What you'll learn:
- Obtain a Certificate of Completion issued by The Elite Compliance Group
- What is Know Your Client? - KYC Concepts
- Entity Types - Natural Person, Government and State Owned Entity (SOE), Recognized Regulated Entity, Recognized Listed Entity, SPV, PIV, CIS, Trusts & more.
- Determining Client Risk Rating and Due Diligence Level - Risk Types, Due Diligence Types, Per Se and Additional Risk Factors
- Client Due Diligence - Identification, Verification, Plausibility, Validation
- Identifying and Understanding the Client - Nature of Business, Source of Funds, Source of Wealth, CSMs, Ownership and Ultimate Beneficial Owners & more
- Name List Screening (NLS), Politically Exposed Persons (PEP)
- Adoptions, Extensions and Reviews (NCA, RR, EDR, CDD, EDD) and Exit Protocol (Offboarding)
This course is a complete, basic to advanced, walkthrough for the KYC process, going from entity types, due diligence types, risk types and risk scores, name list screening and adverse media screening, politically exposed persons (PEPs), identifying UBOs (ultimate beneficial owners), adoptions (onboarding new clients), regular reviews (periodic reviews), event triggered reviews, but also a more in depth view of certain business specific KYC requirements for Money Service Businesses (MSBs), cash intensive businesses, gambling companies, Special Purpose Vehicles (SPVs), Collective Investment Schemes (CIS), Correspondent Banking, Underlying Principals and much, much more!
Once you have completed the entire course you will receive via Udemy message all the presentations and articles used in the course in .pdf format (KYCManual).
Besides Udemy's certificate, we additionally offer a Personalized Certificate of Completion issued by The Elite Compliance Group, upon request. To obtain yours, simply send us a private message through Udemy, including the name you'd like to see on the certificate.
Please consider that due to high demand the certificates are processed and issued at the end of each month. For instance, if you request a certificate in January, it will be provided in February.
Below you can find the full course index.
The course also contains small questionnaires for you to check your acquired knowledge for some of the sections.
Full Course Index:
What is Know Your Client?
KYC Concepts
What is the KYC End to End Process?
KYC Requirements
Step 1 - Entity Type
Establishing the Status of the Client
Parent or Holding Company
Subsidiary Company
Branch
Entity Types
Natural Person
Government and State Owned Entity (SOE)
Recognized Regulated Entity or Branch
Recognized Listed Entity
Private Entity
Special Purpose Vehicle (SPV)
Private Investment Vehicle (PIV)
Collective Investment Scheme (CIS)
Trust Entity
Foundation Entity
Charities and Political/Religious Associations
Financial Technology, Gambling, Money Service Businesses
Step 2 Determining Client Risk Rating and Due Diligence Level
Risk Types
Due Diligence Types (Simplified Due Diligence - SDD, Client Due Diligence - CDD, Enhanced Due Diligence - EDD)
Initial Risk Rating
Due Diligence Level
Per Se and Additional Risk Factors
Per Se Risk Factors
Additional Risk Factors
Step 3 Client Due Diligence
Identification
Verification
Plausibility
Validation
Acceptable Information Sources
Audited Annual Report
Government Issued Identification Documents
External Professional Attestation
Use of Third Party Service Providers
True Copy Certification (TCC) Requirements
RR (regular review), EDR (event triggered review) and Re-Activation of Client Relationships
Language/Translation Requirements
KYC Requirements - Identifying and Understanding the Client
Gathering Client Information and Determining Legal Form
Confirm the Capacity in which the Client Acts
Client’s Address
Guarantors
Legal Entity Identifiers
Which products are in scope for LEI?
Nature of Business and Purpose of Relationship
Understanding the Nature of Business
Holding Company
Understanding the Purpose of Relationship
Business Restrictions and Prohibited Industries
Source of Funds
Identifying the Source of Funds
Normal Business Activity
Activities other than Normal Business
Verifying the Source of Funds
Assessing the Source of Funds
Client Senior Managers
Identifying and Verifying Client Senior Managers
Non-natural Person Client Senior Managers
Client Senior Managers with “Significant Control”
Definition of “Significant Control”
Indicators of “Significant control”
Example: How to form an assessment of a CSM with significant control
Client Senior Managers Identified as Politically Exposed Persons
Risk Indicators
Other Relevant Parties
Persons Acting on Behalf of the Client
Broker relationships
Market Infrastructure and other service providers
Research services
Collateral Arrangements
Securities Services
Ownership and Ultimate Beneficial Owners
Beneficial Ownership Drilldown Requirements
Beneficial Ownership Drilldown for Special Entity Type Client or IBO
Share Types (excluding Bearer Shares)
Bearer Shares
Ownership Structure during a Merger and Acquisition
Creating an Ownership Chart
Application of Accumulation and Domination Calculation Methodologies
Accumulation Methodology
Domination Methodology
Source of Wealth
Identifying the Source of Wealth
Verifying the Source of Wealth
Assessing the Source of Wealth
Name List Screening
Entities and/or Individuals to Screen
Reviewing and Discounting Hits - Validating Hits
Materiality of Hits
Politically Exposed Persons
Identification of a PEP
Identification of a RCA
CSM PEPs in Governments and State Owned Entities (SOEs)
PEP Requirements
Assessment of a PEP’s Role
Reclassification as a non-PEP
Adoptions, Extensions and Reviews
New Client Adoption
Abandonments
Cross Jurisdictional and Multi-Jurisdictional Adoption
Cross Jurisdictional and Divisional Adoption
Multi-Jurisdictional Adoption
New Product Extension
Regular Review
Event Driven Review
Client Exit Protocol
Business Specific KYC Procedures
Money Services Business and FinTech (Financial Technology)
Definition of a MSB
Definition of a FinTech
The FinTech/MSB Review Panel
Gambling
Definition
KYC Requirements
Special Purpose Vehicles
Definition
KYC Requirements
SPV Relevant Party Key Considerations
Common Orphan SPVs types
KYC requirements for Orphan SPV
Documentation Requirements
Correspondent Relationships
Syndicated Lending and Secondary Loan Trading
Guarantors
Definition
KYC Requirements
Correspondent Banking
Definition
KYC Requirements
Agent and Underlying Principal Relationships
Definition
General Due Diligence Requirements for UPs (CIS and Mandates)
Investment Manager Due Diligence Requirements
Investment Manager Regulated Status
Investment Advisor Due Diligence Requirement
Sub-Investment Advisors / Managers KYC Requirement
CIS Summary Due Diligence Requirements
Parties to a CIS Relationship
Recognized Regulated / SEC Registered IM
Non Recognized Regulated / Non-SEC Registered IM / Due Diligence Local Product specific Requirements
Due Diligence Requirements when CIS is acting as Principal
Broadly Distributed Option
Reliance Letter Option
Email Confirmation Option
Where there are no UBO’s identified
Mandate Summary Due Diligence Requirements
Recognized Regulated / SEC Registered IM and UP is a Mandate
Non Recognized Regulated / Non-SEC Registered IM
Final notes
Waivers
Red Flags
Glossary
