AML, CTF and Sanctions for Internal Audit
Without doubt, Financial Crime – represented by Anti-Money Laundering (AML), Countering Terrorist Financing (CTF) and Sanctions – is a hot topic in 2016. It is high on many agendas, principally those of Governments, Central Banks and the whole of the international banking industry covering Retail Banking, Corporate Banking, Private Banking and Investment Banking.
Until comparatively recently, Financial Crime was dismissed as a “victimless crime” on the basis that it doesn’t really matter if a few banks lose money through Money Laundering or Fraud. But the dreadful impact of the terror attacks in New York in 2001 – and since then attacks throughout the world – coupled with the more-recent international economic downturns has raised its profile once again.
This excellent face-to-face training course highlights the national and international action being taken to identify and prevent Financial Crime. It also focuses on the audit requirements to ensure that Banks and their honest customers are protected from any aspects of these crimes.
By the end of the course, delegates will be able to:
• Understand the latest legislative and regulatory developments, at the national and international levels, on Financial Crime
• Assess the impact of these developments on a bank’s strategy, regulatory-risk management, and client relations
• Recognise “red flags” for new, rapidly changing, and forms of Financial Crime – and be able to react to them
• Devise appropriate risk controls, compliance strategies, and early-detection mechanisms
All Senior Management – especially those involved in audit – who need a working knowledge of Financial Crime (represented by AML / CTF and Sanctions ) and its prevention.
A combination of:
• Facilitated Discussions
• Slide Presentations
• Case Studies and Examples
Duration: 1-day or according to the client’s requirements
Module 1: Understanding Financial Crime
• What is Money Laundering?
• What is Terrorist Financing?
• How are AML and CTF linked (for banks; for customers / clients and for criminals)?
• What is the size of the problem; why is the fight against Financial Crime important?
Module 2: The International Framework
• Financial Action Task Force (FATF): 40 recommendations
• Office of Foreign Assets Control (OFAC)
• Transparency International: Corruption Perception Index (CPI)
• US Patriot Act
• UK Requirements:
o Money Laundering Regulations 2007
o Proceeds of Crime Act 2002
o Terrorism Act 2000
Module 3: Higher Risk clients and activities
• Higher Risk generally – including Enhanced Due Diligence (EDD)
• What are Politically Exposed Clients (PEPs)? What is the up-to-date thinking who needs PEP status?
• How do we assess PEPs?
• Trade Finance and Financial Crime
Module 4: Sanctions
• What are Sanctions designed to do?
• Who / what are on the target list for Sanctions? (Who / what can be sanctioned?)
• Who issues Sanctions?
• What are the banking industry’s requirements in dealing with Sanctions and sanctioned clients?
Module 5: Audit Responsibilities
• Auditors’ Responsibilities including:
o Due Diligence Checking: CDD / EDD, Risk-Based Approach
o Record Keeping
o Staff Training Audit and Records
o Internal Report procedures and records
o Money Laundering Reporting Officer (MLRO) records and management information
o A specimen AML audit work programme for a UK entity
As every course we run is tailored to meet the specific needs of each client, we can only provide an estimate after fully understanding your specific requirements. Please complete the form below of call +44 (0) 208 894 4977 to discuss how Taylor Associates can help you.