Anti Money Laundering – Financial Crime Compliance

£1,050.00 +VAT

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This course can also be presented face to face in-house or via live in-house webinar.

Anti Money Laundering Course Content:

 Methods of Money Laundering:

  • Banks – (Case study)
  • Insurance companies – (Case Study)
  • Offshore Vehicles – (Case Study)
  • Trusts – (Case Study)
  • Investment Companies  –  (Case Study)
  • Money changer –  (Case study)
  • Other vehicles behind money laundering
  • Making dirty money clean
  • Predicate Crimes

Financial Crime Prevention Practices and Effectiveness of KYC Policies

  • CDD, KYC & IDV
  • Sanctions
  • Customer Due Diligence.
  • Politically Exposed Persons
  • KYC: Specific Identification & Verification Issues.
  • Suspicion & Escalation.
  • Managing Methods of Money Laundering
  • Legitimate but Potentially high risk Structures

Case study:  The Interaction Between the Risk-Based Approach and Management of High-Risk Clients

Money Laundering Regulations 2017

  • Changes
  • General risk assessment
  • Risk mitigation policies
  • Level of due diligence
  • Reliance on third parties
  • PEPs
  • New Criminal Offence
  • Office for Professional Body Anti-Money Laundering Supervision (OPBAS)

Risk Based Approach

  • What does this mean
  • How should it work
  • What are the key differences
  • Enhanced Due diligence – what does this mean

Exercise – the Risk Based Demonstrated and Explained

New emerging trend worldwide to fight financial crime

  • Distributed Ledger Technology
  • Blockchain Technology
  • Uses/Effects/Advantages in different sectors -private/ Govt /Para-statal Bodies
  • Best Practices Worldwide

Application of Distributed Ledger Technology & Blockchain KYC Solutions

  • Electronic KYC solutions
  • DLT & Blockchain
  • Trust technology

Case Studies – Three separate case studies to illustrate the methodologies/risks

Bulk cash smuggling and mobile technologies

  • Money laundering risks to banking institutions.
  • Money Laundering risks to other non banking institutions / Govt Sectors
  • Methodology of bulk cash smuggling
  • Red flags which institutions should monitor.
  • Why mobile technology poses the next big money laundering threat.

Case studies – several to illustrate the risks

Sanctions – Brief Overview

  • Who sets them & why are they set
  • Who is impacted, What are they
  • OFAC
  • How should an institution screen for them
  • Can we adopt a risk based approach when tolerance is zero?

Electronic AML Solutions

  • Benefits
  • Functional components
  • Internet Banking
  • Internet Casinos
  • Prepaid Cards and E-Cash

Deerisking and AML in the Financial Sector

  • Impact of de-risking
  • From banks to non-banks
  • The Panama Papers fallout
  • Shell companies identified
  • Trusts
  • Bearer Bonds & Securities
  • The inherent risks in doing international business
  • Processing international
  • Preparedness of financial institutions to show examiners that there’s a robust due diligence and investigation process in place
  • Identifying these companies and the associated names.

Case Studies

Specific Identification & Verification Issues

  • Trust nominee and fiduciary accounts
  • Corporate vehicles
  • Introduced business
  • Client accounts opened by professional intermediaries
  • Non face to face customers
  • Introduced business

Terrorist Financing

  • Differences and Similarities between ML and TF
  • Detecting TF
  • Informal Value Transfer Systems
  • Charities / Non-Profit Organisation

Suspicion & Escalation

  • What must banks have in place
  • An effective escalation process
  • Concern
  • Suspicion
  • Access & Process
  • Communication lines
  • Suspicious Activity Reports / Suspicious Transaction Report
  • The importance of a direct link
  • Whistle blowing

Risk Based Approach to Managing Methods of Money Laundering

  • Case study on: A Piecemeal Approach to Financial Crime
  • Case study on: Failure to Connect the Dots Across Systems
  • Case study on: Cost Driven to the Detriment of Prevention
  • Case study on: Doing Too Little Too Late
  • Case Study on:Neglecting Organizational Behavior Changes

Cyber Risks – New Technologies

  • Internet Banking
  • Internet Casinos
  • Prepaid Cards and E-Cash

Open Forum Talking Points-

  • AML Policies and Procedures – What is the difference and why are they important?
  • Probability of an offence crystallising
  • Risk of not reporting
  • Understanding what ML & TF is – dispelling the myths!
  • Government and other Sanction risk in practice
  • Understanding the difference between KYC – ID&V – CDD
  • Profiling customers – what does it mean?

