KYC Regulatory Framework, Compliance – KYC Regulatory Framework.
Course Description
This course aims to provide a comprehensive understanding of Know Your Customer (KYC) processes and their significance in the financial sector. Participants will learn about global and regional KYC regulations, compliance requirements, and the importance of due diligence in preventing financial crimes.
Course Overview:
- Introduction to KYC:
- Understand the importance of KYC processes in verifying client identities.
- Learn how KYC helps combat fraud and illicit activities.
- Key Components of KYC:
- Explore Customer Due Diligence (CDD) and its role in risk assessment.
- Discuss ongoing monitoring and record-keeping practices.
- Global KYC Regulations:
- Study the standards set by the Financial Action Task Force (FATF).
- Examine key global regulatory frameworks for Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF).
- Regional and National Regulations:
- Review KYC enforcement in the USA through the Bank Secrecy Act and FinCEN regulations.
- Analyze the EU’s Fifth AML Directive and its impact on member states.
- Compliance and Due Diligence Requirements:
- Understand the essential steps for compliance, including identity verification and transaction monitoring.
- Learn about the penalties for non-compliance and the role of regulatory bodies like FinCEN, FCA, and ESMA.
- Case Studies and Engagement with Regulators:
- Examine case studies of successful KYC implementation and regulatory failures.
- Discuss the importance of proactive engagement with regulatory bodies.
Learning Outcomes: By the end of this course, participants will be able to:
- Explain the significance of KYC processes in financial institutions.
- Identify key global and regional KYC regulations.
- Understand compliance requirements and due diligence procedures.
- Recognize the role of regulatory bodies in monitoring and enforcing KYC compliance.
- Apply best practices for maintaining compliance and mitigating risks.
Duration: The course spans over 8 sessions, each focusing on different aspects of KYC and compliance, culminating in a Q&A session to address specific queries and provide further clarity on the topics discussed.
Join us to gain a deeper understanding of KYC processes and their critical role in ensuring financial security and regulatory compliance.
