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Insight : CUSTOMER DUE DILIGENCE
CUSTOMER DUE DILIGENCE
Managing Sanctions Risk: What are the keys to successful implementation
In early December, we hosted a webinar on the challenges faced by organisations in light of the huge changes in the sanctions landscape in 2022..... More
[E-book] The Future of KYC
Know your customer (KYC) controls, including customer due diligence (CDD), remain fundamental steps in identifying a customer’s identity, and assessing their inherent level of risk
How effective beneficial ownership searches leverage technology
Where is the sweet spot on understanding the UBO of the entities your firm does business with?.... More
Adaptability: An overlooked, and underrated, compliance skill
This Insight article explores the importance of adaptability as a soft skill for compliance professionals, focusing on the different types of adaptability skills, the reasons why adaptability is so important for compliance professionals and the ways in which to improve upon your adaptability.
The smartest guys in the room – how to deal with cultural arrogance
Arrogance is an unpleasant trait to deal with in our career. It is, however, everywhere. Learning how and when to face it will be a long-term useful skill..... More
Mind your language
Words matter, as risk and compliance professionals it is vital that this is understood and acted upon. A misunderstanding can lead to a costly mistake so by understanding the nuances of language you can be better placed to communicate well with colleagues and stakeholders.
NFTs: the future, a craze or a risky business?
This Insight article focuses on the recent surge in popularity of NFTs, specifically detailing what NFTs are, the risks associated with them and what the future holds for the technology..... More
The big crypto conversation - MENA conference
The regulation of virtual assets will be high on the agenda at ICA Live: MENA, with a current and a former regulator driving the conversation.
A 2022 Compliance Wish List
This article recaps some of the developments we would like to see in the compliance world in the upcoming year.... More
A milestone case in Singapore: Failing to perform KYC/CDD & false statements
Proper due diligence work is very important; so important, that it is vital it isn’t undermined in practice by banking and finance professionals, nor by the firms in which they work.
The importance of transaction monitoring – and the cost of getting it wrong
In this week’s #ICAInsight, Teodora Harrop considers what can be learnt from recent enforcement action and provides best practice examples from which firms can learn..... More
How firms can protect vulnerable customers
Recent research from the FCA revealed that, by October 2020, 27.7 million adults (53%) possessed some characteristics of vulnerability
A year to remember
2020 has been a year that most of us would gladly forget. Nevertheless, as we look towards 2021, it is worth considering the lessons learned over the last 12 months, assessing the evolving landscape, and (where possible) drawing on any positives that have come to light. This article considers some of the main features of fraud in 2020 and highlights potential trends for the coming year..... More
Managing the increased focus on non-financial misconduct
In this article we will look to define non-financial misconduct and highlight why it is of increasing importance to firms and other organisations across most industry sectors and jurisdictions.
Football Rewind: the 4-3-3 lines of defence
The last few weeks would have seen the completion of the English Premier League season, followed by Euro 2020 hosted in a range of European cities. That was, until the world shifted..... More
A generation on the brink
Iona Bain explains how COVID-19 will shape young people’s financial lives, and considers measures necessary to save a ‘lost generation’
3 weaknesses that led to Malaysia’s 1MDB scandal
1MDB, the financial scandal linked to prominent figures in Malaysia, is under investigation in a number of countries, and those alleged to have committed crimes are slowly being brought to justice..... More
CDD challenges all in compliance will recognise
Individuals working in compliance may know what they are required to do in respect of CDD – and know how to do it – but may be unsure or confused as to why. Here are four questions that those working in compliance and conducting CDD might be asking themselves on a regular basis.
2020 will be uncertain and unpredictable. Here’s what compliance can do
Facebook’s tough few years symbolises the danger of underestimating risk. Compliance professionals can learn from the company’s mistakes to protect their own firms in an unpredictable environment in 2020..... More
Six steps to improve your customer due diligence
CDD is a key part of any firm’s anti money laundering and counter financing of terrorism (AML/CFT) framework. With this in mind, this blog looks at six steps that the reader can take to help improve their CDD.
