Mastering Anti-Money Laundering
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Realistic ways of meeting the anti-money laundering obligations placed upon your organisation
It is now more important than ever to learn how to detect and prevent money laundering. The fight against money laundering and terrorist financing is an ever growing international battle and as a result, more and more laws are being passed by an increasing number of countries. Internationally, there are the FATF Recommendations, EU Directives and the USA Patriot Act, with its wide transnational implications, to name just a few.
It is, therefore, key to keep up-to-date with and fully understand the latest regulations and legislation relating to money laundering and financial crime. It is also important to recognise that not complying with legislation can have very serious consequences.
To help you get to grips with the complexities associated with fraud prevention, we have designed this highly practical course filled with the latest developments both regulatory and otherwise. Attend this course to protect yourself and your company by keeping informed of all the key issues associated with fraud today.
This two day course is designed to enable professionals who are subject to anti-money laundering regulations to obtain a sound practical understanding of:
- The major sources of money laundering and terrorist financing
- The cross-spectrum of international requirements
- The key components of the UK legal and regulatory regime
- The practical day-to-day requirements for robust anti-money laundering operations
- Realistic ways of meeting the anti-money laundering obligations placed upon your organisation
MASTERING ANTI-MONEY LAUNDERING
Introduction to Money Laundering and Terrorist Financing
- The meaning of money laundering
- The meaning of terrorist financing
- Why are money laundering and terrorist financing such important issues?
- Exploring and discussing the impact of money laundering on both developed and developing countries
- The damage that money laundering and terrorist financing can cause to your organisation
- International initiatives and requirements
Role of the Financial Action Task Force (FATF)
- 40 recommendations
- Mutual reviews
- Higher Risk Countries
- International Co-operation
- 1st and 2nd and 3rd Directives and how they set the stage
- 4th Directive
- Understanding the concerns about the loopholes brought about by new technologies
- Other EU Directives which impinge on or supplement the requirements in respect of money laundering
The US and its Effect Internationally
- History of the fight against money laundering
- US Patriot Act
UK Legal and Regulatory Requirements
- Proceeds of Crime Act 2002
- Serious Organised Crime and Police Act 2005
- Terrorism Act 2000
- Serious Crime Act 2017
- Counter Terrorism Act 2008
- Criminal Finances Act 2017
- Money Laundering Regulations 2017
- Financial Conduct Authority Rules
- Office for Professional Body Anti-Money Laundering Supervision (OPBAS)
- Rules of other regulators
Customer Due Diligence
- CDD requirements
- legal entities
- beneficial owners
- politically exposed persons
- Risk based approach
- How best to achieve
- face to face
- For CDD reviews
- Transaction monitoring
- Risk indicators
- What records must be kept
- How do you keep them and for how long
- CDD records
- Transaction records
Suspicions and Reporting
- What is a suspicion?
- How you identify them
- What internal reporting systems you need
- What must you report to the authorities?
- How you report
- What records you need
- When you need consent
- How you deal with customers whilst awaiting it
- How you handle customers after a report has been made
- What is tipping off?
- How can we commit it?
- How do you avoid it?
Money Laundering Reporting Officer (MLRO)
- What are the duties?
- What are the obligations?
- How do you meet them?
- Annual report
Senior Management Responsibility
- Setting an AML policy
- Audit of AML compliance
Training and Awareness
- Who and when to train
- Level of training
- Methods of training
- Assessing competence
- Training records
- Maintaining awareness
- HM consolidated sanctions list
- How do you apply it
- Licence and records
Interrelationship Between Financial Crime/Fraud and Money Laundering
- Where does money laundering end and other financial crimes begin
- Bribery Act 2010