Task Force Group II : Module For Reljj Bank Essay

Task Force Group II : Module For Reljj Bank Essay

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AML Task Force Group II:
CDD Module for RELJJ Bank



Jagjeet Bhamra
Rosa Gutierrez
Erica Means
Lizbeth Pineda
Jacqueline Takyi-Yeboah



Roosevelt University

At RELJJ Bank, we are committed to customer satisfaction and ensuring that our customers banking activities are both private and safe for all parties involved. The banking institution community has evolved over the last decades thanks to the introduction of the internet and exposure to the national and international banking markets. As a standard procedure, our system of Customer Due Diligence (CDD) is updated every few years in order to stay in compliance and up-to-date with changing laws and regulations. The following report contains our company 's objectives of CDD, the risks and gaps in the processes, and recommendations.
OBJECTIVES OF CDD
Customer identity verification is a key component to maintaining an effective CDD program. Not only can a CDD module combat money laundering and fraud, but it can also help a firm gain insight to who their customers are and build lasting relationships. CDD completes the life cycle assessment and re-assessment of the customer risk which is the part of Know Your Customer (KYC) applicant on boarding and ongoing CDD processes which allows the firms to identify, manage, and mitigate customer-related risks. CDD helps the firm in ensuring consistency, improving efficiency and enhancing quality of AML programs. It also provides business value with customer centric approach.
Customer Identification Program
Our Customer Identification Program is composed of three points: acknowledge, verify, and engage.
Acknowledge Your Customer
Acknowledging your customer is the first step to a successful Customer Identification Program. During th...


... middle of paper ...


...s composed of 3 parts- acknowledges, verify and engage and KYC have been discussed.
This report has updated our CDD measures to detect and prevent money laundering or terror financing and be aware of all the known and unknown risks involved without CDD. Proper CDD will add substantial business value and ensure that the decisions about the customers, their past, present, and future account transactions are made on a well-informed basis. If we look at the J.P. Morgan Chase Bank example being discussed in the report, we can see how they did not identify the key requirements of the CDD and suffered million dollars loss.

References
BSA/AML. http://www.bankersonline.com/security/bsapenaltylist.html. 2011. BSA/AML Penalties List.
THE ECONOMIST. 11 01 2014. internet link. 14 01 2014. .

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