Know Your Customer (KYC)

This course can be presented in-house via live webinar.

Know Your Customer Course Content:

Introduction – The Money Laundering Cycle

  • Placement, Layering, Integration
  • How does this work in practice
  • Transaction profile
  • Important KYC framework
  • Operating guidelines

What is KYC?

  • How do you really know who you are dealing with
  • How much do you need to know
  • The CDD process is in two parts:
    • KYC – getting to know the customer
    • IDV – checking what they say
  • Ultimate Beneficial Ownership
  • Source of Wealth
  • Source of Funds
  • Review process
  • Remediation process

How Should KYC be applied

  • What is a risk based approach and why is it vital
  • How do we allocate the risk category
  • What does this impact
  • EDD, KYCBCBC etc & EDD

Who needs to be subjected to KYC?

  • Definition of a Customer
  • Transaction profiles
  • Important KYC framework
  • Operating guidelines

Essential Elements of KYC Standards

  • Clear and user friendly procedures and guidelines
  • Customer acceptance policy
  • Customer identification policy
  • Guidelines for opening accounts
  • KYC for existing accounts – remediation

Politically Exposed Persons

  • Definition – formal
  • Definition in practice
  • Why are they a special case
  • Mandatory high risk
  • UBO issues
  • Source of Wealth issues
  • Annual Review issues

Specific Identification & Verification Issues

  • Trust nominee and fiduciary accounts
  • Corporate vehicles
  • Complex Structures
  • Introduced business
  • Client accounts opened by professional intermediaries
  • Non face to face customers
  • Correspondent banking

Constructing the KYC Framework

  • Policies
  • Roles and Responsibilities
  • Senior Management and M.I. requirements
  • The MLRO (or equivalent) challenge!
  • Risk Assessments and Procedures

Implementing and Managing the Total KYC

  • Escalation
  • Three levels of review for High, Medium and Standard Risk clients
  • Due diligence (on-going)
  • Record keeping
  • Training
  • Monitoring
  • Reporting
  • Questions/Feedback/Discussion

Challenges with KYC

  • Staff & Client resistance
  • Embedding as part of the culture
  • The role of internal audit
  • Prevention & detection
  • Early warning systems
  • Controls, KPI & KRI


Course Summary, Open Forum, Close

About the Course Director

Your course director has spent more than 40 years in the banking and financial sector, much of it in a senior managerial/Director role. He is a former Institute of Banking Lecturer, having gained distinctions in the exams. He is a subject matter aspect on all aspects of retail, corporate and global banking, including risk management and regulatory compliance as well as soft skills.

Mark has trained extensively at both leading global financial institutions and smaller bespoke specialists as well as legal practices. He recently completed a major soft skills training course for the legal department of Nordea Bank.

He has delivered extensive programmes in all parts of the world including the USA, Europe, MENA, Africa and Hong Kong. He is currently an accredited Master Trainer at the world’s biggest global bank.

Know Your Customer Course Overview:

This is a highly interactive, user friendly and comprehensive workshop for both banks and other regulated institutions and practitioners alike. It covers the KYC procedures and systems that all regulated institutions must have in place and deals with the full range of clients from straightforward retail, to higher risk clients (including PEPs) and clients who use complex structures.

Course Methodology

An interactive workshop style course supported with case studies and discussions.

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5-6 participants – 20% discount,7-8 participants – 25% discount,Over 9 participants – 30% discount