Client Onboarding & Building a Risk Based CDD Process
Overview
Identifying and managing money laundering and terrorist and proliferation finance risks is at the heart of ensuring a firm is compliant with financial crime laws and regulations. All too often enforcement actions demonstrate failures to identify and manage the on-boarding of clients in a holistic, risk-based, and practical way.
This highly interactive workshop focuses on the core requirements of an effective risk-based client onboarding operation, within the context of the increasing challenges of organised crime, state actors and increasing regulatory requirements.
This workshop is led by a trainer with decades of experience and is designed to enhance and refresh relevant knowledge and skills through the use of activities and case studies. Participants will be encouraged to challenge and develop their own expectations and experience.
Who is this for?
This course is aimed at both those new to the operation of financial crime controls for clients, and at those who, although experienced, require a refresher to update and enhance their skills and knowledge. Those who would benefit from this course include:
- Compliance professionals
- Those involved in on boarding and / or monitoring operations
- Internal auditors
- Anyone else who requires a detailed understanding of this area.
Learning Outcomes
After attending this course, participants will be able to:
- Apply an understanding of the underlying challenges of organised crime, technology, and other areas, how to identify and manage these issues.
- Utilise knowledge of common areas of operational failure, regulatory expectations, and practical guidance.
- Apply an understanding of the identification of firm-wide risk, successful methodologies, pitfalls, and case studies, within the financial crime operational cycle.
- Assess legal, regulatory, and best practice applications of onboarding customer risk assessments, ID&V, the importance of data and specific issues and case studies.
- Manage ongoing relationships through monitoring, screening, trigger, and periodic reviews.
- Identify, manage, and report knowledge, suspicion and reasonable grounds for suspicion, typologies, and red flags.
Course Details
Session 1
- Review of organised crime threats and practices; best practice, legal and regulatory expectations, key issues for success
- Identification, assessment, and mitigation of relevant business risks
- Business risk assessment challenges and methodologies
Session 2
- Understanding and assessing customer risks
- Specific review of high-risk issues including PEPs and UBOs
- Ongoing customer reviews: monitoring, trigger, and periodic reviews
- Red flags, typologies, reporting suspicions, management information
Delivery
All of CCL Academy’s public courses are delivered virtually using Zoom.
Firms with more than 5 staff to train have the flexibility to deliver training in-person by one of our trainers at your premises, or virtually via Zoom, Teams or Webex.
Find out more about your Virtual or In-Person training experience below.
Virtual Delivery
Our virtual training courses are designed to be every bit as engaging as our in-person courses. To achieve this, our trainers use market-leading technology and a range of training techniques to ensure high levels of interaction with participants. Courses include the use of:
- Virtual ‘break-out’ rooms: participants are divided into virtual rooms to facilitate small group discussion.
- Polling: multiple-choice questions, answered anonymously, allow the trainer to assess knowledge and understanding across the group.
- Case studies: true to life case studies and scenarios are used to highlight the practical application of theoretical knowledge.
- Messaging: participants can submit questions and comments, either to the whole group or privately to the trainer.
Additional Benefits:
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Recording: public course participants have the option to access a recording of the course for one month after the course. In-House clients also have the option to record their training for an additional fee.
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On-going Q&A: public course participants can access an ongoing Q&A facility allowing them to ask questions relating to the course.
In-Person Delivery
Our in-person training is delivered face to face at your offices, and includes:
- ‘In-the-moment’ questions & discussions: questions through conversations allow the trainer to assess knowledge and understanding across the group.
- Case studies: true to life case studies and scenarios are used to explore practical application of theoretical knowledge.
- Q&A: participants can ask questions during training, either to the whole group or privately to the trainer.
