International Anti-Money Laundering Practices and Sanctions
Euromoney Learning
Course description
International Anti-Money Laundering Practices and Sanctions
Recent history has shown that banks and other financial services providers which have failed to have adequate AML and sanctions compliance programmes in place have incurred hefty financial penalties, reputational damage, rising costs and declining profits and some have even lost their licences to operate in various jurisdictions.
This workshop - for transaction banking business (frontline and backroom) and compliance and internal control personnel (including bankers in legal compliance/AML/risk management/internal control/internal audit departments) – is designed to deepen the participants’ understanding and knowledge on international AML practices and sanctions.
This workshop will cover many pertinent issues on AML practices including the international AML regulations (FATF’s recommendations and guidance), transaction monitoring, effects of Covid-19 pandemic, new technologies and innovations in banking, counter-financing of terrorism and proliferation of weapons of mass destruction financing as well as the model of classifications on AML risks and sanctions.
This 2-day workshop mainly uses real-life case studies methodology to highlight actual cases of AML failures internationally and lessons learnt.
Training content
Day One
Session 1
- An Update of AML/CFT laws and practices and applicable international regulations and standards
- Understanding Anti-Money Laundering and the Financing of Terrorism Practices
- Update on the International AML regulations
- Legal and regulatory framework
- Recent Cases – What went wrong & Lessons learnt
Session 2
`KYC’ – Policy, Importance and Implementation
- CDD (regulatory requirements regarding customer identification and due diligence)
- Initial customer due diligence (AML/CTF and sanctions) – Counterparty on-boarding
- Simplified due diligence, normal due diligence, and enhanced due diligence
- Event driven and periodic refresh of information (on-going due diligence)
- Beneficial ownership and Controller
- Source of funds and source of wealth
- Special concerns
- Trade based money laundering
- Bribery and corruption (PEPs)
- Shell companies, offshore banking and tax evasion
- eKYC
Day 1 Workshop:
- Discussion on Real-Life Cases on Money Laundering and the Financing of Terrorism – Where, When, Who, Why, What.
Day Two
Session 3
Transaction Monitoring for AML/CFT and sanctions compliance
- Governance of bank’s automated system
- Optimization
- a combination of systems, processes and people
- Detection scenarios and case studies
- Financing of terrorism – the problem and methods
- Detection and Prevention Techniques and Strategies
- Sanctions violation
- Nature, purpose, and impact of sanctions
- Trade embargo and financial sanction
- Goods: Dual-use and Diversion risk and Shipping vessels: behavioural analysis
- Global reach: the importance and implications of the currency of payment
- Bank risk exposure and risk management
Session 4
AML/CFT Compliance Programme and Roles & Responsibilities
- 5 `C’s of Compliance
- Enhancing the Bank’s Compliance Programme
- Taking a Risk-Based Approach
- the risk-based approach in the AML/CFT framework
- The model of classifications on AML Risks and AML/CFT risk assessment
- Factors to consider when assessing client risk, scoring, ongoing monitoring
- bank’s own risk appetite and de-risking
- Real Case Studies on AML failures in Banks & Financial Services Providers
- Expectations on officers to oversee and ensure effective management of compliance risk
- Establishing a strong compliance culture
- Leading by example.
- Performing oversight roles within the Bank
- Consequences of non-compliance and actual cases– institutionally and personally
- Costs of Compliance & Costs of Non-Compliance
- Impact on Bank’s Business
- Conclusion – Business with Compliance
Day 2 Workshop:
- Enhancing the Bank’s AML/CFT Compliance Programme Effectiveness: Devising Policies and Procedures in order to adhere to International Anti-Money Laundering Practices standards and legal requirements on sanctions
Costs
Course fee: £2995 + VAT
Certification / Credits
By attending this workshop, Participants will:
- be updated on the current practices and compliance issues relating to international AML regulations and sanctions, money laundering typologies and countermeasures.
- understand pertinent issues on AML practices including the international AML regulations (FATF’s recommendations and guidance) compliance, eKYC, transaction monitoring, effects of Covid-19 pandemic,
- learn about new technologies and modern innovations in banking and digitalization, counter-terrorism and proliferation of weapon of mass destruction financing as well as the model of classifications on AML risks
- appreciate the seriousness of non-compliance and AML failures; whilst reinforcing awareness of corporate and personal roles and responsibilities in ensuring international AML/CFT compliance and best practices.
Why choose Euromoney Learning?
4.6/5 rating on course check for service
60,000 professionals trained across public courses
80+ countries where training is delivered
About Euromoney Learning
Euromoney Learning
At Euromoney Learning, we understand that learning doesn’t start and end when you leave the classroom. We know that the financial markets never stand still, and that technology has both simplified and added complexity at a break-neck pace. That’s why...
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Euromoney Learning
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