Anti Money Laundering - Financial Crime Compliance

Transcription

1 Anti Money Laundering - Financial Crime Compliance Blockchain Technology, De-Risking And Money Laundering In the Financial Services Sector (Banks & Non Banks) This course is presented in London on: April 2019, November 2019 If you have 3 or more participants, it may be cost effective to have this course presented in-house either on your premises or via live webinar. Trusted By: The Banking and Corporate Finance Training Specialist

2 Course Content What Do we Mean by Money Laundering and How is It Done: What is money laundering - the Predicate Crimes The Three Stages Banks - (Case study) Insurance companies - (Case Study) Offshore Vehicles - (Case Study) Trusts- (Case Course Study) Overview Investment Companies - (Case Study) Money changer - (Case study) Other vehicles behind money laundering Making dirty money clean Financial Crime Prevention Practices and Effectiveness of KYC Policies What must be in place? Three plus one lines of defence model Risk assessment process FATF, TI CPI, Wolfsberg, JMLSG CDD, KYC & IDV SDN s, Dual use goods, WMD Politically Exposed Persons and other High Risk Clients KYC: Specific Identification & Verification Issues. Managing Methods of Money Laundering Legitimate but potentially high risk structures Case study: Managing CDD in practices Money Laundering Regulations 2017 General risk assessment Risk mitigation policies Level of due diligence Reliance on third parties PEPs New Criminal Offence Office for Professional Body Anti-Money Laundering Supervision (OPBAS). Risk Based Approach What does this mean? Formula RAM Three categories of risk Four controls driven by risk category How should it work? What are the key differences? Enhanced Due diligence what does this mean Exercise the Risk Based Approach Demonstrated and Explained New emerging trend worldwide to fight financial crime where are we at present Distributed Ledger Technology Blockchain Technology Uses/Effects/Advantages in different sectors -private/ Govt /Para-statal Bodies Best Practices Worldwide Bulk cash smuggling and mobile technologies Money laundering risks to banking institutions. Money Laundering risks to other non banking institutions / Govt Sectors

3 Methodology of bulk cash smuggling Red flags which institutions should monitor. Why mobile technology poses the next big money laundering threat. Case study to illustrate the risks Sanctions Brief Overview Who sets them & why are they set? Who is impacted and what are they? OFAC How should an institution screen for them? Can we adopt a risk based approach when tolerance is zero? Case study a potential sanctions issue Electronic AML Solutions & Artificial Intelligence (AI) Benefits Functional components AI Internet Banking Internet Casinos Prepaid Cards and E-Cash Case study AI in action De-risking and AML in the Financial Sector Impact of de-risking From banks to non-banks The Panama and Paradise Papers fallout Shell companies identified Trusts Bearer Bonds & Securities The inherent risks in doing international business Processing international Preparedness of financial institutions to show examiners that there s a robust due diligence and investigation process in place Identifying these companies and the associated names. Case Study The impact of de-risking Specific Identification & Verification Issues Trust nominee and fiduciary accounts Corporate vehicles Introduced business Client accounts opened by professional intermediaries Non face to face customers Case study a complex trust structure examined Counter Terrorist Financing Differences and similarities between ML and TF Detecting TF Informal Value Transfer Systems Charities / Non-Profit Organisation Suspicion & Escalation What must banks have in place? An effective escalation process

4 Concern versus Suspicion Getting more information Tipping off Access & Process Communication lines Suspicious Activity Reports / Suspicious Transaction Report The importance of a direct link Whistle blowing Case study an escalation Cyber Risks New Technologies Cyber crime typologies Internet Banking Internet Casinos Prepaid Cards and E-Cash Case study Consider a cyber breach Examples of Challenges that arise when Managing Methods of Money Laundering Case study on: A Piecemeal Approach to Financial Crime Case study on: Failure to Connect the Dots Across Systems Case study on: Cost Driven to the Detriment of Prevention Case study on: Doing Too Little Too Late Case Study on: Neglecting Organizational Behavior Changes Open Forum Talking Points AML Policies and Procedures - What is the difference and why are they important? Probability of an offence crystallising Risk of not reporting Understanding what ML & TF is - dispelling the myths! Government and other Sanction risk in practice Understanding the difference between KYC - ID&V - CDD Profiling customers - what does it mean? What do you do if you are suspicious? Recognising and handling suspicious transaction reports Human factors in money laundering risk management Abuse of structures and financial services provider END Background of the Trainer Your course director has spent more than 40 years in the banking and financial sector, much of it in a senior managerial/director role. He is a former Institute of Banking Lecturer, having gained distinctions in the exams. He is a subject matter expert on all aspects of retail, corporate and global banking, including risk management and regulatory compliance. He has lectured extensively to both leading global financial institutions and to smaller bespoke specialists. He has delivered extensive programs in all parts of the world including the USA, Europe, MENA, Africa and Hong Kong. He is currently an accredited Master Trainer at the world s biggest global bank.

5 Course Summary This highly interactive two day course has been prepared for the financial services industry and is suitable for both banks and other financial institutions with AML obligations. It covers the key aspects of FCC as follows: What is Money Laundering and how is it done in practice? What must financial institutions have in place? Who makes the rules and enforces them? Best practice guidelines versus mandatory requirements The three lines of defence model The risk based approach Risk driven controls CDD, KYC, IDV, EDD, DDD Dealing with high risk clients including PEPs MLR 2017 New emerging technologies Application of DLT Bulk cash, smuggling and mobile technologies Sanctions Electronic AML solutions De-risking as a response to AML Specific CDD issues Trusts, corporations and other non-personal entities Counter Terrorist financing the differences from AML and the challenges The escalation process. Transaction monitoring, SAR s Managing tipping off risk Examples of FCC poor practice easy mistakes to make Cyber risks Open forum with a suggested agenda of 11 points Cyber resilience and cybercrime are key risks for many organisations at the moment and we have seen the consequences in the UK for challenger bank TSB. Who Should Attend: Officers from both financial and non-financial industries: 1. Banks, Insurance companies, Trusts, Offshore management companies, Investment Companies, Leasing companies, Construction companies & Real Estate agencies, Money changers, IT industry, Gaming Industry, those dealing in precious stones, Stock brokers, Consulting firms, Business owners, Private hospitals, Importers/Exporters, Internet based businesses, and all organisations wishing to limit their money laundering exposure risk. 2. Key players focusing on Financial Crime Prevention measures and establishing a robust systems to combat financial crimes i.e Regulatory bodies, Investigators / Fraud Examiners, Tax officers, Govt officers, Good Governance, Consultants, Risk and Compliance professionals, MLROs, Internal/External auditors, Senior managers and Top management, IT officers, Accountants/Solicitors and other professionals involved in the prevention of financial crimes.

6 09:30-17:00 London Standard Price: 1,050 + VAT Membership Price: VAT In-House Training Delivering this course in-house for 3 or more participants could be very cost effective. The venue and timing can be agreed to suit the client, as well as the selection of the trainer and the precise contents of the seminar. Tailored Learning All of our training courses can be tailored to suit your company s exact training needs. We will work closely with you to help develop a training programme with content that is unique for your organisation. Please us on enquiries@redcliffetraining.co.uk for more information E-Learning This course can also be presented as a bespoke e-learning programme created by you to fit your exact requirements.