Financial Crime Prevention and Anti-Money Laundering AML Essentials

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.

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

Course Review

• Summary and recap of key learning objectives
• Action Planning

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 implement an Action Plan at your workplace using the knowledge and skills acquired through the course.

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