Anti-Money Laundering, Economic Crimes and Countering Terrorisim Financing Course

Executives in banks, non-bank financial institutions and other business organizations that move money internationally, especially those manning operations of the treasury and international functions need the tools and skills to analyze their opportunities and the accompanying risks.

This two-days training presents the requisite knowledge and understanding.

Course Contents

DAY ONE

• Basic AML/ CTF Concept And Regulatory Responses
• Understanding Anti-Money Laundering/Countering the Financing of Terrorism (AML/CTF)
• The historical background and general introduction
• Basic elements and concepts of AML/CTF
• Changes in risk profiles

Anti Money Laundering and Economic Crimes - Sources

• Bribery and corruption
• Cheating
• Forgery
• Extortion
• Currency exchange fraud.

Money Laundering Cycle

• Initiating crime
• Proceeds washed into legitimate commerce
• Proceeds moved to different accounts
• Proceeds revert legally to criminal perpetrator
• Purchases with proceeds.

Understanding and Responding to Suspicious Transactions

and Activities

• Understanding predicate offences
• Conspiracy to violate money laundering laws
• How illegal money and assets are converted for legitimacy
• Legislative pronouncement (global and local)
• The regulatory framework
• Filing a suspicious activity report
• Operating a robust AML compliance program
• Commitment to economic and transaction scrutiny ethics
• Implementing currency exchange controls
• Controls governing responses to regulatory inquiries and audits
• Compliance - Applying rules indiscriminately
• Monitoring, reporting and continuing review of compliance
• Duties and obligations of stakeholders and professionals in AML/CTF regime.

DAY TWO

AML/CTF Implementation Beyond Regulatory Compliance: A Risk Management Strategy

• Indicators and red-flags to suspicious transaction - suspicious activities
• Appropriate reporting - response to suspicious transaction/activities
• Compliance monitoring - basic requirements and how to monitor   compliance
• The risk exposure of AML/CTF to individuals, entities, the nation and the globe
• Mitigations strategies to the risk exposure
• Identifying the challenges to effective AML/CTF implementation.

AML/CTF and Financial Institutions

• Deposit Money Banks
• Insurance Firms
• Capital Market
• Bureau De Change
• Finance Houses
• International Finance Institutions
• Compliance issues
• Continuous Training Requirement.

Money Laundering Investigation Routes

• Loan back arrangements
• Bureau de Change and other FX changers
• Credit and debit cards
• Share and bond purchases
• Intermediaries - lawyers, accountants, private bankers
• Real estate
• Commodity trading
• Insurance policy.

DAY THREE

Money Laundering Risks for Organizations

• Legal risk (litigation, fines, imprisonment)
• Reputational risk (adverse publicity, tainted image)
• Operational losses.

Measures Against Money Laundering

• Board oversight
• Policies and their application
• Internal Control effectiveness
• Audit trail watch
• Cash transactions watch
• How to make a report.