Managing Higher Risk Business Customers - Risk Based Approach to KYC and KYCC

In this webinar participants will learn how to comply with regulations related to due diligence of business customers and the best practices for taking a risk-based approach to Know Your Customer (KYC) and Know Your Customer's Customers (KYCC).

Why Should You Attend:

Financial institutions and others in the payments ecosystem must comply with regulations related to due diligence of business customers, as well as ongoing monitoring of their portfolios. A strong KYC program also includes an assessment of business customer risk. How can financial institutions and processors effectively determine what the risks are and how to manage them? This session will provide guidance on assessing business customer risk both at on boarding and ongoing, as well as best practices for taking a risk-based approach to Know Your Customer (KYC) and Know Your Customer's Customers (KYCC).

Learning Objectives:

• Learn about some tactics fraudsters are using to hide who they are and what they really do
• Discover the value of Business Customer Intelligence - fully understanding your business customers
• Learn about the synergies with transaction monitoring
• Examine some case studies where illegal or prohibited businesses have been found in financial institution's portfolios
• Learn about regulations related to managing some specific higher risk customers such as third party payment processors/third party senders

Areas Covered in the Webinar:

• The value of developing a risk-based approach for AML
• Best practices for KYC (Know Your Customer) and transaction monitoring
• What de-risking is and how to avoid it
• Fraud examples
• Synthetic Identities
• Business Customer Intelligence
• Synergies with transaction monitoring
• Misclassified businesses
• Reputation monitoring
• Negative news findings
• Regulations related to managing third party payment processors/third party senders
• Best practices
• Benefits

Who Will Benefit:

• Risk and Compliance staff & 0fficers at banks, payment processors, and alternative payment providers
• Product Managers at banks, payment processors and alternative payment providers
• Financial intelligence unit staff
• Relationship Managers at financial institutions who deal with higher-risk customers
• BSA/AML Officers
• Compliance Officers
• Risk Managers
• Financial Crimes Officers
• Alternative Payment Providers