Anti Money Laundering and Combating Financial Terrorism (AML CFT) , Know your customer (KYC), Customer Due DiligenceCDD
What you will learn
Anti money laundering / Combating Financial Terrorism
Customer Due Diligence concepts
identify any possible money laundering activity to apply measures against this ill activity.
Laws and regulations
Description
Hi, today we will learn about Anti money laundering / Combating Financial Terrorism and Customer Due Diligence concepts and processes those financial institutions follow under the guidelines issued by respective central banks and FATF. Our course will cover the money laundering practices that effects the economy and how they are done generally and why they are negative to our economy. We will also try to learn about tackling this ill practices.
Our focus will also be on terror financing its elements how it is done and how we can counter to create a better and safer financial system. Since we are in the modern era where we act as a global village we need to act globally to have a safe financial system.
We will also look into some case studies as examples how Money laundering and terror financing identified and where financial institutions failed or succeed against money laundering and terror financing.
FATF (Financial Action Task Force) is a regulatory body who oversights processes and assesses possibilities of Money Laundering and Terror Financing globally. Every country has to follow its regulations and if failed will be blacklisted and countries follow its grading in terms of trade with countries and if FATF makes any country blacklist the countries will not trade and do business activities and investment in these blacklisted countries
The training material is extracted from the laws and regulations made by FATF in its recommendations and to implement those countries made regulations which we called AML Regulations.
Content
- Grasp the Global Imperative: Understand AML/CFT’s crucial role in financial integrity and combating illicit flows’ societal impact.
- Decipher Regulatory Landscapes: Navigate key international (FATF) and national AML/CFT frameworks and sanctions.
- Unpack Money Laundering & Terrorist Financing Typologies: Explore methods criminals use to disguise funds and finance terrorism.
- Master KYC & CDD Fundamentals: Learn ‘Know Your Customer’ principles and practical Customer Due Diligence (CDD), including EDD.
- Conduct Robust Risk Assessments: Identify and evaluate AML/CFT risks across customers, products, and geographies.
- Implement Effective Transaction Monitoring: Identify anomalies and red flags in transactional data signaling suspicious activity.
- Recognize Red Flags & Behavioral Indicators: Develop a keen eye for warning signs in customer profiles and activities.
- Navigate Sanctions Compliance: Understand screening and preventing transactions with sanctioned entities.
- Design Internal Control Systems: Create policies, procedures, and systems to detect and prevent financial crime.
- Prepare for Regulatory Scrutiny: Understand expectations during AML/CFT audits and examinations.
- File Suspicious Activity Reports (SARs/STRs): Learn to document and report suspicious financial activities to authorities.
- Explore the Role of Technology: Discover how FinTech, AI, and blockchain impact AML/CFT efforts.
- Foster a Culture of Compliance: Embed ethical conduct and AML/CFT awareness throughout an organization.
- PROS:
- Comprehensive Skill Set: Equips you with practical knowledge for a critical, in-demand financial compliance sector.
- Career Advancement: Enhances professional credibility and opens doors to specialized roles across financial institutions.
- Global Relevance: Provides insights into international standards, making your expertise valuable worldwide.
- Risk Mitigation Expertise: Develops ability to protect organizations from significant financial, reputational, and legal penalties.
- Ethical Contribution: Empowers you to disrupt funding for serious crimes like drug trafficking and terrorism.
- CONS:
- Continual Learning Curve: The regulatory landscape constantly evolves, requiring ongoing commitment to staying updated with new laws and typologies.