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Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT)
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Financial crimes, including money laundering and terrorist financing, pose significant risks to global financial systems and institutions.
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Course Duration
5 Days
Course Details
Financial crimes, including money laundering and terrorist financing, pose significant risks to global financial systems and institutions. The Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) course provides a comprehensive understanding of how financial institutions detect, prevent, and combat illicit financial activities. Over five days, participants will explore international AML/CFT regulations, risk assessment techniques, and the role of financial institutions in maintaining compliance. This course aims to enhance awareness of financial crime typologies, regulatory frameworks, and reporting obligations.
By the end of the course, participants will have a solid grasp of AML/CFT best practices, including customer due diligence, transaction monitoring, and suspicious activity reporting. Learners will also analyze real-world case studies to understand enforcement actions, penalties, and financial institution responsibilities in preventing money laundering and terrorism financing. Through interactive discussions and practical exercises, attendees will develop the skills required to safeguard financial institutions from reputational, legal, and financial risks associated with illicit activities.
By the end of this course, learners will be able to:
- Understand the fundamentals of money laundering and terrorist financing and their impact on financial institutions.
- Identify key AML/CFT regulations, including FATF recommendations, USA PATRIOT Act, and EU Directives.
- Implement customer due diligence (CDD) and Know Your Customer (KYC) policies to prevent financial crime.
- Conduct risk assessments and develop internal AML/CFT compliance frameworks.
- Recognize suspicious transactions and apply transaction monitoring techniques.
- Report suspicious activities to relevant authorities while ensuring compliance with legal obligations.
- Understand enforcement actions, penalties, and case studies of AML/CFT breaches.
- Explore the role of emerging technologies, such as AI and blockchain, in strengthening AML/CFT efforts.
This course is ideal for:
- Banking and financial professionals responsible for compliance and risk management.
- AML officers, compliance officers, and internal auditors.
- Law enforcement professionals and regulatory officials overseeing financial crimes.
- Legal professionals and consultants specializing in financial regulations.
- Financial analysts and risk managers handling anti-financial crime strategies.
- Business owners and executives seeking to implement AML/CFT measures.
- Professionals in FinTech and digital banking working on AML technology solutions.
Course Outline
5 days Course
Introduction to AML and CFT
- Definition of money laundering and terrorist financing
- Stages of money laundering: Placement, layering, and integration
- The impact of financial crime on global economies and financial institutions
- Overview of international AML/CFT regulatory bodies (FATF, FinCEN, etc.)
- Case studies on major money laundering and terrorist financing cases
AML/CFT Regulatory Frameworks and Compliance
- Key global and regional AML/CFT regulations (FATF, USA PATRIOT Act, EU AML Directives)
- Financial institution responsibilities in AML/CFT compliance
- Role of central banks and regulatory authorities in enforcement
- Overview of penalties, sanctions, and reputational risks for non-compliance
- Practical exercise: Compliance checklist for financial institutions
Customer Due Diligence (CDD) and KYC Policies
- Importance of CDD and enhanced due diligence (EDD)
- Know Your Customer (KYC) requirements and risk-based approaches
- Identifying politically exposed persons (PEPs) and high-risk clients
- Onboarding procedures and continuous monitoring of customer transactions
- Case study: KYC failures and consequences for financial institutions
Transaction Monitoring and Suspicious Activity Reporting (SAR)
- Techniques for detecting suspicious transactions
- Automated transaction monitoring systems and red flag indicators
- Investigating and reporting suspicious activities to financial intelligence units (FIUs)
- Record-keeping requirements for AML/CFT compliance
- Practical exercise: Identifying suspicious transactions from sample data
Emerging Trends and Future Challenges in AML/CFT
- Role of AI and machine learning in AML compliance
- Impact of blockchain and cryptocurrency on financial crime prevention
- Cyber threats and digital fraud in AML/CFT
- Future regulatory trends and evolving compliance strategies
- Course review, assessment, and certification
