KYC regulations have become important in the financial sector due to the ever-increasing fraud and money laundering activities. To avail of any credit, loan, or remittance service consumers first provide their personal details. It has also become mandatory to provide the documents that verify your address and identity.
As the technology evolves Wallets, Payment Gateways, and also fintech companies comply with the KYC norms. It is now becoming essential to verify the details of the customers on a periodic basis. Besides, E-commerce companies have started realizing the need of understanding their customers. This requires a lot of trained manpower to look into various financial transactions.
Certified KYC Expert helps in building KYC compliance teams of various financial services companies. These certified professionals get their expertise in customer KYC verification to the organization. It is one of the best KYC Certification options for entry-level professionals.
KYC Meaning in Business
In our daily dealings, we hear the term KYC quite often. But what is it exactly? KYC in Banking means Know Your Client or Know Your Customer. It is a control mechanism for financial institutions. Using this process banks, financial organizations, and other businesses collect information about existing and new customers. Moreover, KYC Process helps them to identify and avoid risks.
Certified KYC Expert
Certified KYC Expert is the online training with certificate program. In the wake of these developments, a Certified KYC Expert plays a significant role in building the capacity of the AML compliance team. Moreover, these Certified Members help in building KYC processes of financial institutions, fintech, and e-commerce companies. In order to help your teams further mitigate the money laundering risks posed by the customers, Indiaforensic designed this extensive Know Your Customer / Customer Due Diligence certification (KYC CDD) program.
This certification program helps to improve skills for customer due diligence by covering some of the aspects like
- how to better assess
- what you need to know,
- explore where to find the answers,
- organize your customer information in a meaningful way
- present your findings
This is an ideal course for compliance professionals early in their careers. Moreover, this certification course is offered along with the Risk Based Approach to AML and KYC. This video-based training program gives a broader idea of the financial crimes domain.
The certification is aimed at enhancing the quality of compliance. Additionally, there are directions from RBI in combating illegal operations and the movement of funds through the use of banking channels. KYC and Anti Money Laundering (AML) operations have assumed added importance owing to the security risk that it poses to the country, and also to maintain the financial health of the institutions.
- Know about the money laundering process & methods
- Learn KYC guidelines
- Know how to combat illegal operations
- Understand legislation & international cooperation
- Learn about customer risk and transaction monitoring
The process of customer identification program (CIP) can be performed in three different methods viz. online, offline, or using the Unique ID of the country. Moreover, in India, Aadhar is the unique ID used for the completion of the process.
Who Should Do CKYCE?
Though there is no restriction on who should do this course, it is most beneficial for entry-level professionals working for
- Banking Companies
- Non-Banking Finance Companies
- Co-operative Banks
- Captive Units of MNC Banks
- Fintech Companies
- Payment Gateways
- Wallet Companies
Undertaking KYC CDD training also prepares compliance teams to meet increasing regulatory expectations. It helps them to establish a fundamental baseline of knowledge in the AML KYC Domain. This program is designed for entry-level professionals only.
KYC checks are done through an independent and reliable source of documents, data, or information. Every client also provides documents to prove identity and address. Additionally, ID card verification, face verification, document verification, and biometric verification are some of the KYC Requirements.
In May 2018, the U.S. Financial Crimes Enforcement Network added a new requirement for banks to identify beneficial owners. Hence, every corporate entity provides information about the real persons who run the business.
eKYC also refers to capturing information from IDs, the extraction of digital data from government-issued smart IDs such as Aadhar or Driving Licenses with a physical presence, or the use of certified digital identities and facial recognition for online identity verification.
Tatvita Analytics, an Indian Analytical portal, claims CKYCE as one of the Top Certification Courses. It further says that CKYCE is one of the few online certificate courses in India. This professional certificate program makes it easy for the entry level professionals to get into the AML Domain.
However, this program is different from Indiaforensic’s anti money laundering certification – “CAME“. Money Laundering is a broader term that encompasses the KYC process. Experienced financial crime professionals and those dealing with transaction monitoring, anti-money laundering compliances, or AML Investigations should consider the Certified Anti-Money Laundering Expert program.
To know more about this course, kindly get in touch with our education team at education[at] indiaforensic[dot]com, or please feel free to call us on +91-9766594401