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. They will cover different types of schemes, the methods available to prove income, what records are required, how to analyze them, and how to identify leads.
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 both in the Gulf, and 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 GCC and 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
- Understand the Anti-Money Laundering Cycle
- Identify Money Laundering Methods
- Understand Anti-Money Laundering Laws and Regulations
- Have a Risk Based Approach towards Fraud Detection and Prevention
WHO MUST ATTEND
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.
METHODOLOGY
Training Methodology will be based on the following
- Highly Interactive Session, with a bilateral approach to the subject matter allowing participants to share incidences at respective work locations.
- Online Delivery via Zoom
- Group Activities via Breakout Sessions
- Case Studies on various reported Cases
- Energizers
COURSE CONTENT
- Module I. General Provisions of Anti Money Laundering, Anti Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA)
- Purpose, Policies and Principles
- Definition of Terms
- Unlawful Activities
- Covered Persons
- Module 2. Money Laundering, Terrorism Financing and Asset Forfeiture
- Money Laundering and Terrorism Financing
- Freeze Order
- Bank Inquiry
- Asset Forfeiture
- Module 3. Risk Assessment and Risk Management
- Risk Management based on ISO 31000 and Risk Based Approach on QMS ISO 9001:2015
- Attitudes / reaction towards risks.
- Identifying risk – Identification practice and techniques
- Identifying tools
- Risk Analysis of Potential Frequency and Gravity (severity) of losses.
- Selection & Implementation of the most appropriate Risk Management Technique
- Monitoring and reviewing suitability of management technique
- Module 4: Compliance Framework
- Legal
- Standards
- Best Practices
- For the purposes of managing the following Assets
- People (Internal & External)
- Property (Tangible & Intangible)
- Module 5. Preventive Measures (Due Diligence and Verification Process)
- Customer Due Diligence (CDD)
- Purpose and Applicability of CDD
- Customer Due Diligence Measures
- Customer Identification Process
- Customer Verification Process
- Use of Communication and Information Technology
- Digital Verification
- Record Keeping
- Identification and Verification of Agents
- Contract Management
- Beneficial Ownership Verification
- Risk-based approach in conducting CDD
- Transaction reporting
