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Insight : CUSTOMER DUE DILIGENCE

CUSTOMER DUE DILIGENCE

Managing the increased focus on non-financial misconduct


In this article we will look to define non-financial misconduct and highlight why it is of increasing importance to firms and other organisations across most industry sectors and jurisdictions.....More

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Football Rewind: the 4-3-3 lines of defence


The last few weeks would have seen the completion of the English Premier League season, followed by Euro 2020 hosted in a range of European cities. That was, until the world shifted.

A generation on the brink


Iona Bain explains how COVID-19 will shape young people’s financial lives, and considers measures necessary to save a ‘lost generation’....More

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3 weaknesses that led to Malaysia’s 1MDB scandal


1MDB, the financial scandal linked to prominent figures in Malaysia, is under investigation in a number of countries, and those alleged to have committed crimes are slowly being brought to justice.

CDD challenges all in compliance will recognise


Individuals working in compliance may know what they are required to do in respect of CDD – and know how to do it – but may be unsure or confused as to why. Here are four questions that those working in compliance and conducting CDD might be asking themselves on a regular basis.....More

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2020 will be uncertain and unpredictable. Here’s what compliance can do


Facebook’s tough few years symbolises the danger of underestimating risk. Compliance professionals can learn from the company’s mistakes to protect their own firms in an unpredictable environment in 2020.

Six steps to improve your customer due diligence


CDD is a key part of any firm’s anti money laundering and counter financing of terrorism (AML/CFT) framework. With this in mind, this blog looks at six steps that the reader can take to help improve their CDD.....More

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Understanding complex company structures – solving the puzzle


When it comes to customer due diligence (CDD) - what challenges do AML professionals in financial institutions face?

Why is it important to know your customer?


Do you ever truly know your customer? And, if you don't does it really matter?....More

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What is a KYC analyst?


What exactly is required of a KYC analyst? What are the specific duties and responsibilities that make up this key compliance function?

Why KYC is like building a house


Whilst the CDD process can be considered as a process with inputs and outputs I would like to put forward another way to think about this subject area. As my students know, I love a good analogy and the parallels I would like to draw with CDD is the building of a house.....More

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The importance of knowing your customer


Through the advent period, International Compliance Association will be publishing an insight on each Advent Sunday to focus on the topic of KYC – Know Your Customer. You have a copy of their passport, you have verified where they live and have checked their birthday against their driving licence (questionable photo and all), but do you really know your customer?

Understanding complex company structures – solving the puzzle


Verifying the identity of a customer can be as gloriously simple as meeting a customer face-to-face and taking a copy of their original passport and a utility bill. On the other side of the client due diligence (CDD) spectrum is trying to unravel a complex corporate structure and understanding the identity of the ultimate beneficial owner.....More

Do you really know your customer?


Do you know your customer? Do you? Really? If someone asked you to “sum up the financial crime risks posed by the relationship”, would you be able to do it?

Infographic: ICA Open Day - 13 September 2016


Still wondering whether to come to the ICA Open Day (or one of the local sessions)? Then have a look at our infographic for a few compelling reasons to register your place this year.......More

The FCA Annual Report: taking a closer look


Here in the UK, after weeks of blanket media coverage around Brexit, a change of Prime Minister and the legal complexities involved in the Labour leadership election, we could be forgiven for wanting a change of subject matter. So the Financial Conduct Authority’s (FCA) Annual Report for 2015/16 could provide a welcome respite for financial services professionals, though it’s not exactly what you might call light reading.

EBA proposed guidelines on the risk based approach and CDD risk factors


New EU Guidelines on Risk Factors and Simplified and Enhanced CDD: It’s all about the risk-based approach so get ahead with the ICA.....More

Infographic: ICA Open Day - 3 February 2016


Still wondering whether to come to the ICA Open Day (or one of the roadshows)? Then have a look at our infographic for a few compelling reasons to register your place this year

The importance of effective and meaningful customer due diligence (CDD)


The profile of money laundering and terrorist financing risk has seen exponential growth, and the stakes have never been higher.....More

MTOs in the Pacific rising to the de-risking challenge


Remittance streams from family members living overseas form an essential source of money for many people living in the Pacific region, and a significant proportion of the GDP of many Pacific islands. However, recently these flows of money have come under threat as many global banks have ceased providing banking services for money transfer operators (MTOs) in the region, due to heightened sensitivity to AML and CFT requirements.

PEPs: it’s not working, let’s face it. It's time to rethink our approach


It is time for a fundamental rethink of how regulators, lawmakers and firms manage the risk of Politically Exposed Persons (PEPs). What we are doing now is clearly not working.....More

Why education and training is so important for the financial services sector


After 40 years teaching and training in universities and professional bodies, I was recently asked a question by a student about how, after so much time, it was possible to maintain keenness and enthusiasm about the subject matter of the class.

Enhanced Due Diligence – CDD on Steroids?


But could it generate career opportunities in compliance roles in Jersey? Or, as John Harris, Director General of the Jersey Financial Services Commission (JFSC) quoted in his speech at the November 2011 Jersey Economic and Financial Crime Symposium:“Client Due Diligence (CDD) Plus Plus”....More

New year, new law


As this is the start of the New Year, the imminent start of the Lunar New Year of the Dragon and my first offering for the ICA blog, it seems appropriate to give an overview of the AML situation here in Hong Kong and to look ahead to the new law that takes effect on 1st April 2012.

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