KYC

KYC Issues and Challenges The Barclays Private Banking Case Study Lan’s Enterprise Limited Training Program Training Objectives What you’ll learn today: Understand the importance of Enhanced Due Diligence for high-risk customers Recognize critical failures in KYC processes with PEPs Identify the consequences of prioritizing profit over compliance Apply lessons learned to prevent similar violations Strengthen ongoing monitoring and record-keeping practices Case Overview The Barclays Bank Incident Year: 2011-2012 transaction, fined in 2015 Regulator: UK Financial Conduct Authority (FCA) Transaction Value: £1.88 billion Customer Type: Ultra-high net-worth PEPs Fine Amount: £72 million (highest AML fine by FCA at the time) The Background High-Risk Private Banking Transaction What happened: ...

🧩 Know Your Customers Get the Picture: The Complete KYC Cycle Q1 2022 Quarterly Training Lan’s Enterprise Limited Training Program Presented by: Angela Ji Do You Really Know Your Customers? “You think you know me, but you don’t know me…” The Reality: Knowing your customers is not a one-time event—it’s an ongoing journey of trust, vigilance, and verification. Training Objectives What you’ll learn today Understand the 6-step KYC cycle and why it never ends Identify when and how to perform Customer Due Diligence (CDD) Recognize situations requiring Enhanced Due Diligence (ECDD) Implement effective ongoing monitoring and transaction review Maintain proper records for regulatory compliance 🌍 The Risk-Based Approach One Size Does Not Fit All KYC depth depends on customer risk level Apply proportionate measures for low, medium, and high-risk profiles Reassess risk whenever new information arises Document rationale for every risk rating decision KYC: It Never Ends The 6-Step Continuous Cycle 👤 Identification – Verify who they are 🔍 CDD – Customer Due Diligence ⚠️ ECDD – Enhanced Due Diligence 🔄 Ongoing CDD – Keep information current 📊 Transaction Monitoring – Watch activity patterns 🧾 Account Review – Regular comprehensive assessment Step 1: Identification Making Sure Customers Are Who They Claim to Be Two Key Timing Requirements: Verify identity before starting the business relationship Verify identity periodically over time Core Principle: Ensure customers are genuinely who they claim to be throughout the entire relationship. ...