Financial Crime and Compliance Masterclass Including CTF & AML

An essential overview of FCC/AML and sanctions risks, along with effective mitigation techniques for managing and reducing them.

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A one-day AML CTF course

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Download: Course Category Brochure | Course Outline

Part One

Introduction

This CTF training course assesses recent high-profile fines
Recent Regulatory Action
What is the FCC?
What is AML?
The scale of the problem
What is CTF?
The 'Rules'
What are financial institutions required to put in place? An overview
What is CDD, KYC, IDV?
Who is responsible for FCC Compliance?

Who Sets the Rules & Who Publishes Best Practice Guidelines?

FCA
UN
EEC
The USA – OFAC
Best Practice Guidelines:
- FATF
- Wolfsberg Group
- Transparency International
- JMLSG
- Egmont Group

What Must Institutions Do to Comply?

The FCC Cycle – several key stages
Risk-Based approach
Material Trigger Events
The current three lines of defence model
Staff training and competence
Transaction Monitoring; the critical “safety net”

Sanctions – Brief Overview

Who sets them and why are they set?
Who is impacted?
What are they?
OFAC and the US dimension
When should the screening take place?
'In Flight' Screening
Other screening
Case Study/Example

Counter/Anti-Terrorist Financing

A different management challenge – why?
Following the money
Dormant accounts
The scale of the problem
Effective controls
Informal Value Transfer Systems
Charities / Non-Profit Organisation
Screening processes
Case Study/Example

How Money Laundering is Carried Out in Practice: Examples

Smurfing
Co-mingling
Additional Bank Accounts
Using property and other assets
Complex Money Laundering
Under and Over Invoicing
'Phantom' transactions
Quality and quantity manipulation
Asset Management
Fine Art
Near money instruments
Attempting to circumvent client identification requirements

Part Two

Essential Control Mechanisms

Customer Due Diligence
KYC; getting to know the customer
IDV; checking what they say
EDD and DDD
Source of Wealth
Source of Funds
Ultimate Beneficial Ownership
PEP’s
Effective escalation process
Transaction monitoring
Behavioural Monitoring with 'Swim Lines' (Subject to cost constraints and complexity)
Remediation process
Exit and mitigation process
Review process
Oversight process using a 3LOD model
AML CTF Compliance Training Case Study/Example

Politically Exposed Persons

Definition – formal
Definition in practice
Why are they a special case?
Mandatory high risk
UBO issues
Source of Wealth issues
Annual Review issues
Domestic/Local PEPS
Case Study/Example

Specific Identification & Verification Issues

Trust nominee and fiduciary accounts
Corporate vehicles
Client accounts opened by professional intermediaries
Non-face-to-face customers
Correspondent banking – KYC requirements and Due Diligence
Offshore clients
Case Study/Example

Suspicion & Escalation

What must banks have in place?
An effective escalation process
Concern versus Suspicion the Four D’s
The role of the MLRO
Communication lines
Suspicious Activity Reports / Suspicious Transaction Report
Whistleblowing
Case Study/Example

High-Risk Products & Services

Movement of monies
Movement of value
Speed of movement
Other material parties make/receive value
Anonymity of parties
Use of 3rd party channels
Cross border movement
Access to cash or cash equivalent instruments
Internet Casinos
Prepaid Cards and E-Cash
Case Study/Example

Other Key Issues & Open Forum Talking Points

AML policies and procedures; What is the difference and why are they important?
Probability of an offence crystallising
Understanding the difference between KYC, ID&V and CDD
Profiling customers – what does it mean?
Building and using trigger events in practice
What do you do if you are suspicious?
Recognising and handling suspicious transaction reports
Human factors in money laundering risk management

Redcliffe Training’s AML CTF courses are delivered by an expert who experienced a highly successful, long and varied “fast track” career in Lloyds Bank. Leading him to a very senior management position in the bank’s Corporate Banking Division at an early age, he was “head-hunted” to join a merchant bank at the board director level. He now has over 40 years of experience in the UK banking and financial services sector.

