Risky Business: Is your customer identification program sufficient for today’s risk environment?

In today’s financial environment, it is imperative to know who you are doing business with. In fact, it’s not only imperative – it’s required. Regulators around the world are progressively updating their AML and CTF edicts and firms are clambering to keep compliant. Some of the newest challenges that firms must tackle stem from enhanced regulation around beneficial ownership, transaction monitoring and stricter reporting, PEP identification and electronic due diligence.

To manage risk and remain above reproach, companies must take a proactive role in executing their “Know Your Customer” and “Customer Identification Program” policies. Learning too late that a customer or associate is a restricted entity, a politically exposed person or is adversely known can have detrimental consequences – enforcement actions, civil money penalties, reputational damage. Just one single instance of non-compliance regarding anti-terrorism is all it takes to cause irreparable damage to a firm’s reputation.

Eliminate risky business. Be proactive with your KYC and CIP policies and procedures. By putting the right processes and technology in place, you will be able to:

Ensure compliance obligations are met in a timely and cost effective manner
Minimize the risk of false positives and misinterpreting a hit
Know if you have to put additional monitoring in place
Maintain an upright and scrupulous business reputation

Join us on Thursday, September 18, 2008 at 11:00am EDT/4:00pm BST to learn more about the importance of knowing your customer and taking a proactive approach to managing this type of risk.

Click here to register