Financial Crime Prevention and AML Training Course

Introduction:

This AML and financial crime prevention course is designed to develop the essential skills necessary to enable you to understand how to support your company in anti-money laundering (AML) and countering terrorist finance, as well as how to prevent, detect, and report money laundering activities.

It covers the regulatory environment and focuses on the importance of Know Your Customer (KYC), Customer Due Diligence (CDD), sanctions monitoring, and the role of the Money Laundering Reporting Officer in practical terms. You will learn about studying the AML risks involved in emerging industry sectors.

This AML and financial crime prevention course is an intensive and highly practical training program that qualifies you to become proficient in the Anti-Money Laundering process and the laws that make it a crime. It will raise awareness of financial crime risks, global laws and regulations, laws and regulations applicable to your jurisdiction, and the systems and controls to detect and prevent financial criminal acts.

This AML and financial crime prevention training also covers several topics regarding the nature of the services and products offered by the financial services industry (namely, managing, controlling, and possessing money and property belonging to others), which makes it vulnerable to abuse by money launderers, the aspects of money laundering, and initiatives undertaken to combat terrorism, including regulations that govern financial institutions.

Targeted Groups:

• Staff with specific anti-money laundering duties.
• Anti-Money Laundering (AML)/Compliance Professionals.
• Senior Management.
• All Staff working in financial services who want an introduction to anti-money laundering.
• Anyone working within the regulated financial sectors or has a career in anti-money laundering or fraud prevention.
• Consultants.
• Treasury Managers.
• Auditors.
• Lawyers.
• Regulator or Advisor of Product/Services.
• Credit Managers.

Course Objectives

At the end of this AML and financial crime prevention course, participants will be able to:

• Understand the process of Money Laundering.
• Learn about Regulations applicable to firms/banks.
• Understand FATF roles in Anti-Money Laundering.
• Know the penalties for non-compliance with AML legislation.
• Learn how Anti-Money Laundering and Countering Terrorist Financing (CTF) might prevent it.
• Understand how to define how a Firm / Bank and its Staff should protect themselves against the risks of Money Laundering and Terrorist Financing.
• Know the due diligence measures to deter money laundering and terrorist financing.
• Understand that The “red flags” might help you to identify, prevent, and report any (suspicious or actual) criminal activity.
• Understand the implications of offshore financial centers on ML.

Targeted Competencies:

By the end of this AML and financial crime prevention training, target competencies will be able to:

• Understand Money Laundering, Terrorist Financing, and Sanctions.
• Explore the vulnerabilities of financial institutions in money laundering and terrorist financing.
• Learn about anti-money laundering and combating terrorist financing, as well as legal and regulatory structures.
• Manage obligations and the risk-based approach to money laundering and terrorist financing.
• Explain greater awareness of industry practices, problems, and solutions.
• Increase understanding and assurance in completing tasks successfully.
• Increase self-confidence and motivation at work.
• Learn greater job satisfaction by providing quality support to management.
• Greater ability to supervise, develop, and motivate colleagues.
• Understand the structure of the Anti-Money Laundering (AML)/Countering Terrorist Financing (CTF) regime in your jurisdiction.
• You fit into the Anti-Money Laundering (AML) / Countering Terrorist Financing (CTF) regime.
• Designate remittance service arrangements and correspondent banking.
• Report certain transactions and record-keeping.
• Know the consequences of not complying with your obligations.

What is AML and the Financial Crime Prevention Framework?:

Financial crime prevention is a critical aspect of a robust AML strategy. Participants in this course will gain an understanding of the financial crime prevention framework, which incorporates prevention of financial crime and financial crime prevention training. Through this course, you can also work towards achieving a professional certificate in financial crime prevention, enhancing your qualifications in this vital area of finance.

For those asking what AML training is or looking to understand its meaning, this training provides in-depth insights, clarifying what AML is, the process, and its importance. An AML training course like this not only equips you with valuable knowledge but also leads you toward obtaining an AML certificate, which signifies your expertise in the field.

Course Content:

Unit 1: Anti-Money Laundering (AML) and Countering Terrorist Financing (CTF):

• Why the Current Focus on Anti-Money Laundering (AML)/Countering Terrorist Financing (CTF)?
• Money Laundering and the Financing of Terrorism Definitions.
• Differences and Similarities between Money Laundering and Terrorist Financing.
• Key Stages of Money Laundering.
• Typologies and Techniques of Money Laundering.
• Indicators of Money Laundering.
• Products and Services Vulnerable to Money Laundering or Terrorism Financing.
• Money Laundering Trends in (Jurisdiction).

Unit 2: The International Organizations of Anti-Money Laundering (AML)/Countering Terrorist Financing (CTF):

• Explore the International bodies’ response to Anti-Money Laundering (AML) and Countering Terrorist Financing (CTF).
• The International Measures to Prevent Money Laundering and Financing of Terrorism.
• The Complex and Interrelated Risks Concerning Money Laundering and Sanctions.
• FATF and Its Roles in Anti-Money Laundering (AML).
• Customer Policies and Procedures.
• International Legislation and Legislation Applicable to Your Jurisdiction.
• The Wider Context for Financial Crime Risk and Regulation in which Your Firm Operates.
• What are the Roles and Responsibilities of the front/Back Office/AML/Compliance Officer), and How do these fit within the financial crime risk-management life cycle?

Unit 3: Compliance Strategies:

• Jurisdiction Anti-Money Laundering (AML) and Countering Terrorist Financing (CTF).
• Laws and Regulations.
• The Requirements for Robust Anti-Money Laundering Operations, Internal Controls, Procedures and Policies.
• Cooperation with the Authorities and the Regulators.
• Know Your Customer (KYC) and ID&V Rules.
• Tipping-off.
• Market Abuse and Insider Dealing.
• Client Relations and Human Resources Strategies.
• The Relevant Laws and Regulations in Your Jurisdiction, The International Standards and The Role of Law Enforcement.

Unit 4: Recognizing and Reporting Suspicious Transactions:

• Statutory Obligations.
• Identifying Suspicious Transactions.
• Internal and External Reporting of Suspicious Transactions.
• Identifying High-risk Indicators - Understand what to do with the information and whom to escalate it to.
• The Role of the MLRO.
• The Importance of Record Keeping.
• Responsibilities of Firms/Banks and Individuals.
• Setting up Monitoring Procedures.

Unit 5: Money Laundering Detection Techniques:

• Prevention, Detection, and Due Diligence.
• Early-warning mechanisms.
• Designing Money Laundering and Terrorist Financing Risk Assessments.
• Applying to Know Your Customer (KYC) and Customer Due Diligence (CDD).
• Risk Management of Politically Exposed Persons (PEPs).
• Screening.
• Best Practices Applicable to Firms/Banks.
• Sanctions.