In 2016, we wrote the KYC fundamentals guide as a primer for companies that were looking at KYC for the first time. The guide has been downloaded more than 10,000 times from our resource page. The guide covered the basics of a KYC program, but what about the most challenging aspects of KYC? What do Financial Institutions do when faced with real more complex situations? That’s what this email series is about.
IdentityMind supports clients around the world for their KYC needs and the topics included in this email series cover what we have heard the most in the past five years of experience with our clients.
These are the topics covered in the email series:
- The importance of document validation… not OCR. It covers the distinction between OCR and document validation, and why validation is truly important when it comes to compliance.
- Establishing Beneficial Ownership. What is it exactly and what you should pay attention to FinCEN’s rule and EU Fourth Directive.
- Source of Funds and Source of Wealth. What is the difference and why does it matter.
- Non Face to Face Identity Validation in Canada. What are your options when digitally onboarding a client to meet Canada’s FinTRAC rules.
- Sanctions Related to Multi-Character Identity Data and Foreign Countries. How to deal with lists that have names, addresses in Latin, Arabic, Mandarin character sets.
- Virtual Currencies. OFAC list includes virtual currency addresses as part of the Iran sanctions, how to find and apply it to your sanctions program.
- High-Risk User Based on Behavior. What to look for as early indicators of changes in behavior.
- Once a PEP, Always a PEP. Where does this come from and what is meant by it.
- The “Close Associate” Problem. When evaluating PEPs how do you find if there are close associates, and what does it mean really.
- Synthetic Identities. One of the key identity theft mechanisms to understand and monitor for.
- Accredited Investors – What It Is and Why It Matters. We’ll cover different countries, including United States, Canada, Singapore, and UK.
- Enhanced Due Diligence (EDD): Tracking and Dealing with High-Risk Clients. Once you understand who are your high-risk users you need to know how to monitor them.
- Sanctions/PEP Screening, Adverse Media and False Positives. As every member of the screening team knows, most of the hits are not the people that are on those lists.
- GDPR and CCPA Impact to KYC. How are these related, what to watch out for.
- We Have Been In Operations For A While, What Do I Do With My Current Client Base? Common strategies to deal with your existing client base and catching up with the KYC program.
We’ll deliver these topics to your email address once or twice a week. We are always looking for feedback, so when you sign up, and if you have comments, observations, please let us know. Our intent is to spread what we are learning with our clients about key issues and topics in KYC operations. If you have other topics you want to see covered, please email us.