Course Details

Anti-Money Laundering (AML) & Combating the Financing of Terrorism (CFT) for Saccos Training

INTRODUCTION

Savings and Credit Co-operative Organizations (SACCOs) play a vital role in the financial ecosystem, but they can also be vulnerable to exploitation for money laundering and terrorist financing. This Anti-Money Laundering (AML) & Combating the Financing of Terrorism (CFT) for SACCOs training course equips SACCO leaders, managers, and staff with the knowledge and skills to understand and comply with AML/CFT regulations, protecting their organization and the wider financial system from illicit activities. Learn how to identify suspicious transactions, implement robust KYC/CDD procedures, and fulfill reporting obligations. This SACCO AML/CFT training is crucial for professionals seeking to uphold the integrity of the financial system and prevent financial crime. This course covers key areas like AML/CFT regulations, KYC/CDD procedures, transaction monitoring, and reporting obligations, empowering you to become an AML/CFT champion within your SACCO.

DURATION

5 days

TARGET AUDIENCE

This course is designed for:

• SACCO Board Members: Individuals responsible for overall governance and compliance oversight.
• SACCO Management Team: Individuals responsible for implementing and managing AML/CFT compliance processes.
• Compliance Officers: Individuals specifically tasked with ensuring AML/CFT compliance.
• SACCO Staff: Employees involved in member onboarding, transaction processing, and other relevant activities.
• Anyone seeking to improve their understanding of AML/CFT in the SACCO sector: Professionals and individuals committed to preventing financial crime.

COURSE OBJECTIVES

Upon completion of this course, participants will be able to:

• Understand the legal and regulatory framework for AML/CFT.
• Identify and assess money laundering and terrorist financing risks.
• Implement effective Know Your Customer (KYC) and Customer Due Diligence (CDD) procedures.
• Monitor transactions for suspicious activity.
• Fulfill reporting obligations to relevant authorities.
• Develop and implement an AML/CFT compliance program.
• Understand the consequences of non-compliance.
• Build a culture of AML/CFT awareness within the SACCO.

COURSE MODULES

• Introduction to AML/CFT:

• Defining money laundering and terrorist financing.
• Understanding the global and national AML/CFT frameworks.
• The role of SACCOs in preventing financial crime.
• The importance of AML/CFT compliance for SACCOs.

• Legal and Regulatory Framework for AML/CFT:

• Understanding the relevant AML/CFT laws and regulations.
• International standards and best practices.
• The role of regulatory bodies in overseeing AML/CFT compliance.
• Penalties for non-compliance.

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

• Understanding the importance of KYC/CDD procedures.
• Identifying and verifying customer identities.
• Assessing customer risk profiles.
• Enhanced due diligence for high-risk customers.

• Transaction Monitoring and Suspicious Activity Reporting (SAR):

• Identifying suspicious transactions and activities.
• Implementing transaction monitoring systems.
• Reporting suspicious transactions to relevant authorities.
• Maintaining confidentiality of SARs.

• Risk Assessment and Management:

• Identifying and assessing money laundering and terrorist financing risks.
• Developing a risk-based approach to AML/CFT compliance.
• Implementing risk mitigation measures.
• Regularly reviewing and updating risk assessments.

• AML/CFT Compliance Program:

• Developing and implementing an AML/CFT compliance program.
• Establishing AML/CFT policies and procedures.
• Training staff on AML/CFT compliance.
• Conducting internal audits and reviews.

• Record Keeping and Documentation:

• Maintaining accurate records of customer identification and transactions.
• Retaining records for the required period.
• Ensuring data security and confidentiality.
• Complying with record-keeping regulations.

• Emerging Trends and Challenges in AML/CFT:

• Understanding new and evolving money laundering and terrorist financing techniques.
• The impact of technology on AML/CFT compliance.
• Cross-border cooperation in AML/CFT investigations.
• The future of AML/CFT regulation.

CERTIFICATION

Upon successful completion of this training, participants will be issued with a Macskills Training and Development Institute Certificate

TRAINING VENUE

Training will be held at Macskills Training Centre. We also tailor make the training upon request at different locations across the world.

AIRPORT PICK UP AND ACCOMMODATION

Airport pick up and accommodation is arranged upon request

TERMS OF PAYMENT

Payment should be made to Macskills Development Institute bank account before the start of the training and receipts sent to info@macskillsdevelopment.com