PROGRAM DETAILS

Introduction:

Money laundering is the illegal process of making the large amounts of money generated by a criminal activity, such as drug trafficking or terrorist funding, appear to have come from a legitimate source. The money from the criminal activity is considered dirty and the process “launders” it to make it appear clean.

Money laundering is a serious financial crime that is employed by white-collar and street-level criminals alike. Most financial companies have anti-money-laundering (AML) policies in place to detect and prevent this activity and a growing number of corporate entities and Government departments around the globe are also putting in place strict policies to combat this major crime.

 Anti-money laundering (AML) seeks to deprive criminals of the profits from their illegal enterprises, thus eliminating the main motivation for them to engage in such evil activities. Illegal and dangerous activities, such as drug trafficking, people smuggling, terrorism funding, smuggling, extortion and fraud, endanger millions of people globally and impose tremendous social and economic costs upon society.

As the proceeds of such activities are legitimized by money laundering, combating money laundering may result in a reduction in criminal activity and hence a significant benefit to society.

 Learning Objectives:

By the end of this workshop, delegates will be able to:

• Understand international money laundering standards and the participants role as an Anti-Money Laundering Officer or Money Laundering Reporting Officer (MLRO) within their organization
• Establish a risk-based approach to AML, the AML Counter Terrorism Financing Framework (CTF), assessing business risks and suspicious activity reports
• Assess customer, product and jurisdictional risk, and identify red flags
• Develop methods for training and culture to identify and combat money laundering activities related to their organization

Target Audience:

This workshop will be of particular benefit to those who are currently working at a ‘Management’ level and have the responsibility to ensure the integrity of the organization is being protected.  This may include, but is not limited to the following:

• Compliance Officers
• AML Officers
• Money Laundering Reporting Officers (MLROs)
• Know Your Customer (KYC) analysts
• Internal auditors and any other professionals with responsibilities for financial compliance within their organization.

 Training Methodology:

This practical and results-oriented program incorporates short inspiring facilitated discussions with structured lessons from the learning manual.  There is a captivating PowerPoint slide presentation with stories to enhance learning, a variety of pertinent video sequences, ongoing learning reinforcement and discussions with action planning. Ample time will be given for questions and answers.

 Program Content:

Day 1 – Introduction to Money Laundering

• Explanation of Money Laundering Laws
• International standards
• Wolfsberg principles
• Office of Foreign Assets Control (OFAC)
• Dubai Financial Services Authority (DFSA) Rulebook

Day 2 – The Role and Responsibilities of a Money Laundering Reporting Officer (MLRO)

•  The role of the MLRO
• The Annual AML Return
• Training and Awareness
• Risk Based Approach

 Day 3 – AML in the workplace

• AML policy
• Business Risk Assessment
• Customer Risk Assessment
• Customer Due Diligence (EDD)
• Politically Exposed Person (PEP)
• Enhanced Due Diligence (EDD)
• Source of Funds and Source of Wealth (SOF, SOW)

Day 4 – Monitoring and Screening

• Monitoring Customers
• Monitoring Transactions
• Sanctions
• Screening Employees

Culture and Awareness

• Awareness Campaign
• Role based training
• Corporate culture

 Day 5 – Escalation

• Examples of warning signs
• Record keeping
• Internal Escalation Process
• Suspicious Activity Reports

Tax Evasion

• Tax Evasion
• Tax Avoidance
• US Foreign Account Tax Compliance Act (FATCA)
• Ensuring compliance