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Certificate in Know Your Customer Foundations

Enroll in the Certificate in Know Your Customer Foundations and take your Know Your Customer Career to the next level!

Course Description

Know Your Customer, often known as KYC, enables a business to be aware of the qualifications and history of a potential customer. Before onboarding a customer, businesses like financial institutions are required to complete the KYC process. Later, throughout other stages, like periodic compliance checks or investigations, they must update the KYC. The KYC procedure guards against the use of an organization for terrorist financing or money laundering.

This course was created since almost all organizations need it. Organizations like banks, insurance firms, brokerage houses, and other institutions must identify and verify their customers. It is important for firms to avoid onboarding criminals such as money launderers, terrorists, tax evaders, insider traders, cyber attackers, etc. The development and implementation of KYC processes by the firms enables them to assure that no goods and services are offered to criminals.

This certificate program is a fundamental training with four modules that will cover the key ideas of KYC measures that are designed and set up in businesses to reduce the risk and occurrence of money laundering and terrorist financing situations. Additionally, it will include the KYC procedures, organizational measures, and guiding concepts.

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

Understand the foundational concepts of KYC/CDD
Be aware of the relevance of KYC/CDD in practice
Differentiate between and characterize KYC/CDD
Understand key KYC/CDD laws and regulations
Comprehend global regulatory KYC/CDD frameworks
Differentiate between key international legislative bodies and standard-setters
Be aware of risks associated to KYC/CDD from an organizational perspective
Identify organizational KYC/CDD risk management and risk mitigation principles
Understand how to conduct an KYC/CDD activities effectively in practice
Identify indicia for potential suspicion with regards to KYC/CDD

Target Audience

Compliance professionals that want to acquire a solid understanding of KYC/CDD
Risk management professionals that want to effectively manage KYC/CDD risks
Ambitious KYC/CDD compliance personnel looking to broaden knowledge and skills
Career starters seeking career opportunities in the KYC/CDD and compliance industry

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

Preparatory Reading

Preparatory Reading

Module 1: Introduction to Know Your Customer

Introduction to This Module
What is Know Your Customer? What is Customer Due Diligence?
Why is KYC/CDD Important?
Relevance of KYC/CDD for Compliance and Anti-Financial Crime (AML/CTF, Fraud Prevention, Sanctions, etc.)
KYC/CDD for Organizational Risk Management (Regulatory Risk, Legal Risk, Financial Risk, Reputational Risk)
Who is Your Customer? Definition of Customer and Types of Customers in Financial Services and Other Industries
Case Study – Fines on Banks Due To Non-Compliance of KYC Requirements
Module Summary
Multiple Choice Quiz
Further Reading and References

Module 2: Overview of relevant KYC/CDD Laws and Regulations

Introduction to This Module
Financial Action Task Force - Overview of Relevant KYC/CDD Recommendations
Wolfsberg Group - Overview of Relevant KYC/CDD Guidance
United States - Overview of Relevant KYC/CDD Laws & Regulation
European Union - Overview of Relevant KYC/CDD Laws & Regulation
United Kingdom - Overview of Relevant KYC/CDD Laws & Regulation
Hong Kong & Singapore - Overview of Relevant KYC/CDD Laws & Regulation
Case Study: Role of Financial Action Task Force in Prevention of ML/TF
Module Summary
Multiple Choice Quiz
Further Reading and References

Module 3: Organizational KYC/CDD Measures and Core Principles

Introduction to This Module
KYC/CDD in the Customer Lifecycle: Onboarding, Ongoing, Event-Driven, Exit
The Risk-Based Approach to KYC
Overview of key risk categories: Customer risk, Jurisdiction Risk, Product Risk, and Channel Risk
Levels of Due Diligence: Simplified, Regular, and Enhanced
Customer Identification and Customer Verification
KYC/CDD for Persons vs. Legal Entities
Nature and Purpose of the Relationship
Beneficial Ownership and Control
Relevant KYC Red Flags: Politically Exposed Persons, Shell Companies, High-Risk Jurisdictions, and Others
Case Study: Performance of Simplified Due Diligence to Open an Account
Module Summary
Multiple Choice Quiz
Further Reading and References

Module 4: The KYC/CDD Process in Practice

Introduction to This Module
Overview of the 4-Step KYC Process
Step 1: Assess
Step 2: Explore
Step 3: Organize
Step 4: Present
Case Study: Performing 4 KYC Steps for a Prospective Business Customer
Module Summary
Multiple Choice Quiz
Further Reading and References

Final Assessment

Final Assessment

Completing the Program

Completing the Program

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 FCA courses officially accredited?

Yes, FCA is accredited by the CPD Standards Office® (CPD) to maintain training standards.

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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