AML Training. As a global business entity with a range of subsidiary partner operations that cross several distinct business sectors (including but not limited to telecommunication, financial services, petrochemicals, energy production/ distribution, chemicals, fertilisers and food), your organisation needs to recognise that it is targeted by hostile entities seeking to take advantage of your market presence.
One of the key challenges is corporate finance’s control and movement and the need to ensure that effective Anti-Money Laundering (AML Framework) procedures and practices are in place. Refusal to accept the risks and your organisation is openly exposed to:
- corporate fraud;
- corruption;
- exploitation from the theft of money and other assets.
Key Features
You need to comply with national, regional, and international legislative frameworks such as:
- Section 453 of the 2017 Companies Act (Pakistan); and
- UK’s Proceeds of Crime Act (POCA) 2000).
More fundamentally, money that is unknowingly, unwittingly or (in the case of fraud and corruption) even consciously ‘laundered’ through the organisation could ultimately support, finance and promote international terrorism and the drugs trade. An effective AML framework is a testament to your organisation position against crime. As global corporate citizens aware of their responsibilities, any international organisation must comprehensively address these concerns and implement policies, procedures, and associated risk assessment mechanisms.
To have insufficient controls and be charged with engaging in money laundering can have any of the following negative consequences:
- Damaged corporate reputations & brand devaluation
- Eroding employee morale
- Potential consumer boycotts
- Negative investor perceptions
- Possible legal action
- Fines & potential jail terms for directors
Outline
Our ABAC specialist anti-money laundering training course is designed to raise awareness and introduce money laundering as a genuine risk to employees. The course is structured as follows:
- Legislation, Responsibility, and Policy
Introduction to a number of legislation. Understanding AML legislation enables you to identify, report and prevent money laundering activities. You will also learn the roles responsibilities and policies that organisations must have to comply with. - What is Money Laundering?
Understand how money laundering can occur and explore what constitutes as criminal property, the scenarios n which a person could benefit from proceeds of crime, directly or indirectly, and the tactic used by criminals to deposit proceeds of crime into the financial system. - Identifying Unusual Activity
Spot the signs of money laundering, learn the signs to look out for when dealing with both new and existing customer. Understand the common red flags to look out for to identify unusual activity associated with laundered money. - Reporting Unusual Activity
Reporting unusual activity is a legal requirement under AML legislation. Gain knowledge on how to be suspicious of money laundering activities and how to report it correctly to avoid prosecution for inaction. Learn how to examine the various reporting activities you and other employees must take while assessing suspicious activity. - Accounting Red Flags
It’s important to look out for accounting red flags, as money laundering can often be difficult to detect at the first transaction. Employees working in accounts are the second in line of defence against money laundering activities. Learn how to spot accounting red flags and how to report your concerns with ABAC training.
Benefits
On completion of this ABAC course, you should be able to:
- Understand what the Anti Money Laundering Regulations are: understand policies, procedures and controls
- Understanding Money Laundering, Terrorist Financing and Sanctions
- Recognise the importance of conducting a risk assessment
- Vulnerabilities of financial institutions to money laundering and terrorist financing
- Management obligations and the risk-based approach to money laundering and terrorist financing
- Adopt appropriate internal controls
- Identify Politically Exposed Persons (PEPs)
- Recognise the importance of keeping adequate records
Who should attend
- Staff with specific anti money laundering duties
- All staff working in financial services who want an introduction to anti money laundering
- Anyone who aspires to a career in anti money laundering or fraud prevention
