ComplyAdvantage, a global data technology company transforming financial crime risk detection, today announces a training program designed to help compliance teams navigate potential threats when onboarding customers.
Financial institutions must legally vet new clients for money laundering, terrorist financing, sanctions evasion, and corruption before providing access to their services. As a result, firms invest billions of dollars in developing and implementing anti-money laundering (AML) and counter-terrorist financing (CFT) processes at onboarding.
However, with a speedy onboarding process often marketed as a competitive differentiator by many FinTechs, compliance teams are under more pressure than ever to provide a seamless process without granting criminals access to financial services.
This interactive, certified training series takes compliance professionals step-by-step through customer onboarding best practices. The challenges explored include:
- How to determine what level of due diligence is appropriate for different customers
- The importance of understanding ultimate beneficial ownership structures
- How to report potentially suspicious behavior
- What training is required to equip new onboarding team members properly
This series was produced with Dr. Martin Navias, Senior Visiting Research Fellow, Centre for Defence Studies at King’s College London. Dr. Navias is a leading lawyer specializing in anti-money laundering, counter-terrorist financing, and sanctions compliance.
Commenting on the publication of the training program, Dr. Navias said:
“Customer onboarding is any organization’s first line of defense when tackling money laundering and financial crime. Having trained government departments and armed forces around the world on anti-money laundering and counter-terrorism financing best practices, I’ve seen first-hand how important this issue is.”
Andrew Davies, Global Head of Regulatory Affairs at ComplyAdvantage, added:
“Keeping your team’s knowledge fresh is a critical part of any effective compliance program. So I’d encourage any compliance officer involved in – or overseeing – the customer onboarding process to sign-up for the series and receive their certificate of completion.”
Already the preferred choice of some of the world’s largest banks, enterprises, and high-growth FinTechs, ComplyAdvantage uses machine learning to help regulated organizations manage their risk obligations and prevent financial crime. ComplyAdvantage is also a leader in providing anti-money laundering insights that include the company’s much-lauded State of Financial Crime 2022 Report, Evolving Use and, Sanctions, and most recently, the Anti-Money Laundering Guide for Growing Crypto Firms.