AML – Anti-Money Laundering Skills Training,Nairobi and Mombasa Kenya
This training course teaches you how to implement systems to combat money laundering and terrorist financing.
Course Overview
All financial institutions are legally obliged to implement systems to combat money laundering and terrorist financing. At the same time, Auditors must ensure that the spirit and letter of the law is being strictly implemented.
In this program we pick in-depth review on Essential and Practical Guide to this New Challenges.
Course Agenda Highlights
- The Fundamentals of Money Laundering
- Anti money laundering (AML) and counter financing of terrorism (CFT)
Global compliance issues
Recommendations 2012
Definition and objectives of KYC
KYC standards and regulatory requirements
Application of KYC
Procedure for customer identification
Specific identification issues
Adopting a risk based approach
Constructing the AML and KYC framework
Implementing and managing the total KYC
Real life case-studies of KYC management
KYC failures and success
- Basics of Clearing & Settlement Systems
- FATF and Fraud case studies
- Mimicking Legitimate Transactions- Intl offshore centres
- Standard Import/Export Techniques in Trade Finance
- The International Legislations and Best Practices
- Corporate Misuse and Breaches of trust in detail
- Assessing the State of Legislation and Best Practices in a Cost Effective Manner
- The law in major international offshore centers-core issues of concern
- Case studies (continued)-Corporate Misuse and offshore centres
- Applying the rules and regulations as to: Asset protection trusts
- Enforcement, Freezing, Forfeiture and the Teeth of Anti-Fraud programmes
- Red flags or warning signs of money laundering
- Issues of international banking (documentary credits) law
- Case Study: Electronic payment system issues in money laundering- latest techniques and concerns
Who should attend?
- Compliance team
- Operations staff
- Risk management team
- Heads of legal department
- Money Laundering Reporting Officers
- MLROs
- Company Directors
- In-house legal and compliance personnel
- Legal affairs directors and managers
- Company Secretaries
- Financial Controllers
- Fraud Investigators
- Heads of Accounting
- Finance Directors
- Heads of Procurement
- Risk Managers
- Operational Risk personnel
- Marketing/hospitality personnel
- Heads of Internal Audit/Internal Auditors/Accountants
- External Auditors team
Course Content
The Fundamentals of Money Laundering
- Size and scope
- The UN’s ten laws on dealing with money laundering
- The impact of globalization
- The approach of the US and the UK
- The Asian response
- The Middle Eastern response
- The European response
Anti money laundering (AML) and counter financing of terrorism (CFT)
Origin and definitions
Latest issues globally
Risks and impact on banks and the financial services industry
Risks and impact on other industry sectors within the Regulated Sector
Placement, layering and integration techniques
Global compliance issues
The FATF and its regional groups
The 40 + 9 Recommendations
The new revised FATF
Recommendations 2012
Globalisation and the need for international regulation and cooperation
Inter-relationship with Anti Bribery & other anti financial crime compliance
Definition and objectives of KYC
The history of the KYC requirement
Definition of a customer/client
Developing the customers transaction profile
Importance and rationale of KYC
KYC standards and regulatory requirements
The legal and regulatory framework
Compliance programme
Customer acceptance policy
Customer identification and verification
General identification requirements
The role of:
Supervisors and managers
Auditors
Senior management and directors
Application of KYC
The AML policy, guidelines and manual
Guidelines for opening accounts and establishing relationships
Conducting Customer Due Diligence (CDD)
Conducting Enhanced Due Diligence (EDD)
Changes in relation to beneficial ownership
Procedure for customer identification
Identification procedure at different stages
Establishing banking relationship
When carrying out a financial transaction
Customer research and verification
When bank doubts authenticity or veracity or the adequacy of previously obtained customer identification data
Proof of identity Establishing identity and establishing present residential address
Developing the customers profile
KYC for existing account-holders
Confidentiality of information collected under KYC
Specific identification issues
Minor accounts
Trust, nominee and fiduciary accounts
Joint accounts
Corporate vehicles such as Special Purpose Vehicles (SPVs)
Introduced business
Client accounts opened by professional intermediaries
Politically exposed persons (PEPs)
Beneficial Ownership
Non face-to-face customers (example, through internet and electronic banking)
Adopting a risk based approach
