Certificate in Know Your Customer & Customer Due Diligence

Enroll in the Certificate in Know Your Customer & Customer Due Diligence and take your Know Your Customer Career to the next level!

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Course Description

The financial system processes millions of transactions every day so it is vital for your firm to ‘Know Your Customer’. KYC or Customer Due Diligence (CDD) collates information about your customers to assess the extent of any risk they pose to the firm. This doesn’t simply mean taking a copy of a passport to prove identity. CDD checks include analysing the customer lifecycle from onboarding through to recognising key changes over time and undertaking regular reviews. Understanding your customer makes great business sense as you respond to their needs, but it is also a hugely effective tool in anti-money laundering, to prevent terrorist financiers and other criminals from exploiting your organisation and the wider financial system.

This course provides essential knowledge for KYC and CDD procedures which are key tools in assessing customer risk and a legal requirement to comply with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) laws.

The nine modules in this certificate program, an advanced training program, provide a thorough understanding of the most crucial CDD and KYC concepts and procedures. The organizations must adopt and implement procedures to ensure that money launderers, terrorists, and other associated groups or entities are avoided, including regulatory requirements and KYC compliance processes.

What You Will Get From This Course

In-demand Skills

Gain the relevant knowledge to ensure that you are supporting your firm and progressing your career.

Career Credential

Get a certificate from the FCA Financial Crime Academy.

Flexibility

Study on-demand and at your own time and pace, regardless of where you are in the world with this flexible online course.

Global Community

Get access to our exclusive LinkedIn group with 1,500+ like-minded professionals and experts.

Course Material

Download supplementary course material such as the comprehensive course study guide.

Quiz Questions

Test your knowledge with multiple-choice questions and determine which skills you have mastered!

Course Overview

Learning Objectives

Gain a comprehensive understanding of KYC and CDD in a professional environment
Learn about relevant international bodies and standard-setters
Acquire an overview of relevant national regulation in different countries
Perform CDD and assess the customer information required to manage your risk
Manage high-risk clients and conduct risk-based escalation
Categorize your risk into customer, jurisdiction, product and channel risks
Review customers that are difficult to identify, including shell companies and UBOs
Identify customers that are high-risk for bribery, tax evasion and sanctions violations
Produce and maintain customer profiles and conduct ongoing due diligence
Perform identification and verification procedures
Learn to understand the customer relationship
Understand and identify beneficial owners
Understand the control structure of entities

Target Audience

Those engaged in practical KYC/CDD—for example, in an onboarding or remediation function
Contractors who wish to enter the CDD environment
Managers who oversee CDD teams
Those responsible for creating/developing CDD frameworks
New/recently appointed MLROs and deputies
Internal auditors assuming responsibilities for money laundering/financial crime issues
All individuals engaged who aspire to a career in anti-money laundering

Requirements

For participating in this Certificate Program, you will need an electronic device with online video-viewing capabilities (e.g., smartphone, tablet, laptop, desktop computer, etc.). You will need no previous knowledge in compliance or anti-financial crime, although this is helpful. A background in business, legal, or finance might also be beneficial but is not required.

Learning Method

This Certification Program is presented entirely online. Modules can be completed in your own time and at your own pace. This interactive, supportive teaching model is designed for busy professionals and results in unprecedented certification rates for Certification Programs.

Course Curriculum

Introduction to the Program

Introduction to the Program

Module 1: Customer Due Diligence (CDD) and Know Your Customer (KYC) Fundamentals

Introduction to This Module
What is Customer Due Diligence (CDD)
What is Know Your Customer (KYC)?
Similarities and Differences between CDD and KYC
CDD/KYC and Financial Crime Prevention (AML/CTF)
Importance of CDD/KYC for Risk Management
Case Study: Regulatory Fines and Enforcement Actions relating to CDD/KYC Failures
Related Terms: CIP, KYC, KYB, KYE
Module Summary
Multiple Choice Quiz

Module 2: International Bodies and Standard Setters

Introduction to This Module
Financial Action Task Force (FATF): Background, Overview, and Approach to CDD/KYC
United Nations Office on Drugs and Crime (UNODC): Background, Overview, and Approach to CDD/KYC
Wolfsberg Group: Background, Overview, and Approach to CDD/KYC
Basel Committee on Banking Supervision: Background, Overview, and Approach to CDD/KYC
Organization for Economic Co-operation and Development (OECD): Background, Overview, and Approach to CDD/KYC
Module Summary
Multiple Choice Quiz

Module 3: National Legal and Regulatory CDD/KYC Frameworks

Introduction to This Module
United States: Overview of Key Regulation and CDD/KYC Requirements
United Kingdom: Overview of Key Regulation and CDD/KYC Requirements
EU: Overview of Key Regulation and CDD/KYC Requirements
Singapore: Overview of Key Regulation and CDD/KYC Requirements
Australia: Overview of Key Regulation and CDD/KYC Requirements
Module Summary
Multiple Choice Quiz

Module 4: Customer Identification and Verification

Introduction to This Module
Customer Identification Program
General Identification Requirements
Specific Identification Requirements
Verification Procedures
Nature and Purpose of Relationship
Case Study: Customer Identification Process for A Natural Person
Case Study: Customer Identification Process For A Legal Person
Documentary Verification: Primary and Secondary
Non-Documentary Verification: Primary and Sec
Module Summary
Multiple Choice Quiz

