Implementing e-CDD, e-KYC and Source of Wealth & Funds Enquiries

Introduction

Consequent upon some recent changes to the Money Laundering Regulations brought in in 2020, many firms are now implementing improved systems to undertake client due diligence (CDD) by way of electronic search, rather than by getting clients to bring in two pieces of evidence to the office.

This is partly due to the lockdown restrictions in place over the last two years. But is it all it is cracked up to be?

Does it satisfy the requirements of the rules relating to CDD?

What about source of wealth and funds enquiries? Are they adequate too?

During this virtual classroom seminar, compliance expert Trevor Hellawell will answer the above questions and more.

What You Will Learn

This live and interactive session will cover the following:

• What the rules actually say about electronic ID & V processes
• LSAG Guidance Note - Chapter 7
• Should it replace meeting your client in person?
• How much can we trust its results?
• What about sanctions?
• What about PEPs?
• Can I charge the client for doing an electronic search?
• What should I be looking for in a provider?
• International and corporate searches add-ons
• Source of wealth and funds add-ons
• Client on-boarding add-ons

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.