Anti-money laundering (AML) Course

 

Money laundering poses a significant global threat, enabling criminals to legitimize illicitly acquired funds. To combat this menace, organizations and financial institutions require vigilant professionals who understand the intricacies of anti-money laundering processes and regulations. Our Anti Money Laundering (AML) course is designed to provide participants with a comprehensive understanding of AML principles, enabling them to effectively prevent, detect, and report suspicious financial activities. This course equips individuals with the knowledge and skills necessary to safeguard their organizations against financial crime while adhering to legal and ethical standards.

Course Objectives

The primary objective of our AML course is to empower participants with the knowledge and tools to combat money laundering effectively. By the end of this course, participants will:

1. Understand AML Fundamentals: Develop a solid foundation in AML concepts, including the stages of money laundering, typologies, and key regulatory frameworks such as the Bank Secrecy Act (BSA) and the Financial Action Task Force (FATF) recommendations.
2. Identify Red Flags: Recognize the warning signs of potential money laundering activities within financial transactions, allowing for timely intervention and reporting.
3. Implement AML Compliance: Gain practical skills in implementing AML compliance programs within organizations, ensuring adherence to legal requirements and industry best practices.
4. Conduct Due Diligence: Learn how to perform customer due diligence (CDD), enhanced due diligence (EDD), and transaction monitoring to assess and mitigate AML risks effectively.
5. Report Suspicious Activities: Understand the reporting process for suspicious transactions to regulatory authorities, fostering transparency and cooperation in the fight against financial crime.

Organizational Benefits

By enrolling employees in our AML course, organizations can expect several advantages, including:

1. Enhanced Compliance: Organizations can strengthen their AML compliance programs, reducing the risk of regulatory penalties and reputational damage.
2. Risk Mitigation: Trained professionals can identify and address potential money laundering risks, safeguarding the organization’s financial integrity.
3. Improved Reputation: Demonstrating a commitment to AML compliance helps build trust with customers, partners, and stakeholders.
4. Cost Savings: Early detection and prevention of money laundering activities can lead to significant cost savings by avoiding legal consequences and financial losses.
5. Knowledge Transfer: Organizations benefit from a knowledgeable workforce that can share AML expertise across departments, improving overall resilience against financial crime.

Target Participants

Our AML course is suitable for a wide range of professionals, including:

• Compliance Officers: Individuals responsible for ensuring their organization’s compliance with AML regulations.
• Bankers and Financial Analysts: Professionals working in the banking and finance sector who need to understand AML for risk assessment and due diligence.
• Legal and Regulatory Professionals: Those involved in interpreting and applying AML laws and regulations.
• Auditors: Auditors who review AML processes and controls within organizations.
• Law Enforcement Personnel: Individuals in law enforcement who require a strong understanding of AML to investigate financial crimes.

Course Outline

Module 1: Introduction to Money Laundering

1. What is Money Laundering?
2. The Three Stages of Money Laundering
3. Money Laundering Methods and Techniques
4. Historical Perspective of Money Laundering

Module 2: AML Regulatory Framework

1. Overview of AML Regulations
2. International AML Standards (FATF)
3. National AML Laws and Regulations
4. Regulatory Authorities and Their Roles

Module 3: Know Your Customer (KYC) Procedures

1. Importance of KYC
2. Customer Identification
3. Customer Verification
4. Ongoing Monitoring of Customer Relationships

Module 4: Customer Due Diligence (CDD)

1. Understanding CDD
2. Simplified CDD
3. Standard CDD
4. Enhanced CDD

Module 5: Transaction Monitoring

1. Purpose of Transaction Monitoring
2. Automated vs. Manual Monitoring
3. Setting Thresholds and Alerts
4. Investigating Suspicious Transactions

Module 6: Suspicious Activity Reporting (SAR)

1. SAR Requirements and Process
2. The Role of Financial Institutions in Reporting
3. Protecting Whistleblowers

Module 7: Risk-Based Approach to AML

1. Understanding Risk Assessment
2. Identifying and Assessing Risks
3. Risk Mitigation Strategies
4. Risk-Based Policies and Procedures

