Moderator John C. Bourbon Chairman United kingdom Compliance Institute Risk Management and Internal Controls - KYC for Banks

Risk Based Approach to AML/CFT Detailed Procedures Role of Money Laundering Reporting Officer Use of Technology driven solutions

What should a firm’s KYC Framework look like? Guarding the door for new business Monitoring of existing clients Monitoring existing staff performance Robust recruitment Processes

What sort of Customer Due Diligence procedures should be established? Establish the full identity Obtain copies of Passport / Identity papers Check and verify full personal addresses Establish anticipated activity and model accordingly

What are the key controls ? Customer profiling Transaction profiling Sanctions screening Document retention

How should the key controls be monitored? Defaults incorporated in reporting systems Reports produced for Compliance & MLRO Random visits by Compliance Officer and MLRO Internal Audit External Auditor

What are the key risk indicators? Unusual and unexplained transactions Large volumes with little economic logic Small transactions in bulking up into much larger single transactions Transactions spread across a large number of outlets

What sort of training regime should be put in place? All staff trained at least annually All staff tested annually Regular updates on latest trends and ideas

John C Bourbon MSc FCIB FCSI FCol John Bourbon is licensed by the Isle of Man Financial Supervision Commission as a Trust and Corporate Services Provider Contacts: /