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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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.

More Questions?

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