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
By the end of this course, the participants will be able to:
- 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.
- 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 April 3, 2023
- Duration 1 Day
- Location Online Training
- Program Level Intermediate
- CPE Credit 5 CPEs
- Certificate of Attendance
- KSA Time 5:00 PM - 9:00 PM
- UAE Time 6:00 PM - 10:00 PM
Bilal Sidani
Training Advisor
Tamara Lawand
Training Advisor
Course Outline
- Introduction to Money Laundering and Terrorist Financing
- Role of the Financial Action Task Force (FATF)
- 40 recommendations
- Nine special recommendations
- Proposed amendments and extensions
- Mutual reviews
- Non-co-operative countries and territories
- EU 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 laundering
- The US Scene
- History of the fight against money laundering
- US Patriot Act
- OFAC
- Local Legal and Regulatory Requirements
- Customer Due Diligence
- CDD requirements following a risk-based approach
- Individuals
- Legal entities
- Beneficial owners
- Face-to-face
- Electronically
- Remotely
- Ongoing Monitoring
- For CDD reviews
- Transaction monitoring
- Risk indicators
- Record Keeping
- What records must be kept
- How do you keep them and for how long
- CDD records
- Transaction records
- Suspicions 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 report
- Senior Management Responsibility
- Setting an AML policy
- Audit of AML compliance
- Sanctions
- Consolidated sanctions list
- How do you apply it
- License and records
- Training and Awareness
- Who and when to train
- Level of training
- Methods of training
- Assessing competence
- Training records
- Maintaining awareness
