The Complete and Ultimate Guide to Know Your Client (KYC)

Learn the entire in-depth process of Know Your Client (KYC) - Basic to Advanced - 2022

What you'll learn
Obtain Certificate of Completion (additional to the one provided by Udemy): .pdf format, personalized URL and unique QR code for verification.
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)
Requirements
Previous level of knowledge can help completing the course more quickly, although it is not necessary since this is a full course on the end to end KYC process, basic to advanced.
Description
This course is a complete, basic to advanced, walkthrough for the KYC process, going from entity types, due diligence types, risk types, name list screening and adverse media, politically exposed persons, adoptions, regular reviews, event triggered reviews, but also a more in depth view of certain business specific KYC requirements for Money Service Businesses, Gambling companies, SPVs, CIS, Correspondent Banking, Underlying Principals and much, much more!

Once you have completed the entire course, you can request your personalized Certificate of Completion.

I will provide you in 24 hours the .pdf version (which includes the unique QR code) and the personalized URL where your certificate will be published. Other electronic formats are available on request.

This Certificate is provided in addition to the one offered by Udemy.

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

Private Investment Vehicle (PIV)

Collective Investment Scheme

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

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, EDR 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

Who this course is for
Regulatory Compliance
Compliance Analysts
Compliance Managers
KYC Analysts / Know Your Client Analysts
KYC Managers
AML/TF(Anti Money Laundering and Terrorist Financing) Analysts
AML/TF Managers
Corporate KYC/AML Analysts
Onboarding Analysts
Anyone in the financial compliance sector (private companies, regulated or non-regulated companies, banking, real estate, lawyers, or public sector employees).