Course description
Mastering Anti Money Laundering
- Spot the major sourcesof money laundering and terrorist financing
- Meet the cross-spectrumof international and UK requirements
- Understand howthe launderers operate
- Apply the practical day-to-dayrequirements for robust anti-money laundering operations
- Find realistic waysof meeting the anti-money laundering obligations placed upon your organisation
Training Course Content
Introduction to Money Laundering and Terrorist Financing
- The process of money laundering and terrorist financing
- Predicate crimes and their route to legitimacy
- AML and CFT terminology
- Exploring and discussing the impact of money laundering on both developed and developing countries
- The damage that money laundering and terrorist financing can cause to your organisation
- International initiatives and requirements
Role of the Financial Action Task Force (FATF)
- 40 recommendations
- Mutual reviews
- Higher risk countries
- International co-operation
The US and its Effect Internationally
- History of the fight against money laundering
- Extra-Territorial Jurisdiction
- US Patriot Act
- Egmont, Transparency International and the Basle Institute
UK Legal and Regulatory Requirements
- Proceeds of Crime Act /Serious Organised Crime and Police Act 2005
- Terrorism Act 2000/Serious Crime Act 2017
- Counter Terrorism Act 2008/Criminal Finances Act 2017
- Money Laundering Regulations 2017/Financial Conduct Authority Rules
- Office for Professional Body Anti-Money Laundering Supervision (OPBAS)
KYC & Customer Due Diligence
- The KYC Process
- Identification and verification
- CDD requirements
- individuals
- legal entities
- beneficial owners
- politically exposed persons
- Risk based approach and enhanced due diligence
- Problems and solutions to KYC challenges
Suspicions and Reporting
- What is a suspicion?
- How you identify them
- What internal reporting systems you need
- What must you report to the authorities?
- How you deal with customers whilst awaiting it
- How you handle customers after a report has been made
Money Laundering Reporting Officer (MLRO)
- What are the duties?
- What are the obligations?
- How do you meet them?
- Annual report
Senior Management Responsibility
- Setting an AML policy
- Audit of AML compliance
Training and Awareness
- Who and when to train
- Level of training
- Methods of training
- Assessing competence
- Training records
- Maintaining awareness
Sanctions
- Understanding sanctions and sanctions terminology
- The UK and EU Sanctions regime
- UN sanctions and their purpose
- US sanctions
- OFAC – its structure and purpose
- How OFAC operates – sanctions lists and fines
- The importance of OFAC compliance
- Making sure your sanctions areas are fit for purpose
Creating a World-Class AML Function
- Culture
- Understanding limitations in P&P
- Whistleblowing
- Embedding ‘professional scepticism’
The Impact of the Pandemic
- Financial Crime
- Money Laundering Techniques
- Criminal Gangs Activity
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Kjersti Skagen Pedersen
06 Feb 2017
Anti Money Laundering
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IFF - International Faculty of Finance
Maple House 149, Tottenham Court Road
W1T 7AD London
International Faculty of Finance - IFF Finance - Specialist Training Courses
As one of the world's leading specialist financial training organisations, The International Faculty of Finance provides participants in the global financial markets with intensive technical training programmes designed to help them succeed on the global stage. Established in 1991 we...
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My Doug Hopton is a very good course speaker - he makes the subject interesting