Video on the Complete Guide on Identity Verification

Video on identity Verification

Video on the Complete Guide on Identity Verification

Video on the Complete Guide on Identity Verification

Identity verification is a crucial aspect of the Customer Due Diligence Process to ensure the authenticity of the identity presented. Identity Verification is the process of confirming the prospect’s claimed identity by cross-referencing the given information with official government-issued documents such as an Emirates ID in the UAE.

Various methods of identity verification:

  • Document verification
  • Biometric verification
  • Credit Bureau-Based Authentication
  • Database Identification Methods
  • Knowledge-Based Authentication
  • Online Verification
  • Two-Factor Authentication (2FA)
  • Device Verification

You will also gain an understanding of the digital identity verification process, features of advanced ID verification software, ID verification API, the legal requirements around ID verification, challenges faced in ID verification, and solutions for them.

This video will help you implement robust identity verification in your CDD process and make your AML/CFT compliance program more efficient. 

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Chapters

  • 0:00 Introduction
  • 0:17 What are the various methods of identity verification?
  • 0:50 What is Digital Identity Verification Process?
  • 1:26 What is included in Advanced ID Verification Software?
  • 2:01 Online ID Verification Services
  • 2:16 How can we maximize ID Verification with Technology?
  • 2:39 How the right ID Verification API can be useful?
  • 2:58 Which sectors includes in ID Verification Process?
  • 3:12 Navigating the legal and regulatory requirements that govern identity verification
  • 3:30 Challenges faced during ID Verification Process and ways to mitigate them

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Video on When to file SAR under UAE AML law

Video on when to file SAR

Video on When to file SAR under UAE AML law?

Video on When to file SAR under UAE AML law?

The regulated entities must identify the suspicions related to money laundering or terrorism financing and report the same to FIU. It is very important to determine when the report is to be filed on the goAML Portal.

A Suspicious Activity Report (SAR) is to be filed when the regulated entities have reasonable grounds to believe any activity or transaction of the customer is related to any financial crime or money laundering/terrorist activities.

Circumstances when it is required to file SAR:

  • Refusing to provide KYC details
  • Transaction proposed on behalf of undisclosed principal
  • Involvement of too many intermediaries
  • Proposed customer associated with a sanctioned person
  • Sudden cancellation of proposed transaction
  • Carrying business without proper licenses
  • Insisting on maintaining secrecy
  • No economic rationale

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Video on Source of funds and source of wealth

Video on Source of fund and Source of wealth

Video on Source of funds and source of wealth

Video on Source of funds and source of wealth

It is very important to understand the source of funds and the source of wealth of a customer to bring transparency to the transactions, as businesses deal with high-risk customers regularly, posing an increased risk of financial crimes. It is important to determine the financial position of the customer to identify the origin of the customer’s funds and get information about the possible connection with financial crime or any other criminal activities.

When the means of funds and wealth, as disclosed by the customer, do not align with the customer’s declared wealth, it indicates suspicious activity. It helps you identify whether the transaction proposed is aligned with the customer’s source of funds and wealth.

While implementing Enhanced Due Diligence, it is important to determine the legitimacy of the source of funds and wealth to safeguard your business from being misused by criminals.

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Video on Identifying the Right AML Solution

Video on Identifying the Right AML Solution

Video on Identifying the Right AML Solution

Using the appropriate technology to support AML operations is becoming important as a result of evolving financial crime typologies and shifting AML requirements.  All regulated entities need to consider utilising the capabilities of cutting-edge technologies and solutions to improve the accuracy and efficiency of their AML compliance programmes.

The AML compliance obligations placed on the company must be comprehended and assessed by the regulated entities. The entity’s compliance tasks must take into account the relevant regulatory environment as well as the findings of the Enterprise-Wide Risk Assessment.

Two or three options that best fit the AML compliance criteria and the entity’s compliance budget must be shortlisted by the regulated entity. The chosen service providers must be asked to present the features and functions of their solution to the regulated body.

