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Anti Money Laundering (AML)

Duration:
3 Days
Course Fee:
QAR 4050
Description

This is the introductory awareness program in which participants will be introduced to the definition and concept of anti-money laundering (AML) and financing terrorism (FT), the various stages of AML, and the legal and regulatory requirements and initiatives by the international, regional and local communities against ML/FT.

Participants will be exposed to the predicate crimes that bring about ML while discussions on other financial products and services vulnerable to criminal abuses such as documentary fraud, tested telex fraud and other financial crimes will occur. Special emphasis will be placed on the financial action task force (FATF) recommendations, forty and the special nine, which are the principal sources of AML legislation as well as ML preventive measures unveiled.

Objectives
Upon the completion of this course, the participant will have:

  • A thorough understanding of what money laundering and financing terrorism is
  • Knowledge on the legal, regulatory and operational framework relating to anti-money laundering policies
  • Known the sequences, trends and stages involved in AML Operations
  • Clearly understood the CDD/KYC standards and requirements
  • Been equipped with the techniques to identify suspicious transactions and how to make reports (STR)
  • Knowledge of the preventive measures for the protection of businesses and the general economy against the menaces of ML

Target Audience
All employees of the financial and related industry, who have not participated in any related AML/Compliance Session; Newly employed personnel before handling any related responsibility

Prerequisites
Pre-requisite knowledge for the course may be obtained through prior certified learning or experiential learning at the workplace. Please consult with your line manager, training manager or equivalent for ensuring conformity in courses. Candidates are responsible for ensuring that they meet the pre-requisites before registering in courses.

Minimum Prerequisites

  • Elements of Banking
  • Negotiable Instruments


Minimum Prerequisites - Other
It is expected that the AML Awareness program should be opened to every newly hired personnel in financial sector and other related businesses such as Real Estate, Precious Metal dealers, Accounting and Legal Firms, other Professions, etc. This course is only open to permanent staffs who have signed off on the oath of loyalty and secrecy favouring their respective institutions.

Course Structure
Lectures, discussions, video shows, interactions and examination

Program Contents
Module 1: The need for today’s AML program in organizations. Know the purpose/objective of AML (anti-money laundering):

  • What is money laundering?
  • What is financing of terrorism?
  • The history of money laundering. How does money laundering business/activity begin long ago?
  • Three stages of money laundering vis-à-vis placement, layering and integration
  • Video shows demonstrating the various scenarios/ processes of ML
  • Who is the launderer?
  • Who is a terrorist-financier?
  • Why is today’s hype on money laundering when this type of operations existed long time ago?
  • Causes of money Laundering
  • Effects of money Laundering in business
    • How it undermines domestic capital formation
    • Depresses growth and hinders development
    • Sensitivity of employees

Module 2: Prevention of Money Laundering

  • What is Anti Money Laundering
  • Need for prevention of Money laundering
  • How to prevent Money Laundering/ measures against money laundering

Module 3: Initiatives to prevent Money Laundering

  • Measures undertaken by various organizations to prevent money laundering and financing of terrorism
  • Financial Action Task Force (FATF 40)
  • Financial Intelligence Unit – (FIU)
  • Initiatives taken by international organizations
  • European Anti Money Laundering
  • Other multilateral Initiatives

Module 4: Guidelines for Anti-money Laundering

  • Policies, procedures and principles
  • Know Your Customer (KYC) norms

Module 5: Risk management/risk assessment environment
     Terrorist Related Issues

  • Money laundering network, which largely undertakes financing of the terrorist activities
  • Sources of terrorist financing
  • Various legislations to counter terrorist related funding and money laundering

Module 6: AML and your organization:

  • How the AML legislation affects you (accountants, banking, finance, insurance, fund managers, auditors, lawyers, secretarial services)
  • Recognizing all the various types and areas of money laundering and financing of terrorism (AML)

Module 7: Your organization’s customers, products, services:

  • The customers, products and services where money laundering can reside
  • Illegal transactions in foreign currencies
  • Records and reporting fundamentals

Module 8: Industries, organizations affected by AML

  • Banking and finance
  • Insurance
  • Money changers, Money lenders
  • Gaming and casinos
  • Professional service industries including:
  • Accounting firms
  • Auditing firms
  • Legal firms
  • Company Secretarial firms
  • Valuers
  • Money lenders and money changers
  • Property/Housing developers, Real estate agencies
  • Other industries, service organisations

Module 9: Impact and ramifications on your organization’s business operations.

  • What to look out for? Suspicious Transactions
  • Knowing the severity if non-compliance risk for your organisation

Module 10: Usefulness for your organization:

  • For your organization, is it purely compliance issue with the country’s law and regulation, or something else that may be more important as a way of conducting your business activities and operations today?

Module 11: Developing and understanding robust and effective AML framework and structure in your organization: Role of companies/ financial institutions to prevent money laundering

  • Due diligence measures undertaken by financial institutions to deter money laundering
  • Customer policies and procedures
  • Implementing your CDD (customer due diligence) involves two activities of KYC and EDD. Applying the day to day KYC (know your customer) and KYS (know your staff) policies in your organization
  • The importance of knowing the KSF (key success factors) to enable proper and best practice AML and EDD program, initiatives, structure, system, and enforcement/implementation in your organisation
  • Putting the best KYC, KYS and enhanced due diligence (EDD) programmes for your organisation, and what all employees ought to know and implement to comply with regulatory guidelines
 

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