriot Act
Case Study: ABLV Bank

National Adoption of International Framework (UK)

Proceeds of Crime Act 2002
Money Laundering Regulations 2017
Criminal Finances Act 2017
Money Laundering Regulations 2019
The Importance of 6MLD
Relevant or Obliged Entities
Group Exercise: The Billion-Dollar Investment Opportunity

Corporate Risk-Based Assessments

Customers
Products & Services
Geographic Locations
Transactions
Delivery Channels
Size, Nature & Complexity of Business
Case Study: Standard Chartered Bank

Risk Mitigation and management in the client due diligence process

Business Strategic
Governance
Organisational Culture & Importance of 3 Lines of Defence (3LOD)
Policies & Procedures
Risk Management
Internal Controls
Specific Products & Services
Record Keeping
Training
Communications
Reporting
Customer Due Diligence/ client due diligence
Exercise: Communicating Change in AML Policy

Customer Due Diligence (CDD Training)

When Is CDD due diligence necessary?
The CDD Process
Identification & Verification (ID & V):
- Screening
- Individuals
- Corporate Beneficial Owners & Controllers
- Corporates

Know Your Customer (KYC):
- Purpose of Relationship
- Source of Funds
- Source of Wealth
- Nature of Business

Enhanced Due Diligence (EDD)
Ongoing Due Diligence
Risk Approval Framework
Customer Risk Model & Rating
Simplified Due Diligence
Case Study: Danske Bank Estonia

Specific CDD Guidelines and Requirements

Non-Face-to-Face Customers & Digital IDs
Trust and Fiduciary Accounts
Nominees
Bearer Shares
Corporate Vehicles
Associates, Introducers & Intermediaries
Shell Companies or Banks
Group Exercise: Is There a UBO?

Obligation to Perform EDD

High Risk of Money Laundering & Terrorist Financing:
- Charities
- Casinos & Gaming Entities
- Military & Defence
- State Owned-Entities

Corporate Vehicles
High-Risk Third Country
PEPs and PEP Associates
Correspondent Relationships:
- Payment Transparency

Trade Finance:
- TBML

Transactions with no Apparent Economic or legal Purpose
Money Service Businesses &TPPPs:
- Transaction Laundering

New Technologies:
- Crypto Currencies

Regulatory Advisories
Business Email Scams:
- Expensive Watches

Designated Non-Financial Businesses and professions (DNFPBs)
Case Study: Deutsche Bank Mirror Trades
Case Study: Latvian Banks
Case Study: The London Property Boom

Customer Risk Management

Transaction Monitoring
Negative News Screening
Escalation Procedures
Unusual Activity
Suspicious Activity Reports (SAR)
Suspicious Transaction and Order Reports (STOR)
Can we Issue a SAR as well as a STOR?
Tipping Off
Exit Management
Reputational Risk Management
Whistleblowing
Case Study: TD Bank

This Customer Due Diligence Masterclass trainer is an investment banking governance, audit, risk and compliance specialist. He has extensive international experience, holds an MBA from the CASS Business School in 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. Subsequently, he 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, and commodities and treasury.

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

This customer due diligence training course specialist focuses on delivering financial crime CDD courses for major banks (HSBC, Soc Gen, RBS, Lloyds, Nordea and Handelsbanken) covering CDD AML compliance, Sanctions, Tax Evasion, Terrorist Financing Bribery and corruption, as well as their related governance aspects. This delivery encompassed frontline staff and senior managers across global, private, corporate and retail banking in the UK, Europe, Asia, Middle East, Africa, US and the Americas.

He has also run train the trainer (TTT) courses and presented in front of US regulators. In addition to KYC CDD training, he also delivers training programmes in Audit, Operational Risk, Treasury, Basel III, Liquidity Management, Capital Management and the Internal Capital Adequacy Assessment Process (ICAAP).

Participants who complete this customer due diligence training will develop a greater appreciation and understanding of:

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.
Specific high-risk customer, product, geographic and business threats and challenges.
Framework for corporate risk-based assessment required for a holistic approach to managing money laundering, tax evasion and terrorist financing risks.
Importance of the customer due diligence process in deterring, detecting and protecting against financial crime risks.
Importance of governance, internal control and culture in managing financial crime risks.
Escalation and ongoing threat management procedures in managing financial crime risks.

Customer due diligence training courses have been designed to provide a systematic and comprehensive analysis of the legal and regulatory guidelines that firms must follow. you will fully understand the purpose of customer due diligence when managing money laundering, tax evasion and terrorist financing risks.
Customer due diligence training covers best practices in the governance, risk management and internal control of the said financial crime risks with CDD regulations.
The course includes several case studies, exercises and discussion points, and as such will be highly practical and interactive.
Customer due diligence training courses are not always delivered by experts which is something Redcliffe Training avoids. CDD courses are created and delivered by a professional trainer with extensive experience in the banking industry; covering risk, audit and financial crime training across all major business and product lines.

Our 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. The course focuses on those topics and specific aspects of governance and internal controls, identified by international and local regulatory bodies.

This customer due diligence course draws on the trainer’s extensive experience 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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