Module 5: Beneficial Ownership and Ultimate Beneficial Owners (UBO)

Introduction to This Module
Understanding Beneficial Ownership and Ultimate Beneficial Owners (UBOs)
Understanding Fictitious Beneficial Ownership
Beneficial Ownership of Legal Arranges
Beneficial Ownership versus Control
Beneficial Ownership Calculation Methods
Direct and Indirect Ownership
Calculation Thresholds
Case Study: Calculating Beneficial Ownership
Module Summary
Multiple Choice Quiz

Module 6: Customer Risk and Risk Profiling

Introduction to This Module
Risk-Based Approach (RBA) In CDD/KYC
Customer Risk Rating Models In CDD/KYC
Overview Of Risk Categories: Customer, Jurisdiction, Product, Channel
Customer Risk and Red Flags
Politically Exposed Person Risk and Red Flags
Shell Company Risk and Red Flags
Jurisdiction Risk and Red Flags
Product Risk and Red Flags
Channel Risk and Red Flags
Use of Customer Profiling in Compliance Reviews
Module Summary
Multiple Choice Quiz

Module 7: Customer Screening

Introduction to This Module
What is Customer Screening
Importance of Customer Screening
Overview of Screening Types
Sanctions Screening
Financial Crime Screening
Adverse Media Screening
Overview of Common Customer Screening Tools: World-Check, Orbis, and LexisNexis
Politically Exposed Persons (PEP) Screening
Module Summary
Multiple Choice Quiz

Module 8: Levels of Customer Due Diligence

Introduction to This Module
Connecting Customer Risk Rating with Due Diligence
Standard Due Diligence Measures
Simplified Due Diligence Measures
Enhanced Due Diligence Measures
Continued EDD Measures in Certain Circumstances
Event-Driven Reviews: Red Flags and Investigations
Transactions Monitoring and Periodic Compliance Review
Suspicious Activity Report (SAR)
Module Summary
Multiple Choice Quiz

Module 9: CDD/KYC Compliance and Governance Structure

Introduction to This Module
Overarching Governance Structure
Central Compliance Committee (CCC) and Its Composition
Terms of Reference of the Central Compliance Committee (CCC)
Role of Money Laundering Reporting Officer (MLRO)
Role of Anti Money laundering (AML) Team
Elements of an effective CDD/KYC Compliance Program
Module Summary
Multiple Choice Quiz

Final Assessment

Final Assessment

Completing the Program

Completing the Program

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What our students are saying

Highly recommended!

I liked it a lot. The topics were logically arranged. The presentation was straightforward. It was delivered in a manner that is easy to understand. The practical assessments every end... Read More

Great introductory course to Anti money laundering

Great introductory course to Anti money laundering. Both the course and the material are well structured and the instructor managed to share his knowledge on the subject... Read More

The conception and explanation are so clear even for the beginner level

I'm impressed! The conception and explanation are so clear even for the beginner level, thanks for extra PDF materials to each section. Glad I purchased 2 more courses at the... Read More

Ultimate Guide to Anti-Money Laundering & AML Compliance

This course was a excellent course and I learned so much and the course enlighten my understanding with Guide to Anti-Money Laundering and AML Compliance... Read More

Frequently Asked Questions

What are the requirements to take the courses?

All of our certification programs are open to students and professionals in various industries and levels of experience. Our curriculum is designed to teach what you need to know from basic fundamentals to advanced practical case studies. To take the courses and complete the exercises, students will only need access to a PC and/or Mac, a smartphone or table, and a stable internet connection.

Can I download course files and resources for the course?

Absolutely! All the files (including study guide, audiobook, course slides, etc.) in a course are available for download. Just look for a module that shows the files within a course.

How long do I have to complete the courses?

You will have yearly access to the courses as long as you maintain an active subscription. All the courses are self-paced as well so you can take your time in learning without worrying about any deadlines.

Are there any additional fees or costs?

None! The bundle price includes everything and there are no additional fees or charges to earn your digital certification.

What currency are your courses priced in?

All our online courses are priced in USD. As this is a recurring payment, we accept all major credit and debit cards including Visa, MasterCard, and American Express.

How do I earn my certificates?

Students must complete all the video lessons, quizzes, and final assessments in each course. You can retake the assessments as many times as necessary until you reach an 60% passing grade.

How are the exams conducted?

Students are required to complete an online assessment (mostly multiple choice questions) at the end of each course. You can take the exams on your own schedule and will need to earn at least 60% to pass the course and earn your certificate of course completion. Please note that course exams can be repeated as many times as you need.

Can I email the instructor if I have questions?

While the courses are designed mainly for self-study, we are happy to provide email assistance for general or technical support inquiries.

Will these courses help me advance my career?

Based on hundreds of reviews from thousands of students we know how the Financial Crime Academy’s courses have helped so many people advance their anti-financial crime, compliance, and risk management careers. Our courses are designed to teach in-demand skills and relevant background knowledge of subject matter expertise needed in practice.

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