KYC: Overview of Regulations and What We Need To Do (2025-02-26)
Compliance with KYC regulations can help keep money laundering, terrorism financing, and fraud can prevent an institution from having compliance related issues. W202511810A
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Wednesday, February 26, 2025
12:00 – 1:00 pm (Eastern Time)
11:00 – 12:00 pm (Central Time)
10:00 – 11:00 am (Mountain Time)
9:00 – 10:00 am (Pacific Time)
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?
1.0 CPE Credits & 1.2 AAP Credits