European Institute of Management and Finance | Conducting KYC and CDD on Beneficial Owners and Controllers
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Conducting KYC and CDD on Beneficial Owners and Controllers

Conducting KYC and CDD on Beneficial Owners and Controllers


Both anti-money laundering (AML) and sanctions regulations contain requirements to identify the ultimate beneficial owner and controllers of customers and third parties with whom a financial institution interacts.


This course will look at the regulatory requirements, both in Cyprus and other key jurisdictions, in relation to conducting KYC and CDD on owners and controllers. It will consider some of the challenges encountered in trying to implement these requirements and tactics adopted to address them.


Using recent case studies, participants will review tactics adopted by illicit actors to conceal their identity or involvement within complex structures, with a focus on the use of companies and other legal entities established in different jurisdictions. The course is intended to compliment other courses that may provide in depth training on corporations and trusts (STEP or CISI) by focusing on financial crime prevention.



Training Objectives


By the end of the programme, participants will be able to:

  • Understand the key information needed to identify beneficial owners and controllers
  • Comprehend how legal entities and arrangements are used for financial crime
  • Assess financial crime risks associated with different types of legal entities and arrangements
  • Raise awareness of the tactics used by criminals to conceal their identity and activities



Training Outline


  • Introduction and Warm-Up Exercise
  • Types of Legal Entities
  • Format of Ownership and control of legal entities
  • Types of Legal Arrangements
  • Format of Ownership and control of legal arrangements
    • Regulatory landscape – requirements concerning beneficial ownership and control
    • Local requirements
    • European requirements
    • Sanctions regulations – USA and Europe
    • Tax Requirements – CRS and FATCA
  • Group Exercise Session
  • How is ownership and control evidenced?
  • Group Exercise Session
  • Closing Observations
  • Introduction and Warm-Up Exercise
  • Recap of key learning points from Day 1
  • Challenges to establishing ownership and control
    • Free Trade Zones and international finances centres
    • Opaque jurisdictions and entities
  • Tactics to conceal ownership and control – Money Laundering
  • Tactics to conceal ownership and control – Terrorist Financing
  • Tactics to conceal ownership and control – Bribery and Corruption
  • Tactics to conceal ownership and control – Sanctions
  • Tactics to conceal ownership and control – Tax Evasion
  • Full Case Exercise
  • Feedback session on case exercise outcomes
  • Closing Observations



Training Style


The programme is designed to deliver knowledge and enhance participants’ skills via short lectures, case-studies and practical examples. Participants will also benefit from feedback at the end of the programme and take away the knowledge gained to be transferred to their workplace. Most of the training’s time will be invested in analysing tactics used to misuse structures and conceal the activities and identities of the true beneficial owners and controllers of them.



CPD Recognition


This programme may be approved for up to 12 CPD units in AML and Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.


Professionals requiring CPD units to meet the education requirements for CySEC licence renewal, and/or for maintaining other professional memberships/certifications which accept CPD in AML and Financial Regulation, are advised to consider training subjects in categories that indicate CPD training in AML and CPD training in Financial Regulation.


The Association of Anti-Money Laundering Specialists (ACAMS) has confirmed that this programme is accredited for 12 CAMS Credits. Participation in this course does not substitute the requirement to earn (12) ACAMS credits through ACAMS produced training for CAMS recertification.



Who Should Attend


  • Front line / customer facing staff
  • Compliance Officers
  • Members of the compliance review and monitoring teams
  • Internal Auditors
  • Internal Lawyers
  • External Auditors, Lawyers and Financial Consultants