After the demo sessions, you need to weigh the benefits and drawbacks of each chosen solution to choose which one is best for your AML compliance program. The regulated entity can only find the ideal AML solution to guarantee prompt compliance with regulatory requirements and reduce the risks of financial crime by taking the appropriate approach. 

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Video on Elements of AML Compliance Officer’s Report

Video on Elements of AML Compliance Officer's Report

Video on Elements of AML Compliance Officer's Report

The senior management of a regulated entity must know the status of its AML compliance. Further, regulated entities are required by law to take a risk-based approach to counter ML/TF. It is the senior management that will decide if the ML/TF risks are acceptable, considering their risk appetite. It is imperative for the compliance officers to prepare periodic reports for the senior management to comply with regulatory requirements and ensure that the proper risk management practices are in place.

An overview of the changes made to the AML rules during the period must be included in this periodic report. Reference to how these modifications impact the business operations of regulated entities is also required.

A synopsis of the key statistics and information about the customer due diligence procedure that was used throughout the period must be provided by the compliance officer.

Senior management has to be informed about the reporting completed on the goAML Portal even though they are not part of the decision-making process when it comes to submitting a Suspicious Transaction Report or Suspicious Activity Report with FIU.

The AML training log is another important component. The AML training program of the company needs to be known to senior management. The Compliance Officer’s corrective measures to close compliance gaps and lessen or mitigate the impact must also be included.

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Chapters

  • 0:00 Introduction on Elements of AML Compliance Officer’s Report
  • 1:00 Brief about AML regulatory changes
  • 1:23 Statistical Information on CDD
  • 1:55 Statistical Information on transactions related to critical information
  • 2:32 Summary of SAR and STRs filed on goAML Portal
  • 3:26 What is AML training Log?
  • 3:48 Why is it essential to mention the loopholes identified in the AML measures?
  • 4:15 Overall Compliance Status
  • 4:39 Why should the compliance officer include information on additional AML resources?
  • 5:00 Why should the compliance officer seek the senior management feedback?
  • 5:27 Conclusion and regards

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Video on Decoding the types of Customer Due Diligence

Video on Decoding the types of Customer Due Diligence

Video on Decoding the types of Customer Due Diligence

Customer Due Diligence becomes inevitable at the time of entering a business relationship with a customer by the Financial Institutions, DNFBPs, and VASPs. It is a very crucial process and needs to be performed with caution and utmost efficiency.

This video explains three types of Customer Due Diligence measures:

  • Simplified Due Diligence: When the risk posed by a particular customer is classified as low, then Simplified Due Diligence must be applied.
  • Standard Due Diligence: When risk posed is classified as medium or when the simplified Due Diligence outcome is not satisfactory.
  • Enhanced Due Diligence: When, after conducting a customer risk assessment, the customer is classified as high-risk, then Enhanced Due Diligence must be carried out.

Implementing the risk-based approach to conduct Customer Due Diligence measures helps identify red flags early and saves an organisation from entering into a wrongful transaction and business relationship.

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Video on Checklist for effectively implementing the AML Program

Video on Checklist for effectively implementing the AML Program

Video on Checklist for effectively implementing the AML Program

Registering on the go-AML portal of the UAE FIU is the main prerequisite under the AML framework. It is imperative for the regulated entity to verify that the business facts and information accessible on the go-AML site are up to date.

Having an AML Compliance Officer capable of framing and implementing AML rules and procedures is the second critical component required to drive the AML program.

To determine the appropriate controls needed to reduce the detected risk and evaluate the possible exposure to financial crime risks, regulated entities must conduct an enterprise-wide risk assessment.

The regulated entities have to make sure that the team uses a thorough Customer Due Diligence procedure when they are forming business relationships and onboarding a customer. Another essential component of the AML program is targeted financial sanctions implementation, and customer and beneficial owner screening.

The AML Compliance officer and the team need to be familiar with the ML FT red flags that are unique to the business to develop internal procedures and properly detect and immediately report the risk indicators as well as submit the SAR or STR.

