Anti-Money Laundering (AML) and Combating Terrorist Financing (CTF)

Banking and Financial Services

Course Overview

The Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) program has significantly contributed to the international community’s response to money laundering and the financing of terrorism. 
This course will delve into the realities of money laundering and terrorist financing and why they should be a concern for subject persons.  It will explain the origins of this stand-alone crime as well as the implications of terrorist financing and will also provide an overview of the various international initiatives that are undertaken in this field.

The course will also provide an in depth analysis of the local legislative framework (both with regard to primary and secondary legislation). Some practical case-studies will also be examined. Magna Skills has recognised this course as suitable AML / CFT training within the parameters of employees.

For financial institutions today, failure to comply with these requirements entails severe penalties in addition to increased exposure to compliance, reputational, strategic and operational risks.

Course Objectives

  • The process of Money Laundering, measures against money laundering and initiatives taken by various organizations to combat terrorism
  • Comprehend the implications of offshore financial centers and non-cooperative countries on Money Laundering 
  • Understand the implications and penalties for non-compliance with Anti-Money Laundering legislations 
  • Due diligence measures undertaken by financial institutions to deter money laundering and terrorist financing
  • Regulations applicable to banks
  • Certain Principles that are to be adopted by the private banks to guard against money laundering
  • Explain how AML and CTF might be prevented
  • Understand the major facets of AML and CTF as they apply to their companies and the national and international efforts being made to combat them
  • Define the ways in which a company and its staff should protect themselves against the risks of Money Laundering and Terrorist Financing
  • Detail how a company might become a target for Money Laundering and Terrorist Financing: and explain which “red flags” might help them to identify, prevent and report any (suspicious or actual) criminal activity
  • Understand some of the other “hot spots” in Financial Crime

Course Outline

What is Money Laundering

This course gives a general overview of money laundering and its challenges to the financial world. It helps the user understand: 

  • Three stages in money laundering 
  • Methods used for laundering money 
  • Measures to meet money-laundering challenges

International Initiatives

This course explains the initiatives undertaken by various International organizations in preventing money laundering and combating terrorism. The user will be able to comprehend: 

  • The measures undertaken by various international organizations to prevent money laundering and financing of terrorism 
  • Establishment of FATF and its fight against money laundering and terrorism financing 
  • Customer policies and procedures

Customer Identification Program

This course explains the Customer Identification Program (CIP) rules that are applicable to banks and financial institutions, whereby institutions verify the identity of each customer when an account is opened. This helps the user to assimilate: 

  • The CIP regulations as applicable to banks 
  • The risk-based approach that verifies the identity of each customer 

Anti-Money Laundering (AML) and Countering Terrorist Financing (CTF)

  • Understanding Money Laundering and Terrorist Financing
    • What are AML and CTF: and how do they work?
    • The Criminalisation of Money Laundering and Terrorist Financing: and the types of crimes caught under the Financial Crime Prevention legislation
    • The expansion of Money Laundering from drugs to corruption to terrorism

The International Community’s response to AML and CTF

  • The International Community’s response to AML and CTF post-9/11
  • Especially the Financial Action Task Force (FATF):
    • Its membership categories (this can include a section on particular countries&rsquo membership)
    • Its 40 Recommendations for AML and a further 9 Recommendations on CTF
    • Its influence over domestic and international legislation

Compliance with Anti-Money Laundering Legislation

  • International Legislation and legislation applicable to the country where the course is being delivered
  • UK Regulations and Legislation (for comparison): principally The Proceeds of Crime Act 2002 (POCA)

Compliance Strategies

  • Internal Controls, Procedures and Policies
  • Cooperation with the Authorities and the Regulators
  • Know Your Customer (KYC) and Identification and Verification (ID&V) Rules
  • Impact on Strategy, Client Relations and Human Resources

Recognising and Reporting Suspicious Transactions

  • Statutory Obligations
  • Identifying suspicious transactions
  • Internal and external reporting of suspicious transactions

Money Laundering Detection Techniques

  • Prevention, Detection and Due Diligence
  • Early-Warning Mechanisms

The Future

  • Where are today’s hotspots…?
  • What next for AML / CTF…?

Other Financial Crime Hotspots

  • Fraud
  • Information Security
  • Market Abuse and Insider Dealing
  • Sanctions
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