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AML, Know your Client (KYC) and Customer Due Diligence (CDD)

Self-paced. Available any time. Endorsed Certificate. Get started today!


European Institute of Management and Finance

Summary

Price
£95 inc VAT
Or £31.67/mo. for 3 months... Read more
Study method
Online, self-paced
Duration
5 hours
Access to content
90 days
Qualification
No formal qualification
CPD
5 CPD hours / points
Additional info
  • Exam(s) / assessment(s) is included in price

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Overview

A key concern and significant risk for financial institutions remain the possibility of unknowingly becoming complicit in money laundering actions, where illegitimate money is moved into legitimate institutions. In order to mitigate such risk, FIs have strengthened their internal control systems by increasingly making use of Know Your Customer (KYC) and Customer Due Diligence (CDD) requirements, as part of their anti-money laundering (AML) strategies.

CPD

5 CPD hours / points
Accredited by The CPD Standards Office

Course media

Description

KYC/CDD is a critical element for effectively managing the risks posed by potential clients (thus protecting the organization against criminals, terrorists, and Politically Exposed Persons (PEPs) who might present a higher risk) and possible dubious actions by existing customers that need to be regularly reassessed.

This course provides essential knowledge for KYC and CDD procedures which are key tools in assessing customer risk and a legal requirement to comply with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) laws. Effective KYC/CDD involves knowing a customer’s identity and their financial activities, ongoing monitoring of business activities, and identifying and mitigating the AML/CFT risk a business relationship may pose on the regulated entity.

Topics covered

• An introduction to KYC/Customer Due Diligence (CDD)

• The value of Customer Due Diligence (CDD)

• CDD: Establishing and maintaining a strong CDD programme

Format

• Register at any time for this online course
• Study in your own time and at your own pace (you have up to 3 months to complete)
• Assessed by online multiple-choice questions

Accreditation and CPD Recognition

This programme has been developed by the European Institute of Management and Finance (EIMF), an EU recognised training institution.

The syllabus is verified by external subject matter experts and may be accredited by financial regulators such as the FCA, and general financial training accreditation bodies, such as CISI and ACAMS, for 5 CPD Units.

Who is this course for?

This module is addressed to all individuals who practice Anti-Money Laundering such as Compliance/AML Managers in Banks, Investment Firms, Investment Funds, Trust Service Corporate Providers and Lawyers.

Requirements

N/A

Questions and answers

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FAQs

What does study method mean?

Study method describes the format in which the course will be delivered. At reed.co.uk courses are delivered in a number of ways, including online courses, where the course content can be accessed online remotely, and classroom courses, where courses are delivered in person at a classroom venue.

What are CPD hours/points?

CPD stands for Continuing Professional Development. If you work in certain professions or for certain companies, your employer may require you to complete a number of CPD hours or points, per year. You can find a range of CPD courses on reed.co.uk, many of which can be completed online.

What is a ‘regulated qualification’?

A regulated qualification is delivered by a learning institution which is regulated by a government body. In England, the government body which regulates courses is Ofqual. Ofqual regulated qualifications sit on the Regulated Qualifications Framework (RQF), which can help students understand how different qualifications in different fields compare to each other. The framework also helps students to understand what qualifications they need to progress towards a higher learning goal, such as a university degree or equivalent higher education award.

What is an ‘endorsed’ course?

An endorsed course is a skills based course which has been checked over and approved by an independent awarding body. Endorsed courses are not regulated so do not result in a qualification - however, the student can usually purchase a certificate showing the awarding body’s logo if they wish. Certain awarding bodies - such as Quality Licence Scheme and TQUK - have developed endorsement schemes as a way to help students select the best skills based courses for them.

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