Alongside the delivery of Redcliffe’s AML CTF training course, our expert has enjoyed a freelance career since retirement. As a Compliance, FCC & AML training consultant and currently an external Master Trainer at both HSBC and Bank of China, you’re in capable hands.

At HSBC he has been a leading member of their global FCC & AML training programme which is now entering its seventh year. He has created and delivered sessions to a vast range of clients, from global giants to small firms and partnerships. He is an accomplished global trainer and has delivered extensive programmes in the UK, USA, South America, Europe, Africa, Asia and the Middle East.

He is highly adaptive, hands-on and a sought-after facilitator who always receives excellent feedback. Alongside expertise in Compliance, FCC & AML, the trainer is adept in risk management, trade finance and all major aspects of corporate, private and retail banking. He is also a highly experienced soft skills trainer and has completed numerous “train the trainer” assignments.

This CTF workshop will cover the following:

The regulatory and best practice requirements necessary to combat FCC.
Be fully conversant with the mandatory risk-based approach, and how it is created and managed alongside the controls it drives.
Become familiar with how AML Regulations impact a very wide range of firms.
Appreciate the need for a holistic approach to FCC and the importance of ensuring it becomes part of ‘business as usual’.
Managing the customer journey throughout the process to ensure compliance does not become unpleasant or a deal-breaker.
Why it is important to persuade staff at all levels to take this seriously and discharge duties effectively.
AML CTF training ensures an understanding of how money laundering is carried out and how to put in place effective mitigants and controls.
Recognise that key components to an effective FCC process are sound judgement and common sense: plus a full understanding of the rules so when decisions have to be made, they are appropriate and most effective.

Redcliffe Training is a market leader in AML CTF compliance training.
We have been the primary training supplier to two of the world’s largest banks for several years and as such, the subject is a core competency for us.
The course director is an acknowledged subject matter expert and a Master Trainer in both FCC and Risk Management at the world’s biggest trade finance bank.
We don’t use academics at Redcliffe. All our trainers are practitioners achieving at least senior management status over lengthy careers.
Our course leader has been in the industry for over 40 years and was a former main board director of a London-based merchant bank.
This AML CTF training course is packed full of real-life case studies and discussion sessions with delegate involvement encouraged at all times.
We are judged solely by our results and are proud to say feedback from delegates over many years is always excellent.

FCC and AML are currently a very high-profile risk, with Regulators punishing firms who fail to implement adequate systems and controls; even though no money laundering or sanctions breaches occurred. As such, AML CTF courses are a ‘must know’ for everyone working in a firm that is subject to the rules.

Financial Crime Compliance and Regulatory Compliance will be a ‘top risk’ for nearly every Financial Institution. In recent times, Regulators have criticised many leaders in the Financial Services sector for not having appropriate and/or effective risk mitigation procedures in place. There have also been some eye-watering fines for non-compliance.

AML CTF training has never been more apparent with financial institutions required to focus increasingly on Financial Crime Prevention measures alongside robust combative systems. This includes detailed policies, clear lines of defence, solid CDD processes, a risk-based approach, clear accountabilities, and above all, effective staff training and awareness throughout the organisation.

None of this is difficult. It is, however, costly, and time-consuming and involves putting in place procedures and systems to deter, detect and protect the institution from being used by criminals.

Who Should Attend?

Anyone with an interest in the topic.

Methodology

This highly interactive CTF workshop is packed full of real-life case studies and discussion sessions.

The instructor provided so much context for everything that was covered in the course and it was obvious he had many years of experience in working with fin crime. I really enjoyed all the true story examples he mentioned and also how interactive the course was even though it was on Zoom. Really great!
This was an excellent performed course...This will help us to make more precise governance over our AML frameworks. I must say The trainer and the way he held the whole course... The knowledge he has and the way he is presenting it is just amazing. I liked the cases and the magnitude of how huge it all is and then the presentation related to the banks with governance, KYC and the other parts.
I had great expectations because my company informed me that this was a very highly prestigious course. This course met my overall expectations. I think the course from an AML and CTF perspective was fantastically well mediated.

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