Anti Money Laundering (AML / CFT) Compliance Requirements

Anti Money Laundering (AML) and Countering Financing of Terrorism (CFT) Compliance Requirements for Banks and FIs

Description

Prevention of Money Laundering and Terrorist Financing is a challenge for World Financial System.

Financial Institutions including banks, money service businesses (MSBs), payment service providers, remittance businesses, exchange companies, and similar regulated entities spend millions of dollars to maintain the Anti Money Laundering (AML) and Countering Financing of Terrorism (CFT) Framework.

Other businesses dealing as brokers, real estate agents, dealers of precious metals or Jewelry, accountants, etc are also required to understand and implement the AML/CFT requirements.

Why This Course?

Every financial institution in the world is required to implement the AML / CFT Framework, to avoid the financial system’s exploitation by criminals, criminal groups, and money launderers.

Regulators impose heavy penalties on companies and businesses that do not comply with the requirements of the AML/CFT framework and regulations. Imposition of penalties due to non-compliance with AML/CFT requirements results in financial and reputational losses. 

International organization Financial Action Task Force (FATF) has issued recommendations for its member countries, the adoption of which helps ensure the implementation of strong AML / CFT measures and practices.

Due to the importance of the AML / CFT regime, the value of Compliance Professionals has increased many folds, especially of Regulatory Compliance and AML / CFT Specialists. These professionals earn handsome amounts of money by serving financial institutions such as Banks, Investment Banks, Leasing Companies, Brokerage Houses, Money Exchange Companies, Investment companies, etc. to combat money laundering risks and activities.

This course is designed to provide you with sound knowledge about the AML/CFT Regime and related requirements, which companies and businesses adopt to ensure compliance with regulatory requirements.

What Will You Learn In This Course?

This course is divided into modules to explain to you practical concepts of Anti Money Laundering AML / Countering Financing of Terrorism CFT with reference to AML/CFT Guidelines, Regulations, and FATF Recommendations.

You will learn key concepts related to the AML / CFT Regime including:

– Money Laundering and Anti Money Laundering,

– Risks Based Approach RBA to manage money laundering and terrorist financing,

– Policies and IRAs (Preparation, Approvals, and Implementation)

– Due Diligence Measures ( SDD / EDD) / Know Your Customers KYC,

– High-Risk ML and Low-Risk ML Factors,

– High-Risk Jurisdictions, Serious or Blacklisted Jurisdictions and Jurisdictions Under Increased Monitoring by FATF,

– Negative Media or Adverse Media Searches, Its Sources, and Importance in AML Compliance,

– Sanctions Regime – Designated Persons DPs and Proscribed Persons PPs and AML / CFT Measures

– Politically Exposed Persons PEPs and AML / CFT Measures

– Wire Transfers and AML / CFT Measures

– NGOs / NPOs Charity Accounts and AML / CFT Measures

– Correspondent Banking and AML / CFT Measures

– New Processes and Technologies and AML / CFT Process

– Suspicious transactions, Transaction Monitoring, Record Keeping, Documentation

– Practical examples etc.

QUIZ SECTIONS – To Test Your AML / CFT Knowledge:

2 Quizzes are added to test your understanding and knowledge gained through this course regarding AML / CFT.

BONUS LECTURES

Bonus Lecture: Important AML Regulatory Requirements in the United States and Europe

Bonus Lecture: AML Regulatory Requirements for Cryptocurrency Exchanges in Europe, Singapore and Australia

PRACTICAL CASE STUDIES

Practical case studies are included to learn and learn ‘how a Compliance Officer/MLRO identifies Red-Alerts / Red Flags in transactions/activities’, and ‘what actions are taken by AML Compliance Officer/MLRO for red-flags’.

We will discuss cases including ‘Precious Items Seller Transactions, International Wire Transfer Transaction by a Business, and a Taxi Driver Suspicious Transaction’ cases.

How Will You Benefit From This Course?

By attending this course you will:

– get insight about AML / CFT Regime and Regulatory Requirements

– able to understand and apply the knowledge to prevent the use of the financial system by criminals

– be able to talk confidently with Regulatory Compliance and AML / CFT Specialists

– be able to work in consultancy firms in their compliance functions

– get lifetime access and a certificate of completion of this course

Who Should Attend This Course:

Bankers, Investment Bankers, Leasing professionals, Brokers, Stock Market Professionals, Crypto exchange Compliance Professionals,

Financial Intelligence Unit FIU professionals,

Compliance professionals, AML / CFT Professionals, AML Analysts,

Branch Managers / Operations Managers,

Risk Managers,

Auditors,

CAMS students, Audit students, and others who have basic knowledge about Compliance and AML and want to learn more about this important area.

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