WESTERN UNION TRAINING

[Virtual Presenter] The Western Union KYC Training program equips participants with the knowledge and tools necessary to conduct customer due diligence and abide by regulatory compliance requirements. Our comprehensive program covers customer onboarding identity management risk assessment and more. Our aim is to ensure compliance with anti-money laundering and know-your-customer regulations. We offer guidance on how to keep up with changing laws and regulations as well. With the Western Union KYC Training program you will have the necessary understanding and assurance to ensure your customer due diligence practices are in accordance with industry best practices..

[Audio] The Western Union KYC Training program equips participants with the knowledge and tools to carry out customer due diligence and meet regulatory requirements for preventing money laundering and terrorist financing. Money laundering involves concealing the source of illegally-obtained money through a series of complex transactions such as transferring funds between offshore and onshore banks making financial investments or purchasing luxury assets. Through an understanding of the techniques used to launder money program participants are able to better monitor and detect suspicious activity. This helps guarantee compliance with regulatory standards and safeguard customers and the financial system from money laundering and terrorist financing..

[Audio] The Western Union KYC Training Program provides the necessary skills and knowledge to ensure customer due diligence and meet regulatory compliance requirements. For instance criminals can create fake buyer accounts on an auction platform and then refund the payment directly to the buyer's bank account hoping to obscure the funds. Terrorists may also attempt to misuse the platform by creating fake charitable organizations or sending funds abroad. Western Union's K-Y-C training program helps participants identify these scenarios and prevent the platform from being misused..

[Audio] Financial institutions have a responsibility to prevent money laundering and terrorist financing which can cause major risks to our economy and security. Money laundering is a technique used to hide the origins of illegally obtained funds and make them appear legitimate whereas terrorist financing utilizes these funds to support and carry out terrorism. To ensure that these activities are blocked the Western Union KYC Training Program provides participants with the knowledge and skills necessary to conduct customer due diligence and abide by regulatory requirements..

[Audio] The presentation we are discussing is about the Western Union KYC Training program and how it can help participants conduct customer due diligence and fulfil regulatory compliance requirements. It covers the issue of human trafficking and smuggling. Human trafficking involves the exploitation of people for various purposes such as forced labor sexual exploitation or organ trafficking treating the victim as a commodity for financial gain. Human smuggling is the facilitation of illegal migration across borders for financial gain with the migrants usually willingly paying smugglers for assistance. A key difference between the two is that human trafficking is done without an individual's informed and voluntary consent and involves exploitation. Human smuggling on the other hand does not involve exploitation though there are risks. Additionally while human trafficking is always considered a criminal offence human smuggling is not always criminalized..

[Audio] To ensure the safe and secure use of its services Western Union has developed a K-Y-C (Know Your Customer) training program. This program provides the knowledge and tools necessary to properly conduct customer due diligence and meet regulatory compliance requirements. Western Union monitors transactions for suspicious activity and works closely with law enforcement to identify potential cases of illegal activity. It also encourages customers or agents to come forward if they have knowledge or suspicion of human trafficking or smuggling. To protect customers against agent fraud strict rules policies and regulations have been put in place and all involved are expected to comply with these regulations; failure to do so will result in serious consequences. By providing proper training Western Union is able to protect its customers and agents and ensure all services are only used for lawful purposes..

[Audio] Customer due diligence is an important part of fulfilling regulatory compliance requirements and the Western Union KYC Training program provides participants with the knowledge and tools they need to be successful. However there are a number of risks that need to be taken into consideration. Scammers are increasingly using romance scams and overpayment scams to dupe victims into sending money via Western Union. In romance scams fraudsters create online relationships and eventually ask for money to cover travel expenses medical emergencies or other needs. With overpayment scams scammers pretend to purchase an item online overpay and then request the excess be sent back to them through the same platform. Additionally scam artists may also pose as employers offering job opportunities asking for personal information bank account details or an initial payment for training or visa processing. Furthermore fraudsters may exploit people’s kindness by creating fictitious charities or disaster relief organizations and asking for donations via Western Union or other money transfer services. Finally suspicious emails websites or messages should be avoided. These are often attempts at phishing where criminals create fake organizations resembling legitimate companies such as Western Union. To ensure customer due diligence and a safer money transfer experience it is best to verify the legitimacy of requests or organizations not send money to unknown individuals or entities and to report any suspicion of fraud or fraudulent activities as soon as possible..