Anti-Money Laundering (AML) Compliance Masterclass
This course provides a comprehensive and practical analysis of Money Laundering schemes, Anti-Money Laundering legislation, and counter-measure techniques and implementation. Participants will learn to understand the complexities associated with the prevention and the protection of their organizations.
Description
This is an intensive and highly practical training program qualifying you to become proficient in the Anti-Money Laundering process and the laws that make it a crime. It will raise awareness of financial crime risks, global laws and regulations, laws and regulations applicable to your jurisdiction, and the systems and controls aimed at detecting and preventing financial criminal acts.
Considering the most current cases of violation of Anti-Money Laundering regulations and the cost associated with it, not only in money but in reputation as well, this course will give participants guidance and understanding of regulations internationally, to ensure organizations stay ahead in protecting their assets.
Course Objectives
By the end of the course, participants will be able to:
- Detect and prevent Money Laundering
- Define Money Laundering and its cycle
- Identify how Money Laundering can be committed
- Apply the international law and regulations on Anti-Money Laundering
- Analyze financial records and identify possible leads
- Apply methods to prove income or funds from unknown sources
How will this Training Course be Presented?
This course is fully interactive and participation is encouraged to achieve maximum benefit. Participants are invited to present their own cases and scenarios, where questions can be answered and doubts can be resolved. There will also be team activities, case studies and practical examples for discussion.
Who is this Training Course for?
This course is suitable for senior managers with responsibility for, or involvement in, the development or implementation of Anti-Money Laundering policies and procedures. It will also highly benefit financial officers, financial controllers, accountants, Money Laundering reporting officers, compliance officers, managers, auditors and staff with duties requiring Anti-Money Laundering compliance.
The Course Content
- What Money Laundering is and its importance
- Stages of the Money Laundering process
- The Money Laundering cycle
- Sources of 'dirty money'
- Know your customers
- Hidden assets
- Common vehicles used to hide assets
- Asset hiding versus Money Laundering
- The role of the Financial Action Task Force (FATF)
- European directives
- U.S. Patriot Act
- United Nations Resolutions
- The Wolfsberg Principles
- Foreign Account Tax Compliance Act
- Nominee scheme
- Business front scheme
- Banking scheme
- Banking-business combination
- Smurf and structured transactions
- Shell companies
- Loan-back schemes
- Invoice scams
- Buy-backs
- Examples of money laundering schemes
- How indicators are developed
- How indicators can be used
- Indicator examples
- Abnormal activity in accounts
- Tips and pitfalls
- Analyzing financial records for leads
- Using books and records in a financial case
- Analyzing the balance sheet
- Analyzing the income statement
- Indirect methods: net worth and bank deposits
- Direct methods of proof
- The Capone organization