AML/CFT and Financial Crime Compliance

Money laundering, terrorist financing and other forms of financial crime continue to pose significant risks to the integrity, stability and reputation of financial institutions and businesses worldwide. As financial transactions become increasingly digital, criminals are also developing more sophisticated methods of concealing illicit funds, exploiting financial systems and disguising the true ownership and purpose of transactions.

The evolution of Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) frameworks has therefore moved beyond simply identifying suspicious transactions. Modern compliance requires organisations to understand their financial-crime exposure, identify high-risk customers and transactions, conduct appropriate customer due diligence, monitor transactions, investigate alerts, maintain adequate records and report suspicious activities to the appropriate authorities.

Internationally, the Financial Action Task Force (FATF) provides the major global framework for AML/CFT standards. Its approach emphasises understanding financial-crime risks and applying appropriate risk-based measures rather than treating every customer and transaction identically.

In Nigeria, the regulatory environment has continued to develop through legislation and regulatory requirements covering money laundering, terrorism financing and proliferation financing. The Money Laundering (Prevention and Prohibition) Act 2022, Terrorism (Prevention and Prohibition) Act 2022, Nigerian Financial Intelligence Unit Act 2018, and relevant CBN, SEC and SCUML regulations form important parts of the country's AML/CFT framework.

The CBN's AML/CFT/CPF framework applies across regulated financial institutions, including commercial banks, merchant banks, microfinance banks, payment service providers and other institutions under its regulatory purview. It places emphasis on areas such as KYC, customer due diligence, suspicious transaction reporting, record keeping, compliance functions and employee training.

Against this background, this training programme is designed to provide participants with a practical and up-to-date understanding of AML/CFT and financial crime compliance, enabling them to identify financial-crime risks, strengthen internal controls, improve customer due diligence and contribute effectively to their organisation's compliance framework.

Course Objectives

At the end of the training, participants should be able to:

1. Understand the fundamental concepts of money laundering, terrorist financing and proliferation financing.
2. Explain the major stages and techniques used in money laundering and understand how criminals attempt to conceal illicit proceeds.
3. Understand the Nigerian legal and regulatory framework governing AML/CFT and financial crime compliance.
4. Understand the role of the NFIU, CBN, EFCC, SCUML, SEC and other relevant regulatory and enforcement authorities.
5. Understand the FATF risk-based approach to AML/CFT and how it can be applied within an organisation.
6. Identify different money laundering and terrorist financing risk factors, including customer, geographic, product/service and delivery-channel risks.
7. Develop a stronger understanding of Know Your Customer (KYC) requirements.
8. Apply effective Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) procedures.
9. Identify and manage high-risk customers, politically exposed persons (PEPs) and complex ownership structures.
10. Understand beneficial ownership identification and verification.
11. Identify suspicious transactions and activities that may indicate financial crime.
12. Understand the principles of transaction monitoring, alert generation, investigation and escalation.
13. Understand suspicious transaction/activity reporting requirements and the importance of accurate documentation.
14. Recognise common financial-crime typologies, including fraud, corruption, bribery, cyber-enabled financial crime and other predicate offences.
15. Understand sanctions screening and the importance of identifying prohibited or sanctioned individuals and entities.
16. Strengthen internal AML/CFT controls and compliance processes.
17. Understand the responsibilities of the board, senior management, compliance officers, internal audit and employees in managing financial-crime risks.
18. Improve the organisation's preparedness for regulatory examinations, compliance reviews and AML/CFT audits.
19. Understand how technology, data analytics and automated monitoring systems can support AML/CFT compliance.
20. Develop practical strategies for creating a stronger financial crime risk management and compliance culture.

Key Benefits to Participants

Participants will gain practical knowledge that can be applied directly to their jobs and organisations.

• Regulatory Compliance: Participants will develop a better understanding of Nigeria's AML/CFT regulatory requirements and how organisations can structure their compliance activities around applicable laws and regulations.
• Improved KYC & Customer Due Diligence: Participants will learn how to conduct more effective customer identification, verification, risk assessment and ongoing monitoring.
• Better Identification of Financial Crime: The programme will help participants recognise red flags and suspicious patterns that could indicate money laundering, fraud, terrorist financing or other financial crimes.
• Enhanced Risk-Based Decision Making: Participants will learn how to distinguish between low-, medium- and high-risk situations and apply proportionate controls rather than relying on a one-size-fits-all approach.
• Stronger Transaction Monitoring: Participants will understand the fundamentals of identifying unusual transaction patterns, investigating alerts and escalating suspicious activities appropriately.
• Improved Compliance Controls: The training will enable participants to identify weaknesses in existing AML/CFT procedures and recommend practical improvements. 
• Better Regulatory Reporting: Participants will gain greater awareness of the importance of accurate, timely and properly documented suspicious transaction reporting.
• Protection of Organisational Reputation: Effective AML/CFT controls help organisations reduce exposure to regulatory sanctions, financial losses, reputational damage and the misuse of their products and services for criminal purposes.
• Improved Audit & Examination Readiness: Participants will understand the types of AML/CFT controls, documentation and evidence that organisations should maintain to demonstrate effective compliance.
• Career Development: AML/CFT, compliance, risk management and financial crime expertise are valuable skills across banking, fintech, insurance, capital markets, professional services and other regulated sectors.

Who Should Attend?

This programme is particularly suitable for:

• Chief Compliance Officers
• Compliance Managers and Officers
• AML/CFT Officers
• Money Laundering Reporting Officers (MLROs)
• Risk Managers
• Enterprise Risk Management Professionals
• Internal Auditors
• External Auditors
• Fraud Risk Managers
• Fraud Investigators
• Forensic Auditors
• Bank Examiners
• Credit Risk Officers
• Credit Analysts
• Banking Operations Officers
• KYC Officers
• Customer Due Diligence Officers
• Transaction Monitoring Officers
• Legal and Regulatory Compliance Professionals
• Corporate Governance Professionals
• Financial Crime Investigators
• Security and Intelligence Professionals
• Finance Managers and Accountants
• Heads of Internal Control
• Heads of Operations
• Senior Management and Executives
• Fintech and Payment Services Professionals
• Microfinance Bank Professionals
• Insurance Professionals
• Capital Market Professionals
• Investment and Asset Management Professionals
• Professionals working with DNFBPs and other regulated businesses
• Government and regulatory officials
• Consultants and professional advisers
• Business owners and entrepreneurs responsible for compliance and risk management.

Course Booking

Please use the "Book Now" or "Inquire" buttons on this page to reserve your space or request for more information