Anti-money Laundering training for the international business
- Life Time Access
- Certificate on Completion
- Access on Android and iOS App
Successful completion of this material should enable you to:
Communicate effectively in explaining the various sections of the antimony laundering requirements as a result of legislation;
Participate as a responsible citizen in the life of local, national and global communities by knowing his/her responsibility in reporting suspicious transactions;
Be able to identify a suspicious transaction.
Be able to describe what documents are required to identify a person
Understand cross border transfers
Know what is required for those doing monetary wire transfers
Understand what we mean by a PEP
Know what reports require for AML
Understand the concepts of tipping off, willfully negligent, predicate offenses and willfully blind
what a country should be doing for AML
- Basic business knowledge and English language understanding
- AML- what it is, why it came about and what you need to do to comply with the legislation
´Money laundering is global, national boundaries are irrelevant to the laundering of proceeds of crime, much of which takes place through financial institutions and the links between them
Where countries identify higher risks, they should ensure that their AML/CFT regime adequately addresses such risks. Where
countries identify lower risks, they may decide to allow simplified measures for some of the FATF Recommendations under certain conditions.
The results of a risk assessment can be used for a variety of reasons, including to:
· identify gaps or opportunities for improvement in AML policies, procedures and processes
· make informed decisions about risk appetite and implementation of control efforts, allocation of resources, technology spend
· assist management in understanding how the structure of a business unit or business line’s AML compliance programme aligns with its risk profile
· develop risk mitigation strategies including applicable internal controls and therefore lower a business unit or business line’s residual risk exposure
· ensure senior management are made aware of the key risks, control gaps and remediation efforts
· assist senior management with strategic decisions in relation to commercial exits and disposals
· ensure regulators are made aware of the key risks, control gaps and remediation efforts across the FI
· assist management in ensuring that resources and priorities are aligned with its risks.
Countries should criminalise terrorist financing on the basis of the Terrorist Financing Convention, and should criminalise not only the financing of terrorist acts but also the financing of terrorist organisations and individual terrorists even in the absence of a link to a specific terrorist act or acts.
Who is responsible?
Required to establish a client profile for high risk clients. This means obtaining additional information. It may mean requesting additional documents (other than those listed above), such as, bank statements, vouchers, travel itinerary etc.
Records must be sufficient to permit reconstruction of individual transactions (including the amounts and types of currency involved, if any) so as to provide, if necessary, evidence for prosecution of criminal activity
In addition to performing normal customer due diligence measures, a business is prohibited from entering into, or continuing, a correspondent banking relationship with shell banks
Money or value transfer services (MVTS) need to be licensed or registered, and subject to effective systems for monitoring and ensuring compliance
A risk assessment should take place prior to the launch of the new products, business practices or the use of new or developing technologies
Data Management and Analysis with Advance ExcelSam Parulekar