KYC: Overview of regulations and what we need to do!

On Demand Course

Instructor: Justin Muscolino

Duration: 1 HR

What You'll Learn

KYC (Know Your Customer or Know Your Client) can be a roadblock for any bad actor. As an institution, that’s what you want. Enacting proper protocols to prevent financial crimes are continuous challenges for institutions. Institutions must comply with a set of increasingly complex regulations for customer identity verification. KYC is a set of procedures for verifying a customer’s identity before or while doing business with banks and other institutions.

Compliance with KYC regulations can help prevent money laundering, terrorism financing, and fraud, and can prevent an institution from having compliance related issues. For onboarding specialists, we need to verify a customer’s identity, why they want to open an account and what’s the purpose for having such an account. Then, the continuous monitoring occurs to make sure that transactions don’t deviate from the original purpose of the account.

KYC is required for financial institutions that deal with customers during the opening process and maintaining their accounts with an institution. Remember, sometimes people become criminal in the course of time, not solely prior to the opening of an account relationship.

Who Should Attend?

Account Officers/Relationship Managers
Treasury Sales and Operations
Payments Professionals
Client Facing Teams
Deposit Operations/Electronic Banking
BSA and Fraud
Compliance Officers
Internal Audit
Information Security/Technology
Senior Management

About the Author:

Justin Muscolino

Justin is an expert in Compliance Training providing years of successful implementation of educational solutions for regulatory compliance initiatives designed to decrease risk and provide a robust compliance culture to an organization. He also effectively facilitates training from the board level to the rest of the organization and creates awareness using creative methods to capture audience’s attention and enhance their retention of knowledge. - Simultaneously operated compliance training company, Tweezzle, and consulting assignments while ensuring satisfied clients and increased revenue. - Deliver continued guidance, assistance, coordination, and follow-up on complex problems to ensure prompt and timely resolution. - Specializes in content creation and facilitation for various regulatory bodies and governmental agencies: CFPB, FDIC, FINRA, FinCen, Nacha, NCUA, NFA, OCC & SEC. - Regulatory topics such as AML/BSA/OFAC, cryptocurrencies, deposits, examinations, lending, privacy.

On-Demand Course