By the end of this course participants will:
- Identify critical areas of concern regarding money laundering.
- Understand the typologies and trends of money laundering.
- Gain an understanding of money laundering within the context of crime convergence.
- Learn about the latest updates on international legislation and regulations impacting all sectors in the fight against financial crime.
- Recognize the most common red flags in money laundering cases.
DAY 1
Anti-Money Laundering (AML) and Countering Terrorist Financing (CTF)
- Importance of Addressing AML and CTF in the Current Landscape
- Definitions of Money Laundering and Terrorist Financing
- Key Differences and Similarities Between Money Laundering and Terrorist Financing
- The Core Stages of Money Laundering
- Common Typologies and Techniques Used in Money Laundering
- Red Flags and Indicators of Money Laundering
- Products and Services Prone to Money Laundering or Terrorist Financing
- Money Laundering Trends Specific to (Jurisdiction)
DAY 2
The International Organizations of Anti-Money Laundering (AML) / Countering Terrorist Financing (CTF)
- Global initiatives addressing AML and CTF challenges.
- International strategies to combat money laundering and terrorism financing.
- The interconnected risks associated with money laundering and sanctions.
- The role of FATF (Financial Action Task Force) in global AML efforts.
- Implementation of customer policies and procedures to mitigate risks.
- International legislation and its relevance to your jurisdiction.
- The broader context of financial crime risk and regulatory frameworks influencing your organization.
- Roles and responsibilities of key stakeholders (Front Office, Back Office, AML, Compliance Officers) in the financial crime risk management lifecycle.
DAY 3
Compliance Strategies
- Jurisdiction Anti-Money Laundering (AML) and Countering Terrorist Financing (CTF)
- Laws and Regulations
- 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 ID&V Rules
- Tipping-off
- Market Abuse and Insider Dealing
- Client Relations and Human Resources Strategies
- The Relevant Laws and Regulations in Your Jurisdiction, The International Standards and The Role of Law Enforcement
DAY 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
- Setting-up Monitoring Procedures
Day 5
Money Laundering Detection Techniques
- Strategies for Prevention, Detection, and Due Diligence
- Early Warning Systems for Identifying Risks
- Developing Risk Assessments for Money Laundering and Terrorist Financing
- Implementing Know Your Customer (KYC) and Customer Due Diligence (CDD)
- Managing Risks Associated with Politically Exposed Persons (PEPs)
- Screening Procedures for Potential Risks
- Best Practices for Firms and Banks in Combating Financial Crimes
- Understanding and Complying with Sanctions
