Anti-Money Laundering (AML) Compliance Masterclass is designed to develop the essential skills necessary to enable you to understand how to support your organisation in Anti-Money Laundering and countering terrorist finance, and to understand your customers to prevent, detect, and report suspicious activity to comply with your regulatory requirements and avoiding any noncompliance risks.
AML training course is covering the aspects of money laundering and initiatives undertaken to combat terrorism including regulations that govern financial institutions. The courses cover regulatory environment and focus on the role of the Money Laundering Reporting Officer in practical terms. You will learn about the importance of Customer Due Diligence (CDD) and sanctions monitoring as well as studying the AML risks involved in emerging industry sectors such as mobile financial services and e-payments.
By the end of this course, delegates will be able to understand:
- The process of Money Laundering, measures against money laundering and initiatives taken by various organisations to combat terrorism.
- Comprehend the implications of offshore financial centers and non-cooperative countries on Money Laundering
- Understand the implications and penalties for non-compliance with Anti-Money Laundering legislations.
- Explain how AML and CTF might be prevented.
- Certain Principles that are to be adopted by banks to guard against 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.
- Due diligence measures undertaken by financial institutions to deter money laundering and terrorist financing.
- Regulations applicable to firms/banks.
- 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.
- Understand some of the other “hot spots” in Financial Crime.
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, and for all the following:
- Supervisory Agencies
- Central Banks
- Financial Institutions
- Commercial Banks
- Investment Banks
- Housing Societies/Thrifts
- Mutual Funds
- Brokerage Houses
- Stock Exchanges
- Derivatives Exchanges
- Insurance Companies
- Multinational Corporations
- Accountancy Firms
The training course will combine facilitated discussions with interactive practical examples, supported by video materials, slide presentations, activities, and case studies.
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
The International Community’s response to AML and CTF
- The International bodies’ response to Anti-Money Laundering (AML) and Countering Terrorist Financing (CTF)
- The International Community’s response to AML and CTF
- The measures undertaken by various international organisations 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
- Jurisdiction AML/CTF laws and regulations
- Internal Controls, Procedures and Policies
- The Requirements for Robust Anti-Money Laundering Operations, 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
Recognising 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
Money Laundering Detection Techniques
- Prevention, Detection and Due Diligence
- Early-Warning Mechanisms
- The best practical techniques for managing money laundering and sanctions risks in line with risk appetite and relevant policies
- Designing money laundering and terrorist financing risk assessments Applying KYC & Customer Due Diligence (CDD & EDD)
- Risk Management of Politically Exposed Persons (PEPs)
- Risk-based approach: the threat matrix concept and the four key components of risk: customer, product, delivery channels, geography
- Best Practices applicable to organisation