Certified Compliance Risk Specialist (CCRS) Certification Overview
About The Program
The Certified Compliance Risk Specialist (CCRS) certification, provided by the American Compliance and Business Management (ACBM) Association, is designed to develop expertise in managing compliance risks related to AML (Anti-Money Laundering) and KYC (Know Your Customer). This certification offers in-depth knowledge of global regulatory frameworks, risk assessments, and the implementation of risk-based approaches in compliance programs. Candidates will learn how to identify and mitigate risks associated with high-risk customers, geographic regions, and financial transactions, ensuring effective compliance management.
The CCRS certification also covers advanced topics, including emerging compliance risks such as virtual currencies, cyber threats, and trade-based money laundering (TBML). Additionally, it focuses on managing PEP (Politically Exposed Persons) risks, sanctions compliance, and reputational risk. By completing this certification, professionals will be equipped with the skills to handle the complexities of compliance risk in today’s evolving regulatory environment.
Program Structure: Self-Paced Learning
Core Modules
Section 1: Foundations of AML and KYC Compliance
Chapter 1: Introduction to AML and KYC
- Overview of AML and KYC frameworks
- The role of compliance in financial institutions
- Key regulations: FATF, EU Directives, USA PATRIOT Act
- Understanding global compliance standards
Chapter 2: AML Fundamentals
- AML regulations and governing bodies
- Stages of money laundering: Placement, Layering, and Integration
- Key elements of an AML program
- Importance of suspicious activity monitoring (SAR)
Chapter 3: KYC Essentials
- KYC principles and customer identification
- Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD)
- Onboarding processes and customer profiling
- Beneficial ownership and the role of UBOs (Ultimate Beneficial Owners)
Chapter 4: Regulatory Requirements for AML and KYC
- Overview of global AML/KYC regulations
- US, EU, UK, and other regional AML laws
- Compliance requirements and reporting obligations
- Penalties for non-compliance and enforcement actions
Chapter 5: The Role of Technology in AML and KYC
- Use of technology for AML/KYC processes
- Emerging tools: AI, machine learning, and automation
- Digital onboarding and eKYC
- Transaction monitoring systems
Section 2: Risk Assessment and Compliance Risk Management
Chapter 1: Introduction to Risk Assessment
- Defining risk in the context of compliance
- The role of risk assessment in AML/KYC programs
- Risk-based approach: theory and practical application
Chapter 2: Types of Compliance Risk
- Geographic risk: high-risk jurisdictions and sanctions
- Product risk: financial products and services vulnerabilities
- Customer risk: high-risk customers, PEPs (Politically Exposed Persons)
- Transactional risk: high-volume, unusual transactions
Chapter 3: Conducting a Risk Assessment
- Key components of a risk assessment framework
- Steps in risk identification and analysis
- Assessing customer and product risks
- Risk scoring methodologies
Chapter 4: Implementing a Risk-Based Approach (RBA)
- Principles of RBA in compliance
- Prioritizing risks and focusing resources
- Risk mitigation strategies
- Ongoing monitoring and periodic reviews
Chapter 5: Compliance Monitoring and Testing
- Setting up an effective monitoring system
- Continuous monitoring and reporting tools
- Internal audit and testing of AML/KYC programs
- The role of compliance officers in risk mitigation
Section 3: Advanced Topics in Compliance Risk and Emerging Trends
Chapter 1: Emerging Risks in AML/KYC
- New money laundering methods
- Cyber threats and virtual currencies (cryptocurrencies)
- Trade-based money laundering (TBML)
- Risks associated with fintech and payment services
Chapter 2: Sanctions Risk and Regulatory Response
- Overview of sanctions programs: UN, OFAC, EU
- Understanding sanctions risk in global operations
- Mitigating sanctions risk in financial institutions
- Consequences of sanctions violations
Chapter 3: Adverse Media and Reputational Risk
- The impact of adverse media on compliance risk
- Tools for screening and monitoring adverse media
- Reputational risks for non-compliant businesses
- Case studies: reputational damage from compliance failures
Chapter 4: PEP Risk and Management
- Identifying and managing PEPs in KYC programs
- Enhanced due diligence for high-risk individuals
- PEP screening tools and processes
- Challenges in managing PEP-related risks
Chapter 5: Future Trends in AML/KYC Compliance
- The evolution of regulatory technology (RegTech)
- AI and machine learning in AML/KYC
- Future regulatory trends: real-time monitoring, data-sharing
- Preparing compliance programs for future challenges