Course Description
This course provides an overview of global money-laundering regulations, their impact, and the appropriate controls organizations can implement to mitigate the associated risks as well as an overview of local operational regulations to tackle money-laundering.
Who Should Attend
Employees of different capital market institutions, regulators, stock exchanges and depository centers, as well as brokers and other entities related to capital markets.
Learning Outcomes
Participants will understand the global developments in anti-money laundering and the key obligations imposed by the local AML legislation on financial institutions including their designated Money Laundering Reporting Officers.
Participants will understand the legislation’s requirements in relation to the risk-based approach, customer due diligence, reporting suspicious transactions, record-keeping, training, and corporate governance.
Details
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Price
$320
- Date August 21, 2023
- Duration 1 Day
- Location Online Training
- Program Level Intermediate
- CPE Credit 4 CPEs
- Certificate of Attendance
- KSA Time 5:00PM - 9:00PM
- UAE Time 6:00PM - 10:00PM
- EST Time 10:00AM - 2:00PM
- Field of Study Finance
- Length 4 Hours
Bilal Sidani
Training Advisor
Tamara Lawand
Training Advisor
Course Outline
- Introduction to Money Laundering and Terrorist FinancingRole of the Financial Action Task Force (FATF)
• 40 recommendations
• Nine special recommendations
• Proposed amendments and extensions
• Mutual reviews
• Non-co-operative countries and territoriesEU Directives
• 1st and 2nd Directives and how they set the stage for the 3rd Directive
• 3rd Directive
• Other EU Directives which impinge on or supplement the requirements in respect of money launderingThe US Scene
• History of the fight against money laundering
• US Patriot Act
• OFAC - Local Legal and Regulatory RequirementsCustomer Due Diligence
• CDD requirements following a risk-based approach
• Individuals
• Legal entities
• Beneficial owners
• Face-to-face
• Electronically
• RemotelyOngoing Monitoring
• For CDD reviews
• Transaction monitoring
• Risk indicatorsRecord Keeping
• What records must be kept
• How do you keep them and for how long
• CDD records
• Transaction recordsSuspicions and Reporting
• What is suspicion? How do you identify it?
• What internal reporting systems do you need?
• What must you report to the authorities?
• How do you report?
• What records do you need?
• When do you need consent?
• How do you deal with a customer whilst awaiting it?
• How do you handle a customer after a report has been made?Tipping Off
• What is tipping off?
• How do you avoid it?Money Laundering Reporting Officer (MLRO)
• What are the duties?
• What are the obligations?
• Annual reportSenior Management Responsibility
• Setting an AML policy
• Audit of AML compliance
Sanctions• Consolidated sanctions list
• How do you apply it
• License and recordsTraining and Awareness
• Who and when to train
• Level of training
• Methods of training
• Assessing competence
• Training records
• Maintaining awareness
