Customer Due Diligence and Enhanced Due Diligence

Instructor: Burke Files
Product ID: 703403
  • Duration: 90 Min

recorded version

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This webinar will explain the process of customer due diligence and enhanced due diligence. It will cover customer onboarding, sources of funds and wealth, customer questionnaires including financial institution’s core competencies.

Why Should You Attend:

Proper due diligence provides a company with a tactical and strategic advantage over competition. Who does not want better customers and fewer regulatory concerns? This webinar will provide clear understanding of the process of due diligence and enhanced due diligence from the man who wrote the book. It will focus on the elemental concepts of Due Diligence and KYC – to avoid bad customers, getting fined, or worse.

Areas Covered in the Webinar:

  • A clear definition of Due Diligence, from the man who wrote the book
  • Customer onboarding, what do you need to know, what should you ask
  • Source of funds and wealth
  • Customer questionnaires – original and supplemental
  • A matrix for due diligence efforts and expenditures
  • Stale data and beneficial ownership changes coming
  • Understanding the customer’s business
  • Resources for research and getting answers
  • What are the financial institution’s core competencies
  • Not all cash is bad and not all wires are clean
  • The reality – we are trying to police streams of money, it’s a new job
  • Setting it up to get it all wrong – warning signs
  • The future of service and customers
  • Where practical case studies will be used to illustrate the points to be made

Who Will Benefit:

  • Compliance Consultants
  • Risk Managers
  • Any Branch or OSJ Manager
  • Lawyers
  • Accountants in the Financial Field
  • Members of Audit Committee and Risk Committees
  • Regulators
  • Securities Broker Dealers

Instructor Profile:

Burke Files, is the head of Financial Investigations & Evaluations, Inc. an international investigative firm specializing in asset recovery, due diligence, anti money laundering, intellectual property matters, a Certified Due Diligence Professional, and a Certified Anti Corruption Manager.

Mr. Files is the Practice Section leader on due diligence, asset recovery and intellectual property investigations. As a financial industry insider he is keenly aware of the type, and accuracy of the information required to make informed and timely decisions. Mr. Files has been the case manager on fraud investigations ranging from tens of thousands of dollars to over 20 billion. He is an international expert on due diligence and is regularly sought out for those cases that bedevil the desktop practioners.

Mr. Files is a published author of five books, in particular “Due Diligence for the Financial Professional, 2nd edition 2010” winner of two book awards, and “Money and Budgets”. He is also the author of several studies and white papers, and numerous articles. He has been quoted in many publications both domestic and international. Mr. Files is a Member of the Board of Advisors for the International Due Diligence Association as well as the President of the American Anti-Corruption Institute. Mr. Files is highly sought out international speaker on these subject matters.

Topic Background:

KYC – Know Your Client is a must. So what does it mean, to know your client? In the past the local banker knew everyone in town. Now the bankers know almost no one, and must rely upon data and assessing that data available for KYC efforts. But how much is enough? KYC should be conducted to the level of diligence such that the banker has sufficient information that can be demonstrated to a regulator that based upon the risk profile, the information gathered, that the customer represents a reasonable risk to the financial institution. Proper and focused due diligence is at the heart of this process and it should not be a hindrance to business but add value to the business.

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