Course Details

Financial Services Regulatory Compliance (AML/CFT) Training Course

INTRODUCTION

This essential training course provides comprehensive knowledge and practical skills for navigating the critical landscape of Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) compliance within the financial services sector. Recognizing that robust AML/CFT measures are paramount for protecting the integrity of financial systems, deterring illicit activities, and avoiding severe regulatory penalties, this program equips participants with a systematic understanding of relevant laws, international standards, and best practices. Participants will gain deep insights into risk assessment, customer due diligence, transaction monitoring, and suspicious activity reporting, all crucial for upholding legal obligations and maintaining a strong compliance posture. This course is ideal for financial services professionals, compliance officers, risk managers, auditors, and legal counsel operating in regulated environments.

DURATION

5 days

TARGET AUDIENCE

This course is specifically designed for professionals working within the financial services industry who have responsibilities related to compliance, risk management, operations, and legal oversight, including:

• Compliance officers and managers (especially AML/CFT specialists).
• Risk managers and analysts in financial institutions.
• Front-line staff and customer service representatives (e.g., branch staff, account managers).
• Internal and external auditors in financial services.
• Legal and regulatory affairs professionals in financial institutions.

OBJECTIVES

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

• Understand the fundamental principles and global context of AML/CFT.
• Identify key money laundering and terrorism financing typologies.
• Apply effective customer due diligence and enhanced due diligence measures.
• Implement robust transaction monitoring and suspicious activity reporting processes.
• Contribute to building a strong and compliant AML/CFT framework within their organization.

MODULES

Module 1: Foundations of AML/CFT

• Define money laundering (ML) and terrorism financing (TF) and their stages.
• Explore the global impact of ML/TF on financial systems and economies.
• Understand the international legal and regulatory framework (e.g., FATF recommendations, UN Conventions).
• Discuss the concept of a risk-based approach to AML/CFT compliance.
• Examine the consequences of non-compliance for financial institutions.

Module 2: Key AML/CFT Laws and Regulations

• Understand major national AML/CFT legislation (e.g., relevant financial crime acts).
• Discuss the role of financial intelligence units (FIUs) and their mandates.
• Explore sector-specific regulations impacting different financial services (e.g., banking, insurance, securities).
• Examine the legal requirements for record-keeping and data retention.
• Understand the powers of regulatory authorities in AML/CFT enforcement.

Module 3: Risk Assessment and Management

• Learn methodologies for conducting comprehensive AML/CFT risk assessments.
• Identify and assess ML/TF risks related to customers, products, services, delivery channels, and geographies.
• Understand the difference between inherent and residual AML/CFT risks.
• Develop a risk appetite statement and establish risk mitigation strategies.
• Explore the importance of regular risk assessment updates.

Module 4: Customer Due Diligence (CDD) and KYC

• Understand the core principles of Customer Due Diligence (CDD) and Know Your Customer (KYC).
• Discuss standard CDD requirements for customer identification and verification.
• Explore Enhanced Due Diligence (EDD) for higher-risk customers (e.g., Politically Exposed Persons - PEPs).
• Examine Simplified Due Diligence (SDD) in low-risk scenarios.
• Learn about ongoing CDD and trigger events for re-evaluating customer risk.

Module 5: Transaction Monitoring and Sanctions Screening

• Understand the purpose and principles of effective transaction monitoring.
• Discuss common ML/TF typologies and red flags in transactions.
• Explore automated monitoring systems and alert management.
• Examine the legal requirements for sanctions screening (e.g., OFAC, UN sanctions lists).
• Learn about managing false positives and escalation processes for suspicious activity.

Module 6: Suspicious Activity Reporting (SAR/STR)

• Understand the legal obligation to report suspicious transactions and activities.
• Discuss the elements of a strong Suspicious Activity Report (SAR) or Suspicious Transaction Report (STR).
• Explore the "no tipping off" rule and its implications.
• Examine the process for internal reporting and escalation to the Financial Intelligence Unit (FIU).
• Learn about maintaining confidentiality throughout the reporting process.

Module 7: AML/CFT Compliance Program Development

• Understand the essential components of a robust AML/CFT compliance program.
• Discuss the role of the Money Laundering Reporting Officer (MLRO) or equivalent.
• Explore internal policies, procedures, and controls for AML/CFT.
• Design effective AML/CFT training and awareness programs for staff.
• Examine independent testing and audit of the AML/CFT program.

Module 8: Emerging Threats and International Cooperation

• Discuss emerging ML/TF threats (e.g., virtual assets, cybercrime, trade-based money laundering).
• Explore the AML/CFT implications of new financial technologies (FinTech) and digital banking.
• Understand the importance of international cooperation and information sharing in fighting ML/TF.
• Examine typologies related to human trafficking, illegal wildlife trade, and other predicate offenses.
• Learn about continuous learning and adaptation to evolving ML/TF risks.

CERTIFICATION

• Upon successful completion of this training, participants will be issued with 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