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Video on Avoiding Risky Business Relationships UAE AML Law

Video on Avoiding Risky Business Relationships UAE AML Law

Video on Avoiding Risky Business Relationships UAE AML Law

Video on Avoiding Risky Business Relationships UAE AML Law

It is crucial to apply Customer Due Diligence measures to identify potential risks associated with an individual customer before establishing a business relationship.

If the individual is listed as designated by the UNSC Consolidated List’s UAE Local Terrorist List, the regulated organization is required to refuse their onboarding or, in the case of any current clients, to end the business relationship.

The regulated entity should not onboard the individual if they refuse to provide the information needed to complete the CDD measures or if they act in an evasive or uncooperative manner.

The regulated entity shall not enter into a business relationship in case owners cannot be recognised or have their identities confirmed. This restriction will lessen the abuse of legal structure and launder illicit activities.

It is prohibited for regulated entities to establish business relationships with fictitious banks that only exist on paper and with someone using a pseudonym or an anonymous basis.

The regulated entities need to include these limitations around business relationships in their AML framework and raise awareness among the compliance team.

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Video on AML Remedial Action Plan (RAP): Implementation Steps and Best Practices

Video on AML Remedial Action Plan

Video on AML Remedial Action Plan (RAP): Implementation Steps and Best Practices

Video on AML Remedial Action Plan (RAP): Implementation Steps and Best Practices

The Remedial Action Plan (RAP) is issued by the supervisory authorities when they come across deficiencies in a regulated entity’s AML/CFT framework and its implementation. It enumerates the actions to address identified deficiencies. It mentions the applicable provision, area of concern, and required remediation.

By implementing RAP, you are performing three essential things: preventing money laundering and terrorism financing, committing to regulations, and identifying weaknesses in your program.

In this video you will learn various steps involved in RAP such as thoroughly understanding the plan, prioritizing task, establishing a dedicated team to oversee implementation, and executing actions diligently.

Best practices for conducting RAP include continuously improving your programs, providing ongoing training to staff, conducting internal audits, embracing technology, and seeking guidance from AML/CFT consultants.         

You can improve the effectiveness of your AML/CFT program, safeguard your organization, and help create a safer financial system for all by adhering to these guidelines and best practices.

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Video on Enhanced Due Diligence as part of the AML Program

Video on Enhanced Due Diligence as part of the AML Program

Video on Enhanced Due Diligence as part of the AML Program

Video on Enhanced Due Diligence as part of the AML Program

The regulated entities, such as DNFBPs, Financial Institutions, and VASPs, are required by the UAE AML Regulations to evaluate the risk that each customer poses to the company and implement Enhanced Due Diligence procedures to manage high-risk customers.

EDD involves investigating the customer’s identity in depth, whether legal or personal. It also involves inquiring into the customer’s wealth and funding sources and verifying their legitimacy.

EDD allows the regulated entity to distinguish between customers who are simply posing an increased risk and customers who are actually suspected of being connected to financial crime through additional checks.

The regulated entities can protect their reputation by avoiding doing business with consumers who are connected to illegal activities. One of the EDD strategies is getting top management’s consent when working with high-risk customers to ensure that management understands and approves of the heightened risk.

Finding any third parties engaged in the transactions with bad intentions is made easier for the regulated entities by EDD. EDD enables the regulated company to safeguard its operations against possible risks and dangers while also helping it comply with regulatory reporting obligations.

Chapters:

  • 0:00 Introduction on Understanding the importance of Enhanced Due Diligence as part of the AML Program
  • 0:47 How EDD helps to determine the purpose behind the complex business structure?
  • 1:18 How to determine the legitimacy of SOF and SOW?
  • 1:49 How to distinguish between suspicious customer and non-suspicious customer?
  • 2:23 What is retaining brand image?
  • 2:46 Why making informed decisions is necessary in EDD?
  • 3:14 How EDD ensure that no-third party is involved?
  • 3:39 How EDD helps in meeting regulatory requirements?
  • 4:03 Conclusion and regards

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