This course delivers practical guidance on how to implement an AML strategy rooted in a realistic understanding of the risks of exposure to criminal proceeds and terrorism financing.
While regulators have required firms to adopt a risk-based approach to AML for some years, the emphasis on risk assessment has been growing and regulators’ expectations are increasingly demanding. Effective risk assessment starts with understanding how criminals and terrorists generate and move their money and recognising the vulnerabilities that expose firms to criminal proceeds and terrorist transactions. A good risk assessment enables criminal risks to be recognised with a few false negatives or positives in CDD, and suspicious transactions to be identified and reported.
This course starts with the consideration of criminal and terrorist operating methods and the risks they generate. It moves on to building a risk assessment and the deployment of such assessments in guiding AML and CDD.
The sharp focus of regulators on preventing financial crime, terrorism financing and money laundering has resulted in many firms identified as getting this wrong and consequently fined – so whether your firm is in the wholesale or retail markets, this course is relevant to your business. Please note that attendance assumes some prior knowledge of the UK AML environment.
Attendance at this course will enable you to:
- Demonstrate a sound knowledge of the criminal and terrorism financing threats that firms may face
- Build your AML risk assessment based on analysis of threats and vulnerabilities
- Carry out CDD and AML processes compliantly, informed by a risk assessment
- Evidence and justify decisions against the background of a risk assessment
- Benchmark current AML/CDD practice against the risks that your firm faces
- Fully satisfy regulators’ requirements
- The Law and Regulations
- The institutions: regulators, law enforcement and Joint Money Laundering Steering Group
- Criminal and terrorism threats and modus operandi: implications for financial business
- The principal organised crime threats: drugs, human trafficking, counterfeiting, cybercrime
- Corruption, PEPs, sanctions; global illicit money flows
- The AML Risk Assessment
- Know Your Customer and on-boarding risks: identification and verification
- Risk-based CDD: Enhanced, Standard and Simplified Due Diligence
- Ongoing monitoring; identifying suspicions; SAR reporting
Course aimed at: Senior Managers, Compliance Officers and others working in compliance, Money Laundering Reporting Officers, Auditors and individuals involved in client On-Boarding and risk assessments.
This course can also be delivered as an onsite course or as an instructor lead course at a firm’s office.
If you would like to discuss your training requirements in more detail please contact Graham Dix on 020 7484 3987 or your usual ACA consultant.