Compliance efficiency and process optimization DO NOT COME from policy reviews!

When compliance officers think about process optimization or operational efficiency, they often start with policy updates and risk assessment refresh. This is how they have been trained.  They rarely use statistics, financial data about profitability or marketing funnel metrics about customer churn,  or customer activation rates for compliance decisions. This is a HUGE blindspot, because marketing data include all answers about compliance operations effectiveness and highlight areas where improvements can be easy and obvious.

That is why we created this training series: you will walk away with a clear step-by-step methodology  and clear instructions how to review the effectiveness of your onboarding, risk-rating, transaction monitoring and suspicious activities investigations  processes, which data to compare and how to interpret the data to optimize your operations, reduce or delay unnecessary or ineffective controls or data requests, precisely target your internal monitoring rules, ask pointed questions, and quickly off-board problematic customers.

BONUS point: did you know that you can reduce the risk category for your high risk customers over time, once they have established a good track record with you? - If you aren't doing it yet, you will know how to get started!

This series consists of 3 modules, all instantly available:

1. How to configure your onboarding tools to reduce false positive alerts, detect fraudulent accounts faster and reduce your annual bill for compliance checks.
2. Review and optimize your compliance operations using marketing and financial data.
3. Onboarding and risk-rating institutional customers.

* * *

CONFIGURE YOUR ONBOARDING TOOLS AGENDA:

1. Configurations for email and phone checks, duplicate account detection at registration. 
2. PEP and sanctions fuzzy logic settings and auto-dismissals.
3. KYC stages and limits
4. Optimal POA collection
5. SOF/SOW collection and verification
6. Ongoing scanning and auto-dismissals. Choosing between on-demand scanning and ongoing monitoring subscriptions.
7. Most effective  strategies to reduce the costs you pay to KYC vendors (and why volume discounts are a TRAP).

* * *

REVIEW AND OPTIMIZE YOUR COMPLIANCE OPERATIONS USING MARKETING AND FINANCIAL DATA MODULE AGENDA:

Part 1:  Onboarding and initial risk rating of customers.

• Data collection and delayed onboarding questions sequence depending on customer activity
• Optimizing your customer risk-rating matrix.

Part 2: Transaction monitoring.

• Monitoring rules.
• Reviewing and downgrading customer's risk category over time.
• Keeping customer information up-to-date.
• Fast-tracking your best customers.

Part 3: Investigating suspicious behavior.

• Decisions related to SAR filing.
• Chargebacks processes.
• Customer off-boarding decisions - when to stop the investigations. How to not overspend the time on customers who you must part ways with.
• Returning funds to customers before off-boarding them.

TEMPLATES INCLUDED:

• AML policy (including onboarding and risk-rating criteria)
• Methodology, KPIs and benchmarks for customer onboarding, transaction monitoring and SAR investigations efficiency. 

* * *

3. ONBOARDING AND RISK RATING INSTITUTIONAL CUSTOMERS AGENDA:

Part 1: Scope, Information Collected, and Verification Steps Introduction 

• How to detect early on customers that are serious and willing to provide you necessary information and not spend time on those customers who are not committed or have no intention to transact
• Information Collected from Customers
• Verification Steps 
• Determine product eligibility matrix
• Define MINIMUM BASELINE requirements for each product you offer
• Customer Risk Rating
• ROI and Lifetime Customer Value

Part 2: UBO/Legal structure review, Risk Flags, Linked Accounts 

• How to adjust compliance requirements for clients from emerging markets (Asia, Africa, LatAm)
• Review of UBO and Legal Structure
• The basic workflow for reviewing UBO/legal structure
• Red flags to look out for, regarding UBO of clients (the criteria are based on the joint paper by FATF and the Egmont Group of FIUs around the concealment of beneficial ownership of companies (2018) and the EBA “Risk Factors Guidelines”  (2020)
• Shell companies and nominee directors
• How to Assign Customer Risk Flags

Part 3: FATCA and CRS workflow.  

• FATCA/CRS compliance for your entity as a client
• FATCA/CRS for your customers

Onboarding and approving corporate clients is one of the most painful and resource-intense FinTech operations. 

It may take months and dozens of emails and hundreds of pdf pages to review, because many customers will send you inconsistent information. If you work with clients from emerging countries (Asia, Africa, LatAm) your challenge is even bigger because local business practices are incompatible with "Westernized" standards and expectations.

Delays and waste of resources occur when you review difficult complex cases of clients who won’t transact or transact very little, while your best clients run out of patience waiting for your decision, and go elsewhere.

This workshop will teach you:

• how to focus on your best customers and approve them faster while spending minimal efforts on difficult cases that don't make you money;
• how to adapt your onboarding and risk-rating criteria for emerging markets realities;
• how to implement FATCA/CRS compliance for your customers and for your entity as a client.

The ultimate goal of this workshop is to help you streamline and optimize your onboarding process and simplify your decision-making in relation to corporate clients.

 Downloadable templates: 

• Data to collect at onboarding.
• Standard Operating Procedure for Corporate Customers Onboarding
• Prioritization criteria for onboarding queue.
• Risk Assessment Matrix.
• ROI and lifetime customer value
• MVP criteria per product.
• FATCA/CRS compliance policy template for FinTech and Crypto startups.

Logistics: After you have made the payment, you will be granted access to the password-protected area of the course portal where all recorded content and templates will be delivered to you. You will be prompted to create your login and password which you will need to access the program recordings at any time in the future.

Questions? – yana@competitivecompliance.com

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