AML & KYC. The Crime Prevention Compliance Course. This course can also be presented in-house for your company or via live on-line webinar

Transcription

1 AML & KYC The Crime Prevention Compliance Course This course can also be presented in-house for your company or via live on-line webinar The Banking and Corporate Finance Training Specialist

2 Course Overview Financial Crime Compliance and Regulatory Compliance are probably at the top of nearly every Financial Institution s risk review process and have become the key strategic imperatives for all board members. The reputational damage and not to mention the fines imposed for non-compliance are huge concerns. It is fair to say that banks are being micro-managed by regulators in this area and are being set exceptionally high standards for compliance. Course Overview Financial institutions are required to focus increasingly on Financial Crime Prevention measures and must have robust systems in place to combat them. This includes detailed policies, clear lines of defence, robust CDD processes, a risk based approach, clear accountabilities and above all effective staff training and awareness throughout the organisation. None of this is difficult but it is costly, time consuming and involves putting in place procedures and systems to deter, detect and protect the institution from being used by criminals. This course has been designed to deliver best practice guidelines for any institution by drawing on cutting edge experience of what the world s leading financial institutions are doing, have done and must still do. It covers the minimum requirements, the ideal requirements and considers the impact of imminent legislative and best practice changes. Who Should Attend? All staff with client facing responsibilities especially those where financial crime is a real and active risk. Risk and compliance professionals and members of the internal audit function. Senior managers and top management would also derive considerable benefit from attending. Methodology: Workshop style with participation from delegates actively encouraged. Course Director Your course director has spent more than 40 years in the banking and financial sector, much of it in a senior managerial/director role. He is a former Institute of Banking Lecturer, having gained distinctions in the exams. He is a subject matter expert on all aspects of retail, corporate and global banking, including risk management and regulatory compliance. He has lectured extensively to both leading global financial institutions and to smaller bespoke specialists. He has delivered extensive programmes in all parts of the world including the USA, Europe, MENA, Africa and Hong Kong. He is currently an accredited Master Trainer at the world s biggest global bank. Course Content Introduction: What is Financial Crime Predicate Crimes: Money Laundering Terrorist Financing

3 Evading Sanctions Tax Evasion Bribery & Corruption Fraud Proliferation What are financial institutions required to put in place overview What is CDD, KYC, IDV. Who is responsible for FC Compliance? Best Practice/Poor practice Lessons from recent scandals, including Standard Chartered, BNP Paribas, Lebanese Canadian Bank & HSBC The Money Laundering Cycle Placement, Layering, Integration How does this work in practice Transaction profile Important KYC framework Operating guidelines Who sets the rules and who publishes best practice guidelines? FCA UN EEC USA BIS Basel UK Treasury Local Jurisdictions Best Practice Guidelines FATF Wolfsberg Group Tranparency International JMLSG Egmont Group What must Institutions have in place? The regulatory landscape Rules and Instructions Three lines of defence Escalation process Consent and Tipping Off Risk based due diligence Sanctions Brief Overview Who sets them & why are they set Who is impacted What are they OFAC How should an institution screen for them Risk Based Approach What does this mean How should it work What are the key differences Enhanced Due diligence what does this mean

4 Customer due diligence KYC getting to know the customer IDV checking what they say Ultimate Beneficial Ownership PEP s Source of Wealth Review process Remediation process Essential Elements of KYC Standards Customer acceptance policy Customer identification General identification requirements The role of supervisors Guidelines for opening accounts Qualitative data Joint accounts Minor accounts KYC for existing accounts Politically Exposed Persons Definition formal Definition in practice Why are they a special case Mandatory high risk UBO issues Source of Wealth issues Annual Review issues Imminent changes Specific Identification & Verification Issues Trust nominee and fiduciary accounts Corporate vehicles Introduced business Client accounts opened by professional intermediaries Non face to face customers Correspondent banking Introduced business Non face to face customers Trade Finance & Wealth Management - Overview High risk Areas Specific Issues Typologies KYCC, KYCCB & KYCCBC Constructing the FCC Framework Policies Roles and Responsibilities Senior Management and M.I. requirements The MLRO (or equivalent) challenge! Risk Assessments and Procedures Suspicious transactions

5 Suspicion & Escalation What must banks have in place An effective escalation process Concern Suspicion Access & Process Communication lines Suspicious Activity Reports The importance of a direct link Whistle blowing Implementing and Managing the Total FCC framework Due diligence (on-going) Annual Review Record keeping Training Monitoring Reporting Questions/Feedback/Discussion The Future The FCA Style The impact of FATCA 4th EU Money Laundering Directive What Redcliffe s clients are saying about the course; Strong presentation skills, relevant content and experience in sector. Covered all details; learnt a lot! Very clear insight into the requirements and issues surrounding AML/KYC. Very well presented, very engaging presenter and practical examples given.

6 Tailored Learning All of our training courses can be tailored to suit your company s exact training needs. We will work closely with you to help develop a training programme with content that is unique for your organisation. Please us on enquiries@redcliffetraining.co.uk for more information E-Learning This course can also be presented as a bespoke e-learning programme created by you to fit your exact requirements. enquiries@redcliffetraining.co.uk +44 (0)