Know Your Customer (KYC) Compliance

Overview
Objectives & Outline
Methodology
Participant Profile
Trainer

Overview

Programme Details
Date
31 July 2023
Time
9:00 AM – 5:00 PM
Venue
Asian Banking School
HRDC PROG NO
10001291932
This one-day programme is designed to enable industry practitioners to comprehend the essential concepts and elements governing an effective KYC process. KYC compliance provides benefits to both the bank and its customers, such as reducing risk for the bank, improving customer service and as a means of deterring terrorism financing and financial crimes.
Learning Level
Intermediate
Programme Fees*
AICB MEMBER
MYR
1,700
/ PAX
NON-MEMBER
MYR
2,000
/ PAX
*Subject to 6% Service Tax
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Objectives & Outline
LEARNING OBJECTIVES
By the end of the programme, participants will be able to:
Understand the purpose of KYC and the importance of KYC in the bank’s AML/CFT framework
Develop customer identification processes and verify customers on a regular basis according to regulatory requirements
Overcome challenges on KYC compliance
Plan and implement risk-based on-going compliance monitoring based on customers’ risk profile
PROGRAMME OUTLINE
Regulatory requirements on KYC compliance
What is KYC?
Why is KYC important?
Regulatory obligation on the KYC process
Type of KYC in the banking sector
KYC vs CDD

KYC process flow
Collection and verification of KYC data and information
Benefits of KYC
Verification on corporate entities
Source of fund & source of wealth
How often banks need to update KYC information
Challenges on KYC process

Customer screening and profiling
Customer screening
Customer risk profile
Customer Due Diligence (CDD)
Enhanced Due Diligence (EDD)
Ongoing screening and trigger event
Updating customer profile

KYC compliance in the digital era
eKYC requirements
FATF’s guidance on digital identity
Customer risk profile for non-face-to-face onboarding
Delivery of digital financial services
Challenges on on-going KYC & CDD for eKYC

Identification of ultimate beneficial owner (UBO)
How do banks identify UBO?
FATF Recommendation 24 on beneficial ownership of legal persons
Challenges in determining ultimate beneficial owner
Data sources for beneficial ownership verification
Updating of beneficial ownership – periodic and trigger event

On-going monitoring
Transaction monitoring and reporting
Mitigating ML/TF risk on cross border remittances
Setting frequency for KYC refresh or update
Defining customer exit criteria and approval
Risk-based transaction thresholds for different customer risk profile
Challenges in ensuring KYC information is up-to-date

Know Your Customer’s Customer (KYCC) for trade finance
Risk-based approach on KYCC
Know the beneficiary of your customer’s business activities
Maintenance of customers’ customer – system vs manual
Periodic review and update of KYCC information
Challenges on third-parties due diligence under the KYCC requirements
Methodology

Lecture style presentation, interactive discussion and sharing of experiences
Participant Profile
Compliance function
Centralised customer due diligence function
Business unit responsible for customer on-boarding
Branch’s personnel responsible for account opening
Internal auditor
Trainer

Ellie Chai Soh Ying
Ellie is a seasoned banker with a total of 27 years experience with 3 local and 3 foreign banks with extensive background in operational risk, audit and compliance. She started her career in banking industry in 1995 and has served in various capacities and departments including branch operations, loan documentation department, risk management department, compliance department and audit department.

In her career, she has helped spearhead the compliance monitoring and testing team with the objective to enhance compliance oversight and monitoring on regulatory compliance and financial crime compliance. She is also responsible in creating risk awareness and promoting strong compliance culture while building a good rapport with the regulators.
She believes in striking a balance between regulatory requirements without jeopardizing business objectives where compliance should act as the business strategic advisor and risk assessor to provide help, guidance and reassurance.

Ellie holds a professional degree in Chartered Secretaries & Administrators from Malaysian Institute of Chartered Secretaries and Administrators. She has also attained the Certified Professional in Financial Crime Compliance issued jointly by AICB and International Compliance Association (ICA), ICA Professional Postgraduate Diploma in Financial Crime Compliance and a certified HRDF trainer.

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