KYC COMPLIANCE
• Understand the regulatory framework and best practices for KYC compliance.
• Identify the key elements of a robust KYC program.
• Implement customer identification and verification procedures.
• Maintain accurate and up-to-date customer records.
• Ensure compliance with regulatory reporting requirements.
CUSTOMER RISK ASSESSMENT
• Develop a comprehensive customer risk assessment methodology.
• Classify customers based on their risk profiles.
• Implement risk-based due diligence measures.
• Conduct ongoing monitoring and review of customer risk.
• Escalate high-risk customer cases for enhanced due diligence.
ENHANCED DUE DILIGENCE
• Identify triggers for enhanced due diligence.
• Gather and verify additional information for high-risk customers.
• Conduct in-depth investigations and source of wealth/funds analysis.
• Implement enhanced monitoring and reporting procedures.
• Document and maintain evidence of enhanced due diligence processes.
MONITORING AND REPORTING
• Establish effective transaction monitoring systems.
• Identify and investigate suspicious activities.
• Report suspicious transactions to the relevant authorities.
• Maintain comprehensive audit trails and documentation.
• Respond to regulatory inquiries and information requests.
SANCTIONS AND POLITICALLY EXPOSED PERSONS (PEPS)
• Understand the regulatory framework for sanctions and PEPs.
• Implement screening and identification procedures for sanctions and PEPs.
• Conduct enhanced due diligence on sanctioned individuals and entities.
• Manage the risks associated with PEP relationships.
• Ensure timely reporting and escalation of sanctions and PEP-related activities.
ANTI-MONEY LAUNDERING (AML) STRATEGIES
• Assess the organization’s AML risks and vulnerabilities.
• Design and implement robust AML policies and procedures.
• Train and empower employees to detect and report suspicious activities.
• Leverage technology and data analytics to enhance AML capabilities.
• Continuously review and update the organization’s AML program.
