Training on Anti-Money Laundering & Counter-Terrorism Financing

For people who are already working in the anti-money laundering field, this course intends to launch their career. Money laundering and counterterrorism efforts are covered in the AML training program, along with financial institution laws. In addition to focusing on the practical responsibilities of the money laundering reporting officer in banks, financial institutions, and accountable officers in FIUs, the courses also cover the regulatory environment. Participants will explore the AML risks associated with developing industry sectors such mobile financial services and e-payments as well as the significance of customer due diligence (CDD) and sanctions monitoring.

The training course on anti-money laundering and counter-terrorist financing provides a thorough understanding of the major issues that affect the compliance professional's job. It is intended to increase consolidate existing knowledge gained through experience to date.

Training Objectives

By the end of this course, delegates will be able to understand:

• Define the ways in which a firm and its staff should protect themselves against the risks of Money Laundering and Terrorist Financing
• Due diligence measures for the financial institutions or regulators to deter money laundering and terrorist financing.
• How the risk-based approach protects against financial crime and allows for commercial growth?
• The distinction between terrorist financing from money laundering and the challenges faced in combatting terrorism
• The importance of recognizing the risk appetite of the firm and the challenges when undertaking to de-risk.
• The international landscape of sanctions
• The obligations for reporting suspicion to the regulator
• The process of Money Laundering measures against money laundering and initiatives taken by various organizations to combat terrorism.
• The vulnerabilities of specific sectors and products and how they can be abused by individuals looking to commit a financial crime.
• Understand some of the other “hot spots” in Financial Crime

TARGET AUDIENCE

This course is suitable for anyone who works within the regulated financial sectors, including all businesses where large amounts of illegally obtained cash, property, or goods could be bought, sold, or exchanged.

Everyone involved in the global financial services industry (as a provider, Senior Management, user, AML/ Compliance Professionals, Auditors, Consultants, Analysts, Lawyers, accountants, regulators or advisors of product/services, marketplace/exchange) would benefit from this course.

Staff with specific anti-money laundering duties, anyone who aspires to a career in anti-money laundering or fraud prevention.

COURSE CONTENTS

Module 1 - Introduction to AM/CTF

• Why the Current Focus on AML/CFT?
• What is money laundering?
• What role can the financial sector play?
• Stages of money laundering
• Defining Terrorism and Terrorist Financing
• Differences and similarities between money laundering and terrorist financing

Module 2 - The International Community's response to AML and CTF

• International bodies and their purpose
• The measures are undertaken by various international organizations to prevent money laundering and financing of terrorism
• FATF and its fight against money laundering and terrorism financing
• Egmont Group and the roles of FIUs
• IOSCO
• The European Money Laundering Directives (MLD)

Module 3 - Money Laundering in Practice

• The expansion of Money Laundering from drugs to corruption to terrorism
• Local Regulators in your jurisdiction to combat ML/TF
• Money Laundering Techniques
• Money Laundering Trends in (Jurisdiction)
• The complex and interrelated risks with respect to money laundering
• An insight into sanctions (international – Local) why these are important.

Module 4 - Risk-Based Approach (RBA) in ML/TF

• What is the Risk-Based Approach (RBA)
• FATF Guidance on the risk-based approach
• Customer policies and procedures
• The wider context for financial crime risk and regulation in which your firm operates
• The role and responsibilities of (Front /Back Office/ AML / compliance officer) and how these fit within the financial crime risk-management life cycle

Module 5 - Compliance Strategies

• Jurisdiction AML/CTF laws and regulations
• Internal Controls, Procedures, and Policies
• Know Your Customer (KYC)
• Identification and Verification (ID&V) Rules
• Impact on Strategy, Client Relations, and Human Resources
• A comprehensive review of the relevant laws and regulations in your jurisdiction, the international standards, and the role of law enforcement

Module 6 - Recognizing and Reporting Suspicious Transactions

• Identifying suspicious transactions
• Internal and external reporting of suspicious transactions
• Identifying high-risk indicators (Red Flags)
• understand what to do with the information and whom to escalate it to
• SAR- STR
• Legal obligation to report suspicious activity

Module 7 - Obligations with ML/TF crimes

• The role of the MLRO in money laundering risk assessment
• Responsibilities of firms/banks and individuals
• The importance of record keeping
• Tipping Off Crime
• Dealing with customers after reporting
• What to do, what not to do- some practical examples.

Module 8 - Money Laundering Detection Techniques

• Prevention, Detection, and Due Diligence
• Early-Warning Mechanisms
• Designing money laundering and terrorist financing risk assessments Applying KYC & Customer Due Diligence (CDD & EDD)
• Unwrapping beneficial ownership
• Politically Exposed Persons (PEPs)
• Screening

Module 9 - AML/CFT Risk Management

• Formulating anti-money laundering and terrorist financing policies and procedures
• Risk-based transaction monitoring and filtering framework
• Money laundering and terrorist financing vulnerabilities of financial services
• Fraud
• Information Security
• Market Abuse and Insider Dealing

Module 10 - Best Practices in AML/CFT

• Key controls a firm must apply
• Client confidentiality
• Monitoring compliance with the policy
• Create AML/CFT Culture
• Setting a well-qualified AML/CFT team
• Cooperation with the Authorities and the Regulators