Kaizen Compliance Solutions through its directors Tom Brown, Neil Marshall & Jorge Montana were invited to conduct a training on two crucial topics to over 35 bankers within UK on Politically Exposed Persons (PEP) and Trade Based Money Laundering (TBML).
On the issue of PEP’s we highlighted the problems of not having a universally accepted definition and the risks inherent in not understanding your client, knowing the balancing act needed when adopting a risk based approach and assessing how you address the issue of who to check, when to check, how to check and what is acceptable when it comes to determining source of wealth as far as a PEP is concerned.
The second part of the training was primarily focused on TBML. The facilitator explained the principle behind TBML, its characteristics and methods adopted. Understanding how you curb the risk from a due diligence perspective was well elucidated using practical and case study based assessment of the risks.