KYC/AML - How Financial Institutions Assess Customer’s Financial Crime Risks

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Money Laundering which has continued to evolve in scope and sophistication is a serious financial crime. This has been criminalised to take profit out of crime so that criminals won’t benefit from proceeds of their criminal activity. Financial institutions are required to proactively adopt strong and robust anti-money laundering and anti-terrorist financing measures/policy regimes that are compliant with global and local regulations. Therefore, it is mandatory that they assess the AML/ financial crime risks that a customer poses by carrying out appropriate customer due diligence (CDD). 

CDD encompasses knowledge, understanding and information based on a customer throughout the lifecycle of the relationship including transactions and use of products. This starts with basic KYC (Know Your Customer) questions: who a customer is, where is the customer from and why does the customer want to use the bank product? Thus, customer’s profile determines their risk rating (low, medium, high risk or PEP) and the right CDD pathways model that should apply to them (Simplified CDD, Standard CDD, Targeted CDD and Enhanced CDD). 

The focus of this training is on how financial institutions assess the risks a customer poses drawing on the basic KYC questions. We will pay particular attention to the aspects of the customer’s profile that may increase their inherent risk of money laundering/financial crime. This knowledge would be useful to KYC/AML analysts and to those who are considering starting a career in KYC /AML Analysis. 

Facilitators:

Soboyede Ayodeji currently works for Lloyd's Banking Group as KYC/AML Analyst. He holds LLB (Hons) and LLM in Business and Commercial Law. 

Pius Ayogu works for KPMG as a QC Analyst. In his previous role with Barclays he was a Senior KYC/AML Analyst and a QA. Pius holds BSc and MSc from the University of Nigeria, LLB from Strathclyde and MBA from Aberdeen.

Follow-up details:

After the training, participants will be provided with information about additional courses and support available through the Baseline Careers Network,