Anti-Money Laundering and Combating Terrorism Financing
This course is designed to give you a broad overview of Anti-Money Laundering and Combating Terrorism Financing Training in Dubai. It covers general definitions, common techniques and the broad legislative framework for detecting and reporting illegal activity. It also covers globally recognized procedures for mitigating the risk presented by money laundering and terrorism financing.
At the end of the workshop, participants will:
- Understand AML/ CFT’s definitions.
- Understand the concept of money laundering and the salient features of the Anti-Money Laundering Act and Regulations in Mauritius.
- Understand the concept of customer due diligence (CDD), its requirements and application and the different levels of CDD and the specific processes/issues related to them.
- Identify covered and suspicious transactions.
- Understand record-keeping requirements.
- Learn how to protect your company from the risk of money laundering, terrorism financing.
- Understand the implications and penalties for non-compliance with AML/CFT legislation and regulatory requirements.
- Get updated AML/ CFT practices.
Who Should Attend This Workshop?
- All job levels specialized in anti-money laundering and combating the financing of terrorism (AML/CFT);
- All job levels specialized in regulatory compliance, and
- All job levels specialized in risk management.
- Anyone interested in the subject.
The Role of FSC
Code on the Prevention of Money Laundering & Terrorist Financing
- Background and Scope
- Sanctions for non-compliance
- Core AML/ CFT principles
Money Laundering and Terrorist Financing
- What Is Money Laundering? And
- Stages involved in Money Laundering
- Terrorist Financing
International AML/CFT Initiatives
- Financial Action Task Force (FATF)
- Basel Committee on Banking Supervision
- The Wolfsberg Group
- International Organisation of Securities Commissions (IOSCO)
- International Association of Insurance Supervisors (IAIS)
EXTRA TERRITORIAL POWERS OF THE UNITED STATES
The Legal Framework in Mauritius
- The Financial Intelligence and Anti-Money Laundering Act 2002 – “FIAML Act”
- The Prevention of Terrorism Act 2002 – “POTA”
- The Convention for the Suppression of the Financing of Terrorism Act 2003
- The Financial Services Act 2007 -“FS Act”
- Exchange of Information between the FSC and the FIU
Internal Controls and Money Laundering Reporting Officer
- Internal Controls
- Appointment Of The Money Laundering Reporting Officer (MLRO)
- Notification Of The Appointment Of The Money Laundering Reporting Officer
- Role Of The Money Laundering Reporting Officer
Customer Due Diligence
- Customer Due Diligence Measures – “CDD MEASURES”
- Identification and verification of applicants for business who are natural persons
- Identification and verification of applicants for business who are legal persons/arrangements Acquisition of a Business or Block of customers.
- Source Of Funds/Property And Source Of Wealth
- Appropriate Certification
- Eligible And Group Introducers
- Omnibus Accounts
- Timing Of Verification Of Identity
- Existing Customers
High Risk and Low Risk Relationships
- Risk Profiling
- High Risk Relationship
- Enhanced Due Diligence Measures
- Politically Exposed Persons (PEPs)
- Non face-to-face business relationships
- FATF Statements and non-equivalent jurisdictions
- Low Risk Relationships
- Simplified Or Reduced Due Diligence Measures
On-Going Monitoring, Recognising and Reporting Suspicious Transaction / Activity
- On-Going Monitoring
- Complex Arrangements
- Recognising Suspicious Transaction And Activity
- Obligation And Failure To Report
- Reporting Suspicions To The FIU
- Communicating With Customers And Tipping Off
- Constructive Trusts
Training and Culture
- Awareness And Training
- Screening And Hiring Of Employees
- Relevant Employees
- On Going Training
- MLRO Training
- Training Methods
- General Requirements
- Customer due diligence information
- Internal and external suspicious reports
- Compliance monitoring
- Forms Of Record And Record Retrieval
- Period Of Retention
- Inspection Of Records