Understanding complex company structures – solving the puzzle
When it comes to customer due diligence (CDD) - what challenges do AML professionals in financial institutions face?.... More
Why is it important to know your customer?
Do you ever truly know your customer? And, if you don't does it really matter?
What is a KYC analyst?
What exactly is required of a KYC analyst? What are the specific duties and responsibilities that make up this key compliance function?.... More
Why KYC is like building a house
Whilst the CDD process can be considered as a process with inputs and outputs I would like to put forward another way to think about this subject area. As my students know, I love a good analogy and the parallels I would like to draw with CDD is the building of a house.
The importance of knowing your customer
Through the advent period, International Compliance Association will be publishing an insight on each Advent Sunday to focus on the topic of KYC – Know Your Customer. You have a copy of their passport, you have verified where they live and have checked their birthday against their driving licence (questionable photo and all), but do you really know your customer?.... More
Understanding complex company structures – solving the puzzle
Verifying the identity of a customer can be as gloriously simple as meeting a customer face-to-face and taking a copy of their original passport and a utility bill. On the other side of the client due diligence (CDD) spectrum is trying to unravel a complex corporate structure and understanding the identity of the ultimate beneficial owner.
Do you really know your customer?
Do you know your customer? Do you? Really? If someone asked you to “sum up the financial crime risks posed by the relationship”, would you be able to do it?.... More
Infographic: ICA Open Day - 13 September 2016
Still wondering whether to come to the ICA Open Day (or one of the local sessions)? Then have a look at our infographic for a few compelling reasons to register your place this year...
The FCA Annual Report: taking a closer look
Here in the UK, after weeks of blanket media coverage around Brexit, a change of Prime Minister and the legal complexities involved in the Labour leadership election, we could be forgiven for wanting a change of subject matter. So the Financial Conduct Authority’s (FCA) Annual Report for 2015/16 could provide a welcome respite for financial services professionals, though it’s not exactly what you might call light reading..... More
EBA proposed guidelines on the risk based approach and CDD risk factors
New EU Guidelines on Risk Factors and Simplified and Enhanced CDD: It’s all about the risk-based approach so get ahead with the ICA.
Infographic: ICA Open Day - 3 February 2016
Still wondering whether to come to the ICA Open Day (or one of the roadshows)? Then have a look at our infographic for a few compelling reasons to register your place this year.... More
The importance of effective and meaningful customer due diligence (CDD)
The profile of money laundering and terrorist financing risk has seen exponential growth, and the stakes have never been higher.
MTOs in the Pacific rising to the de-risking challenge
Remittance streams from family members living overseas form an essential source of money for many people living in the Pacific region, and a significant proportion of the GDP of many Pacific islands. However, recently these flows of money have come under threat as many global banks have ceased providing banking services for money transfer operators (MTOs) in the region, due to heightened sensitivity to AML and CFT requirements..... More
PEPs: it’s not working, let’s face it. It's time to rethink our approach
It is time for a fundamental rethink of how regulators, lawmakers and firms manage the risk of Politically Exposed Persons (PEPs). What we are doing now is clearly not working.
Why education and training is so important for the financial services sector
After 40 years teaching and training in universities and professional bodies, I was recently asked a question by a student about how, after so much time, it was possible to maintain keenness and enthusiasm about the subject matter of the class..... More
Enhanced Due Diligence – CDD on Steroids?
But could it generate career opportunities in compliance roles in Jersey? Or, as John Harris, Director General of the Jersey Financial Services Commission (JFSC) quoted in his speech at the November 2011 Jersey Economic and Financial Crime Symposium:“Client Due Diligence (CDD) Plus Plus”
New year, new law
As this is the start of the New Year, the imminent start of the Lunar New Year of the Dragon and my first offering for the ICA blog, it seems appropriate to give an overview of the AML situation here in Hong Kong and to look ahead to the new law that takes effect on 1st April 2012..... More
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