Compliance Team Training: Client Onboarding and Document Verification

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Compliance Team Training: Client Onboarding and Document Verification

Learning objective

Learning Objectives

At the end of the lesson you will understand the client onboarding process and the use of checklists. At the end of the lesson you will know when and how to escalate issues. At the end of the lesson you will be able to ensure compliance with CySEC regulations.

What do you already know about client onboarding processes?

Introduction to the Training

Purpose of the training session. Expected outcomes for participants. Importance of compliance in client onboarding.

Overview of the Onboarding Workflow

Steps from initial client contact to final AMLCO approval. Roles involved in the onboarding process. Significance of each step in maintaining compliance.

Detailed Checklists for Client Onboarding

Checklists for various onboarding stages. Importance of thorough documentation. How checklists aid in compliance.

Document Verification Standards

Standards for verifying proof of identity (POI). Requirements for proof of address (POA). Importance of accurate document verification.

Video Call Protocols

Guidelines for conducting client video calls. How video calls enhance client verification. Best practices during video calls.

Common Pitfalls to Avoid

Typical mistakes in the onboarding process. Impact of errors on compliance. Strategies for avoiding pitfalls.

Practical Exercises

Hands-on activities to reinforce learning. Case studies for real-world application. Group discussions to share insights.

Escalation Process for Issues

When to escalate issues during onboarding. How to effectively communicate escalations. Role of AMLCO in the escalation process.

Conclusion and Review

Recap of key points discussed. Importance of compliance in client onboarding. Encouragement to apply learned concepts.

Definition List

Onboarding Workflow: A series of steps to integrate new clients into the company, ensuring compliance and thorough documentation. Proof of Identity (POI): Documents like passports or driver's licences used to verify a client's identity. Proof of Address (POA): Documents such as utility bills or bank statements that confirm a client's residential address. AMLCO: Anti-Money Laundering Compliance Officer responsible for overseeing compliance with anti-money laundering regulations. ATR (Risk Profile): A client's Attitude to Risk, used to assess suitable investment portfolios