By the end of this course, delegates will be able to:

• Identify and understand beneficial ownership
• Perform CDD in a practical and efficient manner
• Determine client risk levels (low vs high risk)
• Conduct deep searches using free tools
• Apply a risk-based approach in line with FIC expectations
• Understand what actions to take for high-risk clients
• Implement compliance without unnecessary cost or complexity
  
  

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
  
  

• Accountants
• Auditors
• Independent reviewers
• Tax practitioners
• Compliance officers
• Any accountable institution under FICA