MODERN KYC MANAGEMENT
Know your customer has been around for quite some time now. However new technologies and the advancing digitalization have introduced new & more effective methods to undertake the KYC checks. During this course you will be introduced to modern tools & methods to assist you when undertaking KYC checks.
What you’ll learn
• How screening can be automized
• Including automatic false hit identification
• How software can assist in client identification procedures
• How third-party data can be integrated closely into your KYC systems
• How KYC analysts and automated software can work in efficient tandem
Intended audience
• Mid-High level AML compliance professionals
• Individuals looking to boost their knowledge & career in AML compliance
• Business owners of businesses which are required to comply with AML regulations
• AML Compliance Managers looking to improve the efficiency of their institutions AML systems
Course characteristics
| Content | Standard Course | Certified Course |
| AFC-Learning Nuggets | ✓ | ✓ |
| Knowledge Checks | ✓ | ✓ |
| Self-paced | ✓ | ✓ |
| Real-life example cases | ✓ | ✓ |
| Interactive tasks | ✓ | ✓ |
| 24/7 access anytime& anywhere | ✓ | ✓ |
| Up to date | ✓ | ✓ |
| Courses developed by experienced AML experts | ✓ | ✓ |
| Personalized Certificate | ✕ | ✓ |
| Bonus best practice tips | ✕ | ✓ |
| Useful downloadable bonus material | ✕ | ✓ |
| Bonus Digressions | ✕ | ✓ |
| Live Q&A Session with one of our training professionals | ✕ | ✓ |
| Marked final assessment | ✕ | ✓ |
Know-Your-Customer (KYC) is one of the most important parts within customer due diligence in the anti-money laundering process. Apart from understanding how KYC is done and creating a solid policy for your institution another very important aspect is the management of the KYC department. This includes organizing many different aspects, such as: case allocation, KYC Analyst teams, quality checkers, subject matter experts, case risk levels, deadlines and much more.
This modern KYC management course will introduce you to all aspects of managing a successful KYC team as a team lead or KYC manager. This way you can ensure that your KYC team meets all goals and deadlines ensuring the compliance of your institution and therefore preventing unnecessary fines.
Following let us look at some of the topics covered in this modern KYC management training:
Case Allocation
Which cases are to be done by which analyst? Bundling cases from the same client goup for example can reduce duplicate work. Having analysts specialized in certain legal entity types, jurisdictions or having a high risk case team can lead to higher efficiency due to specialization and bundling of experience.
Case Status
Keeping an overview of which cases have which status is also highly important in modern KYC management. Understanding which cases are in client outreach, which are in QC can help identifying bottlenecks and address them accordingly. Shifting cases depending on the deadlines, while not preferable, is sometimes necessary to manage the workload efficiently.
Case risk levels
In modern KYC management cases are divided by risk level in order to better estimate the expected processing times in order to make an accurate estimate on how many analysts are required in order to reach certain deadlines for example. High risk cases require investigations into the source of wealth and sorce of funds which is more time consuming than low/medium risk cases. This must be reflected accoridngly.
Reporting
Data collection and reporting is equally important in modern KYC management. Consolidating the vast amounts of data into concise charts to base decisions on is an essential part during complex KYC operations. Charrts and graphs help visualize the overall process and current case completion status efficiently and can facilitate decisions that must often be made in management calls with a limited timeframe. This modern KYC management training walks you through important KPI’s and common datapoints that can be used to measure the success of the KYC team.
All our courses are highly practical and use real life scenarios in order to prepare you for what can occur in your daily work. Monday morning readiness is a key philosophy that we apply to all our training courses.