Requirements under the legal framework
Impact of the new 2012 FATF Recommendations
Assessing vulnerabilities and risk
Full KYC vs. Risk-based KYC
Why and when to conduct CDD and EDD
When to implement reduced KYC requirements
Reliance on KYC done by third parties, agents or intermediaries
Constructing the AML and KYC framework
Group policies
Risk assessments
Roles and responsibilities
The MLRO
Requirement of integrity of all employees
Training and awareness
Monitoring and record keeping
Reporting requirements Threshold reporting and Suspicious Transaction Reporting (STR) or SARs
Dealing with the authorities and enforcement agencies
Audit
Role of HR, training, risk, IT and other critical departments
Management Information (MI) and oversight
Implementing and managing the total KYC
Evaluation of employees in ensuring integrity
Due diligence
Record keeping
On-going training
Monitoring
– Reporting
Real life case-studies of KYC management
KYC failures and success
Ways to prevent such failures
Tips for successful implementation
Meeting expectations
Basics of Clearing & Settlement Systems
- Banking law
- How clearing works
- How settlement works
- The workings of electronic banking
FATF and Fraud case studies
- How to money launder: the core methodologies –
- Understanding the criminal mind (Egmont and FATF issues)
- 40 Recommendations, 9 Special recommendations, 2012
- amendments, Mutual reviews, Non-co-operative countries
Mimicking Legitimate Transactions- Intl offshore centres
- Recent issues of concern: HSBC and other banks caught up in
- the public cross-fire
- Finding a lawyer or trustee
- Setting up an asset Protection trust
- Setting up an international business corporation – Beneficial
- nominees ownership rules and the BVI
- destination
- Bermuda vs. Bahamas and other offshore centres
Standard Import/Export Techniques in Trade Finance
- Other Businesses and the Use of Non-cash Instruments
- Online gambling
- Detection difficulties and compliance headaches Bank Secrecy
- and Data Protection: Fraud and Financial Crime Exposed
- Limits to the law enforcement
- Challenges to compliance
- Electronic systems
- Management information systems
The International Legislations and Best Practices
- Setting up a business with certain legitimate interests
- Standard Import/Export Techniques in Trade Finance as applied
Case Study- Trade based Money Laundering
The new revised UK approach and the JSMLG Guidance
- UK laws-Proceeds of Crime Act 2002
- Serious Organised Crime and Police Act
- Terrorism Act 2000
- Serious Crime Act 2007
- Counter Terrorism Act 2008
- Money Laundering Regulations 2007
- Financial Services Authority Rules
- Rules of other regulators
The EU and the 3rd Money Laundering Directive; Possible 4th Directive; Technology and Data protection in detail
- Interpol and Europol
The US approach to prevention and to compliance
- The Patriot Act
- The Anti-Hawala Networks
- FINCEN
- OFAC
- MOU’s to offshore centers
- Offshore banking supervisors
- Intelligence agencies and MOU’s
Corporate Misuse and Breaches of trust in detail
- How they are set up
- Special rules for hedge funds
- Private equity funds
- The role of funds administrators and trustees
- Liability of various parties and knowledge
- Banks liability-when triggered
- New disclosure rules for proprietary trading
Case study: Offshore based money laundering and corporate misuse
Assessing the State of Legislation and Best Practices in a Cost Effective Manner -core issues of concern
The law in major international offshore centers-core issues of concern
- BVI
- Switzerland
- Cayman Islands
- Cyprus, DIFC
- Bermud
- Jersey, Guernsey
Case studies (continued)-Corporate Misuse and offshore centres
Applying the rules and regulations as to: Asset protection trusts
- Hedge funds-disclosure rules- USA , UK , Europe , etc
- Asset dumping schemes
- Liability-Constructive and Actual knowledge and in light of
- important cases-Bear Stearns
Enforcement, Freezing, Forfeiture and the Teeth of Anti-Fraud programmes
- Materiality
- As a payment exception in letters of credit, guarantees, etc
- In securities, negotiable instruments and other matters
- The concept of fraud
- Freezing and forfeiture of assets
- Issues related to cheques, drafts and other payments
- Credit card payments, loaded cards and debit cards
Red flags or warning signs of money laundering
Issues of international banking (documentary credits) law
Case Study: Electronic payment system issues in money laundering- latest techniques and concerns
- Working checklist from delegate and listed best practices
- In an international situation how to detect money laundering,
- freeze assets and use the forfeiture process – Will Asia become a new centre for money laundering as USA/Europe tightens up?
- The sensible way forward for emerging markets
- Summary
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