Training on Anti-Money Laundering and Combating the Financing of Terrorism in the Banking Sector

According to the IMF and World Bank, criminals launder an estimated two to nearly four trillion dollars each year. Among those who seek to disguise the illegal proceeds of their crimes are drug traffickers, terrorists, corrupt public officials, and organized criminal groups. Introducing illegally obtained funds into the stream of legitimate commerce and finance allows criminals to profit from their illegal activity, taints the international financial system, and erodes public trust in the integrity of the system. Only a comprehensive anti-money laundering regime which draws on AML/CFT tools can prevent those that finance terrorism from succeeding.

This course provides banking professionals with essential knowledge and practical skills to effectively combat money laundering and terrorist financing within the banking industry. Participants will gain insights into key concepts, international standards, regulatory frameworks, risk assessment techniques, compliance procedures, and emerging trends

Target Participants

Training on Anti-Money Laundering and Combating the Financing of Terrorism in the Banking Sector is aimed at banking professionals, compliance officers, risk managers, and anyone involved in AML/CFT efforts within financial institutions.

What You Will Learn

By the end of this course the participants will be able to:

• Recognize the impact of these activities on financial stability and global security
• Appreciate the role of banks in preventing illicit financial flows
• Comprehend local AML and CFT laws specific to the banking sector
• Understand reporting obligations and customer due diligence requirements
• Understand economic sanctions and their implications
• Investigate actual AML and CFT challenges faced by banks
• Understand cross-border investigations and intelligence sharing
• Evaluate the role of artificial intelligence in AML/CFT

Course Duration

Classroom Based – 5 Days

Online – 7 Days

Course Outline

Introduction to AML and CFT

• Understanding the significance of AML and CFT in maintaining financial stability.
• Overview of global efforts and regulatory frameworks.
• Role of banks in preventing money laundering and terrorist financing

Legal and Regulatory Framework

• International Standards and Conventions
  • The Financial Action Task Force (FATF) recommendations
  • United Nations Security Council Resolutions related to CFT
• National Legislation and Regulations
  • Local AML and CFT laws
  • Reporting obligations for banks
  • Customer due diligence (CDD) requirements

Risk Assessment and Risk-Based Approach

• Risk Assessment
  • Identifying inherent risks
  • Assessing vulnerabilities
  • Prioritizing risk areas
• Risk-Based Approach
  • Developing risk-based policies and procedures
  • Tailoring controls based on risk levels
  • Implementing ongoing risk assessments

Customer Due Diligence (CDD): Know Your Customer (KYC)

• Customer identification and verification.
• Enhanced due diligence for high-risk customers.
• Politically Exposed Persons (PEPs) and their scrutiny

Transaction Monitoring

• Detecting suspicious transactions
• Thresholds and red flags
• Reporting obligations

Internal Policies and Procedures

• Developing AML/CFT policies
• Training staff on compliance
• Whistleblower mechanisms

Independent Compliance Function

• Role of compliance officers.
• Regular audits and assessments.
• Reporting to senior management and regulators

Sanctions and Screening

• Understanding economic sanctions
• Screening against sanctions lists
• Handling sanctioned entities

Terrorist Financing Risks

• Identifying patterns related to terrorist financing
• Blocking and reporting suspicious transactions

International Cooperation and Information Sharing

• Collaborating with other financial institutions, law enforcement agencies, and regulatory bodies
• Cross-border investigations and intelligence sharing

Case Studies and Emerging Trends and Technologies

• Cryptocurrencies and virtual assets
• Artificial intelligence in AML/CFT
• Challenges posed by digitalization
• Real-world examples of AML and CFT challenges faced by banks

Training Approach

This course is delivered by our seasoned trainers who have vast experience as expert professionals in their respective fields of practice. The course is taught through a mix of practical activities, presentations, group works and case studies.

Training notes and additional reference materials are provided to the participants.

Certification

Upon successful completion of this course, participants will be issued a certificate.

Tailor-Made Course

We can also do this as a tailor-made course to meet organization-wide needs