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KYC/AML: Source of Wealth

About This Course

In today’s competitive climate, private banking professionals faced a lot of challenges. One of the key to success include a better understanding of your clients and their source of wealth. Instead of ticking boxes without understanding the rationale and implications of doing so, this course will equip you with the knowledge and skill to assess and document the sources of wealth of your high net-worth clients.

Who Should Attend

  • Private banking heads
  • Private banking relationship managers
  • Private banking front office customer service officers
  • Wealth KYC team

Learning Outcomes

To enable Private Bankers and their support staff including KYC team to be competent and committed in assessing and documenting the source of wealth for private banking accounts.

Introduction

  • Set – Short review of AML developments
  • Upset – Why must private bankers document source of wealth?
  • Reset – Private bankers, especially the front office has to take active ownership of ML risks

Review of AML requirements

  • Enhanced customer due diligence for private banking
  • MAS guidance on private banking controls on source of wealth

Source and verification

  • Typical source
  • Not so typical source
  • Supporting documents
  • Research and other means of verification
  • Special mentions
    • PEPs (Panama, 1MDB)
    • Country risk

Onboarding process

  • Getting the prospect to tell wealth story
    • Identify sources
    • Documentation
    • Other means of verification
  • Not scientific, but do not ignore your gut

Only by the book

  • Ticking the boxes
  • Going strictly by the rules
  • Generic rules vs special cases

Cases that went wrong

  • Analyse 2 or 3 cases
  • Staff can share actual or near misses, if any

Collateral benefit

  • Reduce cost of operation
  • Knowing customer needs — a marketing tool
  • Business opportunity, recommend appropriate products
  • Enhance long term customer relationship

Conclusion

  • KYC, KYC, KYC
  • CDD, CDD, CDD
  • Risk based approach
  • Continual process

Case studies/Role Play:

  • Onboarding process
  • Transaction review
  • Revisit with focus on source of wealth due diligence - “Replay the onboarding of a complex structure of 1MDB”

Bernadette Tay Lian See

M.FIN (RMIT SIM), Dip. Banking & Finance (IBF), BBA (NUS)

Bernadette has over 30 years of working experience in Private Banking, Retail & Consumer Banking and Credit.

She was the Chief Risk Officer in a European Private Bank for 8 years and sits in the Exco committee. She oversaw risks in the private banking operations in both Singapore and Hong Kong. She was also an inhouse trainer and counsel in the areas of KYC, credit, fraud vigilance and lending matrix to foster a high awareness of risk ownership within the bank.

Before joining the Private Banking industry, Bernadette spent 23 years in a Singapore bank with varied experience in branch operations, credit and marketing, credit control, credit approval, credit monitoring, projects and management functions at both the bank and group levels. She was also an active driver in re-engineering, automation and other bank-wide projects including credit due diligence exercises for potential bank acquisitions. She also conduct inhouse training for KYC, CDD, credit matrices, credit regulations and guidelines.

Bernadette graduated from the National University of Singapore with a degree in Business Administration (Honours, 2nd Class Upper) and was awarded Singapore Institute of Personnel Management Book Prize. She also holds a post-graduate Diploma in Banking & Finance by IBF (Credit Book Prize) and Master in Finance from RMIT in conjunction with SIM.

The Financial Training Scheme (“FTS”)

The Financial Training Scheme (“FTS”) is a training incentive scheme supported by the Financial Sector Development Fund (FSDF). The scheme supports financial sector-specific training programmes that raise the competency of the financial sector.

All our programmes are approved for listing on the Financial Training Scheme (FTS) Programme Directory and are eligible for FTS claims, subject to all eligibility criteria being met. For latest development on the Enhanced Funding Support for IBF FTS, please visit the Financial Training Scheme site.

Early Bird Discount

Enjoy 10% early bird discount when you register one (1) month before the course commencement date.

KYC/AML: Source of Wealth

FTS

Course Features
  • Duration
    1/2 Day
  • CPD
    4 Hours
  • RRCE
    4 Hours
This course is offered for our on-site corporate classroom training.
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