Advanced Financial Crime Prevention and Anti-Money Laundering AML

This course sets out to describe and explain the essential elements of the international work towards the eradication of financial crime in connection with money laundering and the financing of terrorist activities. It defines money laundering and terrorist financing, as well as identifies the broad parameters for knowing one’s customer, no matter which industry.

The course also identifies the three stages of money laundering and how they can be used in a customer due diligence (CDD) program. It outlines the main regulatory and standard-setting organizations, including their background and work domain. It also contrasts and compares key AML regulation from the US, the EU and the UK.

This course goes in-depth with two complicated areas of AML work and encourages participants to adopt tried and tested measures for their discovery and management. It analyses how domestic and international trade is being subverted by money laundering activities and how serious a threat this is.

The course also classifies techniques used to conceal the true origin and beneficial ownership of assets and invites a critical analysis of the vulnerabilities that are exploited. It distinguishes between the major components of the risk-based approach and requires a critical eye to establish how they differ. It also develops an actionable AML plan in alignment with the Financial Action Task Force (FATF) and based on its five pillars.

The course will wrap with a summary of the key learning points, followed by an action planning exercise with a view to apply the acquired knowledge and skills immediately upon your return to work. Post-course support is also available in relation to the implementation of your action plan, up to six (6) months following course completion.

Agenda

Anti-Money Laudering AML and Combating the Financing of Terrorism

• What is Anti-Money Laundering (AML)?
• What is Combating the Financing of Terrorism (CFT)?
• What is Know Your Customer (KYC)?

How to Identify Money Laundering

• Customer Due Diligence (CDD)
• Three stages of money laundering
• The role of off-shore financial centres

Anti-Money Laundering AML – Regulatory and Standards Organizations

• Financial Action Task Force (FATF)
• The Joint Money Laundering Steering Group (JMLSG)
• Egmont Group of Financial Intelligence Units
• EU AML Authority (AMLA)

Anti-Money Laundering AML – Regulation and Legislation

• UK Proceeds of Crime Act (POCA)
• US Foreign Corrupt Practices Act (FCPA)
• The USA PATRIOT ACT
• The Fifth EU Anti Money Laundering Directive

Trade-Based Money Laundering TBML

• TBML Risk Indicators
• Economic sectors and products vulnerable to TBML activity
• Common trade-based money laundering techniques
• Assessment of current trade-based money laundering risks

Concealment of Beneficial Ownership

• Techniques used to obscure beneficial ownership
• Overview of commonly exploited intermediaries
• Overview of vulnerabilities

Effective Anti-Money Laundering Measures

• Risk-based Approach (RBA)
• Suspicious Activity Reports (SAR)
• Enhanced due diligence (EDD)
• Politically Exposed Persons (PEPs)

Designing an Anti-Money Laundering Programme

• The five pillars of an AML program
• Aligning your AML program with Financial Action Task Force (FATF)
• Dedicated AML compliance officer

Course Review

• Summary and recap of key learning objectives
• Action Planning

Target Audience

AML awareness is universal and is relevant for every person, corporate, and government department. This is especially so if you work in any of the following functions:

• Accounts payable
• Accounts receivable
• Contracting
• Compliance
• Risk management
• Managers with responsibilities for internal AML controls.
• Internal and External Audit Staff.
• Lawyers and Support Staff.
• Company secretaries

Learning Outcomes

Upon completion of this course, you will be able:

• To be able to distinguish between various forms of money laundering and terrorist financing activities.
• To explain how money laundering can be identified through the use of well-designed customer due diligence programmes.
• To outline how the work at the Financial Action Task Force is organized and how it influences AML activities around the world.
• To generalise and compare main global AML regulation with one another.
• To judge whether TBML-based activities are being adequately contained given current regulations.
• To summarize the techniques used and vulnerabilities exploited in asset concealment activities.
• To appraise the risk-based approach and its component parts for AML efficacy.
• To design an own AML program based on the FATF five-pillar model.
• To implement an Action Plan at your workplace using the knowledge and skills acquired through the course.