The objectives of KYC (Know Your Customer) as well as AML (Anti-Money Laundering) are to determine the true identity of the customer and the nature of their business. Watch this video or visit the full course at https://goo.gl/9JYejd.

The focus of KYC is not necessarily on detecting wrongdoing. Rather, KYC procedures enable banks to better understand their customers and their financial transactions and to prudently manage the risks. AML, on the other hand, focuses on detecting, monitoring, preventing and reporting money laundering. You can see an example of both in this video.

Content of this course:
introduction
General process
Notes on FATCA implementation
Formulate an end goal
FATCA challenges
Privacy Policy
Customer onboarding
Compliance at corporate level
Existing KYC and AML processes
Long-term approach
Internal vs. Outsourcing Action Plan
Changes to IT systems
Centralized vs. decentralized models
Outsourcing of business processes
Benefits of Business Process Outsourcing
Compare and contrast policies
Objectives of FATCA, KYC and AML
Due diligence and monitoring
Classification requirements
Check requirements
Reporting obligations
Withholding tax requirements
Diploma

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