Module 8: AML in the Digital Age

1. Digital Payments and AML
2. Virtual Currencies and AML
3. Challenges of Online Transactions
4. AML in E-commerce

Module 9: Trade-Based Money Laundering

1. Trade Finance and Money Laundering
2. Red Flags in Trade Transactions
3. AML Measures for Trade Finance

Module 10: AML in Correspondent Banking

1. Correspondent Banking Risks
2. Correspondent Banking Due Diligence
3. Regulatory Expectations in Correspondent Banking

Module 11: AML in Real Estate and Luxury Assets

1. Real Estate Transactions and Money Laundering
2. AML in Luxury Goods Markets
3. Case Studies in Real Estate and Luxury Asset Laundering

Module 12: Case Studies in Money Laundering

1. Notable Money Laundering Cases
2. Analyzing Money Laundering Scenarios
3. Lessons from High-Profile Cases

Module 13: AML Penalties and Enforcement

1. Consequences of AML Non-Compliance
2. Regulatory Penalties and Fines
3. Criminal and Civil Liabilities

Module 14: International AML Standards

1. FATF Recommendations
2. Mutual Evaluations and Follow-Up
3. Global AML Cooperation

Module 15: AML and Cybercrime

1. Intersection of AML and Cybersecurity
2. Cyber Threats and AML
3. Protecting Financial Institutions from Cyber-Enabled Crime

Module 16: AML Training and Culture

1. Building an AML Compliance Culture
2. Employee Training Programs
3. Ethics and Professionalism in AML

Module 17: AML Audit and Assessment

1. Conducting AML Audits
2. Evaluating AML Programs
3. Corrective Action and Continuous Improvement

Module 18: AML Technologies and Tools

1. AML Software Solutions
2. Data Analytics in AML
3. Blockchain and AML

Module 19: Emerging AML Trends

1. Evolving Money Laundering Techniques
2. Regulatory Changes and Adaptation
3. Predictive Analytics in AML

Module 20: AML Compliance Best Practices

1. Best Practices in AML Program Development
2. Industry-Specific AML Guidelines
3. AML Benchmarking

Module 21: Ethics in AML

1. Ethical Dilemmas in AML
2. Whistleblower Protections
3. Maintaining Professional Integrity

Module 22: AML in Non-Profit Organizations

1. AML Risks in Charities and NGOs
2. Due Diligence in Non-Profit Donations
3. Regulatory Oversight of Non-Profits

Module 23: AML and Terrorist Financing

1. Identifying Terrorist Financing
2. AML Strategies to Combat Terrorism
3. International Cooperation Against Terrorist Financing

Module 24: AML in Cryptocurrency and Virtual Assets

1. Cryptocurrency AML Challenges
2. Regulatory Framework for Cryptocurrencies
3. AML Measures for Virtual Asset Service Providers (VASPs)

Module 25: AML Reporting and Documentation

1. Record-Keeping Requirements
2. Documentation for Regulatory Compliance
3. Preparing AML Reports

General Notes

• All our courses can be Tailor-made to participants’ needs.
• The participant must be conversant in English.
• Presentations are well-guided, practical exercises, web-based tutorials, and group work. Our facilitators are experts with more than 10 years of experience.
• Upon completion of training, the participant will be issued with a certificate from Stepsure Training And Research Institute.
• Training will be done at Stepsure Training And Research Institute centers. We also offer in-house and online training on the client schedule.
• Course duration is flexible, and the contents can be modified to fit any number of days.
• The course fee for onsite training includes facilitation, training materials, two coffee breaks, a buffet lunch, and a Certificate of Successful Completion of Training. Participants will be responsible for their own travel expenses and arrangements, airport transfers, visa applications, dinners, health/accident insurance, and other personal expenses.
• Accommodation, pickup, freight booking, and visa processing arrangements are done on request, at discounted prices.
• Tablets and laptops are provided to participants on request as an add-on cost to the training fee.
• One-year free consultation and coaching provided after the course.
• Register as a group of more than two and enjoy a discount of 10% to 50%.
• Payment should be done before the commencement of the training or as agreed by the parties, to the Stepsure Training And Research Institute account, to enable us to prepare better for you.
• For any inquiries, reach us at info@stepsureresearchinstitute.org or call us at +254 723 482 495
• Website: stepsureresearchinstitute.org