ComplyAdvantage Launches Customer Onboarding Training Program for Compliance Professionals
Made with Dr. Martin NaviasSenior Visiting Research Fellow at King’s College London, the five-part series provides best practice guidance on the critical role of compliance in customer onboarding
LONDON, November 8, 2022 /PRNewswire/ — ComplyAdvantage, a global data technology company transforming financial crime risk detection, today announces a training program designed to help compliance teams manage potential threats when onboarding customers.
Financial institutions must legally screen new customers for money laundering, terrorist financing, sanctions evasion and corruption before providing access to their services. As a result, companies invest billions of dollars in developing and implementing anti-money laundering (AML) and anti-terrorist financing (CFT) processes when onboarding.
However, with a fast onboarding process often touted as a competitive differentiator by many FinTechs, compliance teams are under more pressure than ever to provide a seamless process without granting criminals access to financial services.
This interactive, certified training series guides compliance professionals step-by-step through client onboarding best practices. Challenges explored include:
- How to determine what level of due diligence is appropriate for different clients
- The Importance of Understanding Ultimate Beneficial Ownership Structures
- How to report potentially suspicious behavior
- What training is needed to properly equip new onboarding team members
This series was made with Dr. Martin Navias, Senior Visiting Research Fellow, Center for Defense Studies at King’s College London. Dr. Navias is a leading lawyer specializing in anti-money laundering, terrorist financing and sanctions compliance.
Commenting on the publication of the training programme, Dr Navias said:
“Onboarding customers is any organization’s first line of defense in the fight against money laundering and financial crime. Having trained government departments and armed forces around the world in best practices in anti-money laundering of money and the financing of terrorism, I have seen how important this problem is.”
Andrew DavisGlobal Head of Regulatory Affairs at ComplyAdvantage, added:
“Keeping your team knowledgeable is an essential part of any effective compliance program, so I encourage any compliance manager involved in – or overseeing – the customer onboarding process to enroll in the series. and receive their certificate of completion.”
Already the preferred choice of some of the world’s largest banks, corporations and high-growth FinTechs, ComplyAdvantage uses machine learning to help regulated organizations manage their risk obligations and prevent financial crime. ComplyAdvantage is also a leader in providing anti-money laundering information, including the company’s highly regarded system State of Financial Crime 2022 Report, Evolution of use and sanctionsand more recently, the Anti-Money Laundering Guide to Growth Crypto Companies.
ComplyAdvantage is the financial industry’s leading source for financial crime risk data and AI-based detection technologies. ComplyAdvantage’s mission is to neutralize the risk of money laundering, terrorist financing, corruption and other financial crimes. More than 500 companies in 75 countries trust ComplyAdvantage to understand the risk they are doing business with through the only real-time global database of people and companies. The company identifies thousands of risk events every day from millions of structured and unstructured data points.
ComplyAdvantage has four global hubs in New York, London, Singapore, and Cluj-Napoca and is backed by Goldman Sachs, Ontario Teachers, Index Ventures and Balderton Capital. Learn more about conformadvantage.com.