Due Diligence & Know Your Customers - Customer Due Diligence (CDD) Requirements For Financial Instituitions

Workshop Overview

It’s been said that the requirements of KYC and due diligence come from over taxed and regulated nations making international banking difficult to so these nations can better tax their citizen’s incomes. This is correct, but it is also, now more than ever, about protecting our nations’ economies, to promote fiscal stability, and to do this by denying evildoers profits through the involvement of our institutions or ultimately the control of our financial institutions.

Due Diligence is not a noun it is a verb. Thus, due diligence is not a finite duty, due diligence is an ongoing standard of care; it is not part of KYC, or even part of management. Due Diligence is not insuring you get what you paid for that is a subjective value judgment correctly stated. Due Diligence is an understanding of why we make the choices we make and choosing to make those choices fully informed choices, in business and in life. Due Diligence is the process to make the best possible, well informed choices in any situation.

The heart of KYC is risk assessments. It is about really knowing your client, their commercial lives and a bit of their private lives to correctly please them in a appropriate risk category that will be regularly reassessed.

The future for the financial world will demand KYC on all clients when on boarding and the level and quality of information will continue to grow in scope and depth. The flip side of this is now these very same expenses can be a source of revenue. Financial institutions could become identity vouchers having checked and doubled checked a background – like a seal of good background keeping. Combine this with the ability to analyze and use the information on their clients, could provide an insight to a client on simple issues such as creditworthiness or the need for additional financial products, like insurance. A good financial institution will really know their customers.

This information when aggregated can also be used for marketing or for possible screening applications, such as for employment. The Future of banking will be more automated, more customer interactions occurring remotely, more and more social trading and investing platforms will appear including the decentralization of depositor and lenders, lending and investments.

Understand the process of due diligence and enhanced due diligence from the man who wrote the book. It will focus on the elemental concepts of Due Diligence and KYC – to avoid bad customers, getting fined, or worse.

Key benefits of attending this workshop

By end of this course, delegates will be able to:

  • ACHIVE proper due diligence with a tactical and strategic advantage over competition
  • GET better customers with fewer regulatory concerns
  • UNDERSTAND the process of due diligence
  • ENHANCE due diligence from the man who wrote the book himself
  • FOCUS on elemental concepts of Due Diligence and Know Your Customers
  • AVOID bad customers, getting fined, or worse
  • DEVELOP Due Diligence to a level of practice of inquiry
  • UNDERSTAND the structured and systemic science and how human think
  • IMPROVE choices via comprehensive information through time tested processes
  • MINIMIZE errors
  • COVER customer on-boarding, sources of funds and wealth, customer questionnaires including financial institution’s core competencies

Who Should Attend?

  • Officers from Financial Firms, Banks, Insurance Companies, Lenders
  • Fund Managers and Administrators
  • Securities Broker Dealers
  • Trust Companies and Financial Management firms
  • All levels of Management and Compliance and Marketing
  • Risk Managers
  • Lawyers
  • Accountants specializing in the financial industry
  • Members of Audit Committee and Risk Committees
  • Regulators
  • Deal makers

Why You Should Attend?

Proper due diligence provides a company with a tactical and strategic advantage over competition. Who does not want better customers and fewer regulatory concerns? This webinar will provide clear understanding of the process of due diligence and enhanced due diligence from the man who wrote the book. It will focus on the elemental concepts of Due Diligence and KYC – to avoid bad customers, getting fined, or worse.

The two days seminar is about developing your Due Diligence to a level of practice of inquiry based upon understandings of structured and systematic science and how we as humans think. Due Diligence empowers better choices via comprehensive information, applied through time tested processes to minimize errors. Due Diligence improves risk assessment, choice management and improves the quality and variety of choices to be made. It will explain the process of customer due diligence and enhanced due diligence. It will cover customer on-boarding, sources of funds and wealth, customer questionnaires including financial institution’s core competencies.