Training on Anti-money Laundering 

Financial institutions and other regulated companies require training on anti-money laundering. Financial institutions and other regulated companies are required by law to prevent, detect, and report money laundering activities. These controls are referred to as anti-money laundering (AML) and are mostly utilized in the financial and legal sectors. The financial services sector is prone to misuse by money launderers because of the nature of the services and goods it provides (specifically, managing, controlling, and possessing money and property that belongs to others).

The target audience for this training on anti-money laundering (AML) course is people who want to start a career in the field or who are presently in a junior AML capacity. Money laundering issues and counterterrorism efforts, such as rules governing financial institutions, are covered in the AML training course. The regulatory environment is covered, with a practical emphasis on the Money Laundering Reporting Officer's function. 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.

Training Objectives

By the end of training on Anti Money Laundering (ALM), delegates will be able to understand:

• Certain Principles that are to be adopted by banks to guard against money laundering
• Comprehend the implications of offshore financial centers and non-cooperative countries on Money Laundering
• Define the ways in which a Firm/Bank and its staff should protect themselves against the risks of Money Laundering and Terrorist Financing
• Detail how a company might become a target for Money Laundering and Terrorist Financing: and explain which “red flags” might help them to identify, prevent and report any (suspicious or actual) criminal activity
• Due diligence measures were undertaken by financial institutions to deter money laundering and terrorist financing.
• Explain how AML and CTF might be prevented
• Regulations applicable to firms/banks.
• The process of Money Laundering, measures against money laundering and initiatives taken by various organizations to combat terrorism.
• Understand some of the other “hot spots” in Financial Crime
• Understand the implications and penalties for non-compliance with Anti-Money Laundering legislations

TARGET AUDIENCE

This training on anti-money laundering 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, regulator or advisor 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 on Training on Anti-Money Laundering

Module 1 -Anti-Money Laundering (AML) and Countering Terrorist Financing (CTF)

• Why the Current Focus on AML/CFT?
• Introduction to Money Laundering & the Financing of Terrorism
• Differences and similarities between money laundering and terrorist financing
• The expansion of Money Laundering from drugs to corruption to terrorism
• Products and services vulnerable to money laundering or terrorism financing
• Money Laundering Stages and Techniques
• Money Laundering Trends in ( Jurisdiction)
• The complex and interrelated risks with respect to money laundering and sanctions

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

• The International Community’s response to AML and CTF
• The measures were undertaken by various international organizations to prevent money laundering and financing of terrorism
• Establishment of FATF and its fight against money laundering and terrorism financing
• Customer policies and procedures
• International Legislation and legislation applicable to your jurisdiction
• 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 3 - Compliance Strategies

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

Module 4 - Recognizing and Reporting Suspicious Transactions

• Statutory Obligations
• Identifying suspicious transactions
• Internal and external reporting of suspicious transactions
• Identifying high-risk indicators, understand what to do with the information and whom to escalate it to
• The role of the MLRO
• The importance of record keeping
• Responsibilities of firms/banks and individuals
• Identification techniques
• What to do, what not to do- some practical examples.
• Setting up monitoring procedures

Module 5 - 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)
• Risk Management of Politically Exposed Persons (PEPs)
• Screening
• Best Practices applicable to banks
• Fraud
• Information Security
• Market Abuse and Insider Dealing
• Sanctions