Key Benefits
- Learn the importance of consistently adapting and adjusting to the major financial crime threats and vulnerabilities, and in particular those identified by US, EU and UK regulators
- Learn how to implement practical financial crime risk management templates for the systematic evaluation and treatment of higher-level risks associated with; customer industry or customer types, products and services, distribution channels, ownership structures, countries and geographies
- Learn how to integrate the above into a comprehensive customer due diligence framework, which readily facilitates a methodical, exhaustive and insightful assessment of customers and their associated risks, on an ongoing basis
Do You Need to Attend This Course?
Redcliffe's customer due diligence course is essential for professionals to ensure compliance with regulatory requirements, mitigate financial crime risks, and enhance risk management strategies. It is especially a “must-know” for:
Compliance Professionals
Customer Onboarding Teams/KYC Operations
CDD/KYC Auditors
Technical Content
Customer Due Diligence Training
Case studies and examples will be used throughout to illustrate and confirm the learning points. Opening Exercise: You are the money launderer
Financial Crime Trends & Vulnerabilities
Money laundering
Terrorist financing
Tax evasion
Linkages to Sanctions Evasion
The scope and scale of financial crimes
Fines and penalties
Reputational risk
Case Study: Deutsche Bank Mirror Trades
Case Study: Latvian Banks
Case Study: 1 Malaysia Development Berhad
Case Study: Illicit Financial Flows
Case Study: Finance
Customer Due Diligence Course Group Discussion: The Value of Art
Legal & Regulatory Framework
Corporate Transparency Act (US)
Economic Crimes Corporate Transparency Act (UK)
Criminal Finances Act 2017 (UK)
Status of Financial Crime Globally, Regionally
Exercise: Communicating change in policy
The Risk-Based Approach
The Gold Standard
RBA Methodology
Case Study: Standard Chartered Bank
Case Study: UK LLPs
Case Study: The Russian Laundromat
Exercise: Product Evaluation
Customer Due Diligence (CDD)
When Is CDD Required?
The CDD Process
Identification & Verification (ID & V): Screening
Individuals
Corporate Beneficial Owners & Controllers
Authorised Signatories
Know Your Customer (KYC):
KYC CDD training explores the purpose of the relationship
Source of funds
Source of wealth
Nature of business
Management and Governance
Intermediaries
Customers’ customers
DNFBPs
Exercise: Is There a UBO?
Case Study: DNFBPs
Case Study: Madoff KYC Fail
Case Study: The FTX Scandal
Case Study: Parmalat’s Story
Enhanced Due Diligence Training
Regulatory Requirements and advisories
Customer Risk Model
Determining Risk Appetite
Geographic risks
Customer channel risks
Ownership Risks
High-Risk Customers and Industries
Mitigating PEPs Risks
MSBs, MVTs, TPPPs
Due Diligence on Trusts
Product Risks
High-Risk Services
Exercise: Bittrex
Case Study: Lebanese Canadian Bank
Exercise: Company A
Sanctions & Enhanced Due Diligence
Sanctions Risk Exposures
Geography vs Jurisdiction
Shell Companies, TBML
Red Alert: Russian Sanctions Indicators
Proxies & Hidden Wealth
Explicit vs Narratives
Magnitsky & Global Magnitsky Acts
US Export Admin Regulations (EAR)
EDD Strategies
Case Study: Iran & Turkey Gold Trades
Case Study: North Korea Sanctions Evasion
Customer Risk Management
Ongoing Due Diligence
Trigger Events
Policies & Governance
Communications
Escalation & Reporting
Reputational Risk
CDD Course Final Case Study: Shah vs HSBC
Training Objectives
Customer due diligence training participants will develop a greater appreciation and understanding of:
Current financial crime vulnerabilities and threats to the landscape.
The International legal and regulatory framework within which customer due diligence is conducted.
Incorporation of that framework into local laws and customer risk management practices.
The importance of CDD in deterring, detecting and protecting against financial crime risks.
The requirements for enhanced due diligence for the management of: High-risk customer and industry types
High-risk products
Complex ownership structures
High-risk jurisdictions.
Enhanced due diligence procedures specific to the management of sanctions risks.
KYC CDD training explores the importance of escalation and ongoing threat management procedures in managing financial crime risks.
Training Course Summary
This customer due diligence training will provide the necessary knowledge for CDD compliance. You will master how to manage money laundering, tax evasion and financial crime risks within your organisation.
Redcliffe's CDD training focuses on topics and aspects of governance and internal controls, identified by international and local regulatory bodies. Drawing on the trainer’s extensive experience delivering courses for a wide range of financial institutions, it will be both practical and interactive and will be vital for compliance, finance and risk professionals in financial institutions and other relevant entities.
Your trainer
Course Trainer · 10 yrs experience
- Compliance Courses
An investment banking governance, audit, risk and compliance specialist delivers Redcliffe's customer due diligence courses. Our trainer holds an MBA from CASS Business School in London and is a Chartered Certified Accountant.
Wth a wealth of international experience, he started his career at Price Waterhouse in Kingston, Jamaica. He then moved to London after the Big Bang in 1986, where he worked for major institutions. This included Manufacturers Hanover Trust, Continental Bank, CIBC, and ABN AMRO. Roles included internal audit, product control, risk management, and SOX compliance.
With extensive experience in global financial centres, our CDD training specialist has deep expertise in regulation, governance, and internal controls across a wide range of investment banking and capital market products. This includes credit trading, credit derivatives, asset securitisation, structured finance, foreign exchange, interest rate derivatives, commodities and treasury. Additionally, he served as a business manager; he played a key role in strategic initiatives within global banking and markets. He later led a training and cultural change program across 50 countries, aligning with the bank’s strategy.
He currently delivers financial crime courses for major banks (HSBC, Soc Gen, SMBC, RBS, Lloyds, Nordea and Handelsbanken). This covers anti-money laundering AML, Sanctions, Tax Evasion, Terrorist Financing, Bribery & Corruption, as well as their related governance aspects. Frontline staff and senior managers enjoy his training across global markets, private, corporate and retail banking in the UK, Europe, Asia, the Middle East, Africa, and the US. He was also a Master Trainer on HSBC’s global financial crime training programme.
Based on his experience in the financial markets, he has developed specialised training in AML and sanctions related to financial market products, securities, and investments, alongside a range of customer due diligence courses. He has also run train-the-trainer (TTT) courses and delivered presentations for US regulators.
He has delivered training programmes in Audit, Conduct Risk, Operational Risk, Treasury, Basel III, Liquidity Management, Capital Management and the Internal Capital Adequacy Assessment Process (ICAAP).
He is the author of three books. This includes Clearing the Bull: The Financial Crisis and Why Banks Need a Human Transformation (2012, iUniverse).
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