Suspicion & Escalation

  • What must banks have in place
  • An effective escalation process
  • Concern
  • Suspicion
  • Access & Process
  • Communication lines
  • Suspicious Activity Reports / Suspicious Transaction Report
  • The importance of a direct link
  • Whistle blowing

Risk Based Approach to Managing Methods of Money Laundering

  • Case study on: A Piecemeal Approach to Financial Crime
  • Case study on: Failure to Connect the Dots Across Systems
  • Case study on: Cost Driven to the Detriment of Prevention
  • Case study on: Doing Too Little Too Late
  • Case Study on:Neglecting Organizational Behavior Changes

Cyber Risks – New Technologies

  • Internet Banking
  • Internet Casinos
  • Prepaid Cards and E-Cash

Open Forum Talking Points-

  • AML Policies and Procedures – What is the difference and why are they important?
  • Probability of an offence crystallising
  • Risk of not reporting
  • Understanding what ML & TF is – dispelling the myths!
  • Government and other Sanction risk in practice
  • Understanding the difference between KYC – ID&V – CDD
  • Profiling customers – what does it mean?
  • What do you do if you are suspicious
  • Recognising and handling suspicious transaction reports
  • Human factors in money laundering risk management
  • Abuse of structures and financial services provider

END

Background of the trainer:

Your course director has spent more than 40 years in the banking and financial sector, much of it in a senior managerial/Director role. He is a former Institute of Banking Lecturer, having gained distinctions in the exams. He is a subject matter aspect on all aspects of retail, corporate and global banking, including risk management and regulatory compliance. He has lectured extensively to both leading global financial institutions and to smaller bespoke specialists. He has delivered extensive programmes in all parts of the world including the USA, Europe, MENA, Africa and Hong Kong. He is currently an accredited Master Trainer at the world’s biggest global bank.

Anti Money Laundering Course Summary:

Background

The cost for anti-money laundering compliance in both banking and non-banking institutions is increasing at an exponential rate. Financial crime is becoming highly sophisticated while the global financial ecosystem and regulators are playing catch-up to technology.

Despite tremendous global coordination efforts by the Financial Action Task Force (FATF) on money laundering since its establishment in 1989, less than 1% of the global volume is detected according to the UN. The root cause however lies in the fact that the financial system and regulations are antiquated with today’s sophistication of financial crime and technological opportunities.

Day Onewill cover the different development in the market that modifies the process of money laundering and helps doing the compliance function differently.

Day Twoadopts a practical approach to financial crime prevention and cautions on the different pitfalls in financial crime. 

Who Should Attend:

Officers from both financial and non-financial industries;

  1. Banks, Insurance companies, Trusts, Offshore management companies, Investment Companies, Leasing companies, Construction companies & Real Estate agencies, Money changers, IT industry, Gaming Industry, those dealing in precious stones, Stock brokers, Consulting firms, Business owners, Private hospitals, Importers/Exporters, Internet based businesses, and all organisations wishing to limit their money laundering exposure risk.
  2. Key players focussing on Financial Crime Prevention measures and establishing a robust systems to combat financial crimes i.e Regulatory bodies, Investigators / Fraud Examiners, Tax officers, Govt officers, Good Governance, Consultants, Risk and Compliance professionals, MLROs, Internal/External auditors,  Senior  managers  and  Top  management,  IT  officers, Accountants/Solicitors and other professionals involved in the prevention of financial crimes.

 

What Redcliffe’s clients are saying about the course:

 

“A very enjoyable course that I learned a huge amount from. Trainer was incredible and extremely know   ledgeable”

— Assistant Vice President, Crown Agents Bank

 

“Very engaging. Didn’t just read through the slides but made the information so up to date and relatable to us all”

— Global Loan Agency Services

 

 

“Very informative in all areas, helped by “live case” examples from the trainer”

— Customer Protection Manager, Market Harborough Building Society

 

 

“Great overall knowledge from a very experienced facilitator. Great new insights into AML!”

— Business Management / Governance, AIB

 

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30-31 October 2018, 11-12 April 2019, 13-14 November 2019