Module 1: Understanding Beneficial Ownership (FIC Focus)
- What is beneficial ownership?
- Why is it critical in AML/CFT compliance
- FIC guidance and expectations
- Understanding ownership and control (companies, trusts, etc.)
Module 2: The 3-Step Approach to Beneficial Ownership (FIC Framework)
- Identify the beneficial owner
- Verify and corroborate the information
- Perform ongoing due diligence
Module 3: How to Identify the Beneficial Owner (Practically)
- Natural persons vs legal entities
- Ownership vs control
- Common mistakes in practice
- Simple step-by-step identification process
Module 4: Verification and Corroboration
- What does “reasonable steps” actually mean?
- What documents to use
- How far is “enough”?
- Practical examples (what works in real life)
Module 5: How Often Must CDD Be Repeated?
- Ongoing due diligence explained
- Trigger events for re-performing CDD
- Risk-based frequency
- Practical timelines and examples
Module 6: Risk Rating of Clients
- What classifies a client as high risk vs low risk
- Key red flags to consider
- How to document your risk assessment
- Practical scoring approach
Module 7: Deep Searches – How to Do It Yourself (FREE)
- How to perform deep searches on clients
- What to search (keywords and fields)
- Which free websites and tools to use
- Identifying adverse media and sanctions
Module 8: What to Do When a Client is High Risk
- Enhanced Due Diligence (EDD) explained
- Additional steps required
- When to escalate
- When to report to the FIC
Module 9: Is CDD Supposed to Be Expensive?
- Debunking the myth: compliance does NOT need to be costly
- Using free tools effectively
- Practical systems for small firms
- How to stay compliant without expensive software
Module 10: Putting It All Together (Simple System)
- A step-by-step workflow for your firm
- How to implement immediately
- Templates and practical tools
- Common pitfalls and how to avoid them
