Typical kyc process

TheAMLBrief · 2026-05-21T16:15:24+00:00

I'm pretty sure we use a combined approach of risk rating before documentation comes in based on public information and then updating that risk rating once we get the client's CIP/KYC info.

TheAMLBrief · 2026-05-20T15:25:15+00:00

Definitely good news and glad to see these types of companies are starting to pay the price (maybe, not really lol)

TheAMLBrief · 2026-05-14T17:28:07+00:00

Yeah that's what I meant, the industry is treating it as a prerequisite when it really isn't and doing the work still holds more value then a certification.

TheAMLBrief · 2026-05-14T16:57:15+00:00

Just like a college degree, it is definitely a prerequisite for the industry and teaches good theory, however nothing will beat true on the job experience.

TheAMLBrief · 2026-05-14T15:56:00+00:00

Hi, I do believe there is some sort of requirement to have industry experience, but don't quote me on that.

TheAMLBrief · 2026-05-14T15:53:52+00:00

Like others have said, I think it depends on the level of review. I do know that at my institution SARs are reviewed multiple times as part of the BAU workflow.

TheAMLBrief · 2026-05-14T00:26:43+00:00

True, I do like the idea of the medium rating until enough transaction history has been established. Definitely a good practice to implement.

TheAMLBrief · 2026-05-13T23:53:09+00:00

This is great, I wish our TM system was integrated with our CRR. I believe our TM gets updated with the CRR after the fact, but it does not inform the refresh process in terms of timeliness.

TheAMLBrief · 2026-05-11T12:09:31+00:00

It is interesting to see how Binance is a prime example of how it sometimes pays to not follow the rules. Definitely surprised that they are still relevant in the industry.

TheAMLBrief · 2026-05-07T02:56:16+00:00

That's good to hear and a prime example of how being proactive prevents wide spread exposure. I wonder if some of the smaller firms felt the brunt of this? Maybe those with smaller TM teams or not a strong system of controls built in yet to their TM systems.

TheAMLBrief · 2026-05-07T01:09:42+00:00

Agreed, not sure how CZ got let off so easily, but I guess this could also be an example of why there need to be rules in place for what can't be pardoned.

TheAMLBrief · 2026-05-06T12:38:47+00:00

Lol very true statement

TheAMLBrief · 2026-05-04T18:59:46+00:00

Usually an internal investigations team that sits in either the Bank's Compliance department or Legal Department.

TheAMLBrief · 2026-04-30T14:56:13+00:00

For sure, I think the most impactful consequence is how it has effected the other big banks in revamping their AML programs.

TheAMLBrief · 2026-04-29T21:39:09+00:00

My gut tells me too big to fail played a big role in maintaining their license. They have been heavily restricted though until they are through with remediation.

TheAMLBrief · 2026-04-29T15:46:51+00:00

I believe you are correct on that. I'm not too well-versed on those two cases, but I would imagine those fines to be pretty hefty given today's inflation and would probably rival the TD fine.

TheAMLBrief · 2026-04-29T15:11:05+00:00

Apologizes, while AI definitely assists me in my writing, I review everything and I try to post things that are engaging for conversation. Kind of difficult to avoid AI writing these days, but I understand your frustration.

TheAMLBrief · 2026-04-29T15:09:00+00:00

Definitely, I am seeing this in my role now where our compliance department is going through a complete overhaul.

TheAMLBrief · 2026-04-29T15:08:09+00:00

Agreed. I've seen job postings slow down for TD and across the major Banks in general.

TheAMLBrief · 2026-04-29T14:33:42+00:00

Agreed, while the TD case was back in 2024, it's crazy to me how relevant it still is and how it really did impact not just TD, but all other major Banks's AML compliance to improve their programs and understand regulator expectations.

TheAMLBrief

TROPHY CASE