Course Overview
This is a 2-day course tailor made for individuals, small businesses and financial institutions who wish to enhance their skills in KYC requirements and operations. This course will be reviewed on an ongoing basis to cater for changing regulations and international best practice principles and standards. It will therefore be encouraged that the target audience/ recipients of this training attend refresher trainings to ensure alignment with the dynamic regulatory macro trends. The invaluable benefits to the participants include,
- Consistent adherence to regulatory requirements
- Single client view of each customer profile within the entire client base (applicable to small businesses and financial institutions)
- Data and information management
- General awareness and protection from Money-Laundering and Terrorist Financing risks etc.
This course will also use relevant day-to-day operations of existing/ established financial institutions to efficiently deliver clarified and useful content.
Learning Objectives / Outcomes
Upon completion of this course, participants should;
- Understand KYC procedures and its applications for both customers and business owners.
- Apply regulatory requirements associated with KYC
- Realize the positive impact of proper KYC documentation on business profit realization.
- Develop skills for identification, measurement, assessment, monitoring and reporting of risks linked with non-compliance to KYC requirements.
- Know the impact of KYC related sanctions, regulatory warnings etc. and likelihood of changing industry legislation on a business and on national the economy.
Target Audience
This training is targeted to
- Individuals seeking to enhance their skills in the financial industry
- Small business owners
- Financial institutions (banks, insurance companies, brokers and/ or agencies, microlenders etc.
- Employees in deposit taking organisations
- Auditors
- Compliance Analysts
- Financial Services Product Managers
- Any other deposit taking or credit giving institutions
COURSE CONTENT
Introduction to KYC
KYC Concepts
- Customer Due Diligence (CDD) – Identification and Verification (ID & V)
- Enhanced Due Diligence (EDD)
- Risk Acceptance
KYC as a regulatory requirement (local legislation) References on;
- Financial Intelligence Act Botswana,
- Financial Intelligence (Amendment) Act,
- Financial Intelligence Regulations,
- Other regulations
- Counter-Terrorism Act Botswana
- Proceeds and Instruments of Crime Act Botswana
- Data protection Act 2021
Data Management
- BCBS 239
- Principles of BCBS 239 (Risk Data Aggregation and Risk Reporting) and its considerations to KYC.
- Record keeping
- Single-client view (enhancement to day-to-day business objectives)
Quick Guide
- KYC documentation required for individuals
- Source of income
- Proof of residence
- Customer identification
- KYC documentation required for entities
- Source of income
- Proof of operating address
- Entity identification
Method Of Delivery
The programme will be delivered primarily through classroom instruction via MS PowerPoint slides, which will complement the training material. Additional examples will be incorporated in the slides, to ensure the concepts are clearly explained. Each unit has questions which will be discussed in breakaway groups, where after feedback will be provided to the rest of the group.
Assessment
The course will be assessed by a combination of group case studies and an individual end of course quiz.