Training Course on Anti-Money Laundering (AML) Compliance

Training Course on Anti-Money Laundering (AML) Compliance

Introduction

In today’s global financial landscape, the threat of money laundering poses significant risks to financial institutions, businesses, and governments. Criminals exploit complex financial systems to conceal the origins of illicit funds, undermining economic stability and enabling corruption, terrorism, and organized crime. As a result, there is a growing demand for robust compliance frameworks and knowledgeable professionals who can effectively detect, prevent, and report suspicious financial activities. Training Course on Anti-Money Laundering (AML) Compliance is designed to equip participants with the critical knowledge and practical tools necessary to understand and apply AML principles and best practices in their organizations.

This comprehensive course covers key aspects of AML compliance, including global regulatory frameworks, customer due diligence (CDD), know your customer (KYC) procedures, risk-based approaches, and the identification and reporting of suspicious transactions. It also delves into the responsibilities of compliance officers, internal controls, and the importance of fostering a culture of compliance within organizations. Whether you work in banking, insurance, fintech, or any other sector that handles financial transactions, this course will provide you with the skills to safeguard your organization from financial crime and ensure compliance with national and international AML laws and standards.

Course duration

5 Days

Course Objectives

1. Understand the fundamentals of money laundering and terrorist financing.
2. Familiarize participants with global and local AML regulations.
3. Identify key risks and red flags in financial transactions.
4. Implement effective AML compliance programs.
5. Conduct due diligence and Know Your Customer (KYC) processes.
6. Develop strategies to monitor and report suspicious activities.
7. Leverage technology and data analytics in AML compliance.
8. Explore the role of governance and ethics in financial crime prevention.
9. Understand penalties and legal consequences of non-compliance.
10. Apply AML compliance through real-world case studies and scenarios.

Organizational Benefits

1. Strengthened compliance with AML regulations and standards.
2. Reduced exposure to financial crime risks.
3. Enhanced reputation and trust among stakeholders.
4. Improved efficiency in detecting and reporting suspicious activities.
5. Better alignment with global regulatory expectations.
6. Minimized legal penalties and fines for non-compliance.
7. Empowered workforce with specialized AML knowledge.
8. Increased use of advanced tools for fraud and risk management.
9. Greater resilience to emerging threats in financial crime.
10. Contribution to a more transparent and secure financial system.

Target Participants

• Compliance Officers
• Risk Management Professionals
• Financial Analysts and Advisors
• Internal Auditors
• Legal and Regulatory Professionals
• Banking and Financial Services Personnel
• Insurance Sector Employees
• Senior Executives in charge of compliance functions
• Law Enforcement and Anti-Corruption Officers
• Non-Financial Institution Representatives exposed to financial crime risks

Course Outline

Day 1: Introduction to Money Laundering

• Definition and process of money laundering.
• Stages of money laundering: Placement, Layering, and Integration.
• Importance of AML in the financial system.
• Key global and regional AML regulations (FATF, Basel, EU Directives, etc.).

Day 2: Regulatory Frameworks and Authorities

• Overview of global AML regulations.
• FATF recommendations and its impact.
• Role of regulatory authorities (e.g., FinCEN, FCA, AUSTRAC).
• Local AML laws and regulations.
• Penalties for non-compliance.

Day 3: Risk-Based Approach

• Understanding the risk-based approach to AML.
• Identifying and assessing AML risks.
• Customer risk assessment.
• Risk mitigation strategies.

Day 4: Customer Due Diligence (CDD)

• What is Customer Due Diligence?
• Types of CDD: Standard, Simplified, and Enhanced.
• Know Your Customer (KYC) requirements.
• Beneficial ownership identification.
• Ongoing monitoring of customers.

Day 5: Suspicious Activity Reporting (SAR)

• Identifying suspicious activities and transactions.
• Importance of reporting suspicious transactions.
• Filing Suspicious Activity Reports (SARs).
• Red flags and indicators of money laundering.
• Case studies of suspicious activity.

Day 6: Anti-Terrorist Financing (ATF)

• Difference between money laundering and terrorist financing.
• Methods used for terrorist financing.
• International efforts to combat terrorist financing.
• Risk indicators of terrorist financing.

Day 7: Financial Crime Prevention Tools and Technology

• Role of technology in AML compliance.
• Transaction monitoring systems.
• Artificial Intelligence (AI) and Machine Learning (ML) in AML.
• Blockchain and cryptocurrency risks.
• Digital identity verification.

Day 8: Internal AML Controls and Compliance Programs

• Establishing internal controls for AML compliance.
• Role of the compliance officer.
• Policies and procedures for AML compliance.
• Training and awareness programs for employees.
• Independent audits and reviews.

Day 9: Sanctions and Politically Exposed Persons (PEPs)

• Understanding sanctions and embargoes.
• Identifying and dealing with PEPs.
• Screening for sanctions and PEPs.
• Managing risks associated with PEPs.
• Case studies on sanctions violations.

Day 10: Case Studies, Practical Scenarios, and Wrap-Up

• In-depth case studies of money laundering cases.
• Interactive scenarios to test participants’ knowledge.
• Best practices in AML compliance.
• Key takeaways and future trends in AML.
• Wrap-up, Q&A session, and certification exam (if applicable).

Training Methodology

This course employs a participatory and hands-on approach to ensure practical learning, including:

• Interactive Lectures: Comprehensive sessions led by AML experts.
• Case Studies: Real-world examples to contextualize learning.
• Group Discussions: Collaborative problem-solving exercises.
• Role-Playing Scenarios: Simulating AML compliance situations.
• Workshops: Hands-on activities to design AML compliance frameworks.
• Assessments: Pre- and post-training quizzes and assignments to evaluate understanding.

This methodology ensures participants gain both theoretical knowledge and practical experience in AML compliance situations and frameworks, empowering them to excel in their respective roles.

Register as a group from 3 participants for a Discount

Send us an email: info@datastatresearch.org or call +254724527104 

Certification

Upon successful completion of this training, participants will be issued with a globally- recognized certificate.

Tailor-Made Course

 We also offer tailor-made courses based on your needs.

Key Notes

a. The participant must be conversant with English.

b. Upon completion of training the participant will be issued with an Authorized Training Certificate

c. Course duration is flexible and the contents can be modified to fit any number of days.

d. The course fee includes facilitation training materials, 2 coffee breaks, buffet lunch and A Certificate upon successful completion of Training.

e. One-year post-training support Consultation and Coaching provided after the course.

f. Payment should be done at least a week before commence of the training, to DATASTAT CONSULTANCY LTD account, as indicated in the invoice so as to enable us prepare better for you.