Your Goals and Profile
Choose our course if you want to become knowledgeable in:
(a) the categories of money laundering risks, related to the types of customers, particular products and services, geographical exposure, and product delivery channels;
(b) the methodology of AML risk management, including the likelihood and impact of money laundering risks, qualitative and quantitative analysis, the notions of inherent and residual risks and assessing the effectiveness of controls;
(c) the steps of carrying out an AML risk assessment, which are identifying and assessing risks, defining control measures, and determining, whether the residual risk falls within your company’s risk appetite;
(d) the vulnerabilities of particular industries and products, that can be exploited by money launderers; we will review the following types of businesses:
– cash-intensive businesses;
– banking, payments, e-money and fintech industries;
– cryptocurrency and virtual financial assets service providers;
– providers of corporate services;
– traders in high-value goods;
– accountants and tax advisors;
– notaries and legal professionals;
– gambling sector entities;
– free-trade zones; and
– citizenship for investment programs.
(e) the typical mistakes made while carrying out the entity-wide money laundering risk assessments.
The Sources of Information Used
The sources of information used are the recommendations and publications by:
– the Financial Action Task Force (FATF);
– the US Financial Crimes Enforcement Network (FinCEN);
– Organisation for Economic Co-operation and Development (OECD);
– The Wolfsberg Group;
– European Banking Authority;
– International Compliance Association; and
– The Basel Institute on Governance.
Why is our Course Different
There is no shortage of AML courses on the market. Most often, they teach you the basic concepts while attempting to cover the whole spectrum of anti-money laundering, sometimes in just one hour of total training.
We are offering you something different. This is a specialized course, devoted to the primary element of any AML framework, which is an entity-wide AML business risk assessment.
Additional Value for Money
1) all sections of the course will be supplemented by quizzes that will help to check your understanding of the concepts;
2) you will obtain a template spreadsheet to use when carrying out AML risk assessments;
3) the course provides plenty of additional materials for further reading;
2) upon completion, you will be issued a certificate.
What’s Next?
Our future courses in this series, will cover other aspects of AML, such as customer-level risk assessment, KYC and customer due diligence, ongoing monitoring of transactions and customer relationships, risks related to politically exposed persons and international sanctions, enhanced due diligence, dealing with high-risk and non-reputable jurisdictions, internal and external reporting of suspicious transactions, etc.
THE CONCEPTS OF ANTI-MONEY LAUNDERING
VULNERABILITIES OF PRODUCTS AND INDUSTRIES
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3What is Money Laundering
1. What is money laundering
2. The three stages of money laundering
3. The implications of money laundering
4. Predicate offences
5. Financing of terrorism
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4The International Regulatory Framework of AML
1. Financial Action Task Force (FATF)
2. International Monetary Fund (IMF)
3. United Nations (UN)
4. European Union (EU)
5. Basel Committee on Banking Supervision
6. Basel Institute on Governance
7. Organisation for Economic Cooperation and Development (OECD)
8. Egmont Group of Financial Intelligence Units
9. Wolfsberg Group
10. Transparency International
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5Case Study - Introduction to AML
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6Quiz - Introduction to AML
THE RISK-BASED APPROACH
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7Cash, Banking, FinTech and Cryptocurrencies
1. Cash-intensive products
2. Retail and corporate banking
3. Private banking
4. E-money and payment services
5. Virtual currencies
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8Insurance, Corporate Services, Luxury Goods and Gambling
1. Life insurance
2. Corporate service providers
3. Traders in high-value goods
4. Accountants, auditors and tax advisors
5. Notaries and legal professionals
6. Gambling sector
7. Free-trade zones
8. Citizenship and residence investment schemes
WHAT'S NEXT?
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9The Essence of the Risk-Based Approach
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10Categories of Money Laundering Risks
1. The notions of risk and AML risk assessment
2. Customer risk
3. Geographical risk
4. Product, service and transaction risk
5. Delivery channel (interface) risk
6. Sector-specific and additional risks
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11The Steps of Carrying out AML Risk Assessments
1. Gathering required information
2. Determining inherent ML risks
3. Qualitative and quantitative analysis of ML risks
4. Likelihood and impact of ML risks
5. Effectiveness of controls and residual ML risk
6. Additional aspects of entity-wide AML risk assessments
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12Quiz - Risk-Based Approach
BONUS LECTURES - INTERNAL AUDIT
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13The Basics of Mitigation Measures
1. Types and complexity of mitigating measures
2. Measuring the quality and effectiveness
3. Monitoring of mitigating measures
4. Independent testing of AML framework
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14Further Analysis of Mitigating Measures
1. General types of AML controls
2. Customer identification, verification and assessment
3. Ongoing monitoring of transactions and customer relationships
4. Other AML controls and additional measures
5. Determining the effectiveness of controls
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15The Governance Aspects to Consider
1. Reliance and outsourcing of AML measures
2. Assessing AML risks posed by reliance and outsourcing
2. The role of internal auditors
3. The role of the Board of Directors
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16Typical Mistakes
Common mistakes made while carrying out entity-wide AML risk assessments, with regards to:
1. The scope of AML risk assessments
2. Risk assessment methodology
3. Analysis of money laundering risks
4. Analysis of controls
5. Implementation and revision of AML risk assessments
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17Concluding Words