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