Anti-Money Laundering
Library of 20 Courses covering General Awareness, Due Diligence & Compliance,
Management Perspective and Legislations

 

The themes of this product are:

  • Significance of the Anti-Money Laundering
    Measures & Regulations
  • Analysis of their impact on financial institutions
    and business

Overview

The 9/11 terrorist attacks in the United States have led the international community to formulate new legislations and guidelines to counter the escalating risks of Money Laundering. Across nations, Anti-Money Laundering training and compliance requirements have therefore gained significance.
It is in this light that the American Congress brought about new measures in the form of International Money Laundering Abatement and Anti-Terrorist Financing Act, 2001(Title III of Patriot Act, 2001) that amended the Banking Secrecy Act, 1970 and its implementing Regulation. For financial institutions today, failure to comply with these requirements entails severe penalties in addition to increased exposure to compliance, reputational, strategic and operational risks.
After completing this course you will:
  • Become familiar with all aspects of Money Laundering and Money Laundering Typologies
  • Comprehend the implications of offshore financial centers and non-cooperative countries on Money Laundering
  • Gain a thorough knowledge of the Due Diligence & Compliance program that forms an integral part of the
    Anti-Money Laundering strategy
  • Understand the implications and penalties for non-compliance with Anti-Money Laundering legislations
  • Recognize senior management responsibilities towards implementing an effective Anti-Money Laundering
    Compliance Program
  • Gain an insight into the legal provisions of various countries and their implications on financial institutions and businesses
  • Be aware of international legal instruments and Model Laws on Money Laundering
Target Audience
Everyone involved in the global financial services industry (as a provider, user, regulator or advisor of product/services, marketplace/exchange) would benefit from PRMIA’s innovative solutions.

  • Supervisory Agencies

    •
  • Central Banks

    •
  • Financial Institutions

    •
  • Commercial Banks

    •
  • Investment Banks

    •
  • Housing Societies/Thrifts

    •
  • Mutual Funds

    •
  • Brokerage Houses

    •
  • Stock Exchanges

    •
  • Derivatives Exchanges

    •
  • Insurance Companies

    •
  • Multinational Corporations

    •
  • Accountancy Firms

    •
  • Consultancy Firms

    •
  • Law Firms

    •
  • Rating Agencies

    •
  • Multi-lateral Financial Institutions

    •
  • Others


    •
    Course Level and Number of Courses
    Basic Level. Library of 20 Courses

    Instructional Method
    Dynamic, Interactive e-learning

    Recommended Background
    Familiarity with basic financial concepts


    Anti-Money Laundering
    Time taken to complete each Course: Two - Three hours

    1.What Is Money Laundering

    • Objectives
    • Introduction
    • Stages of Money Laundering
    • Effects of Money Laundering on Financial Institutions
    • Methods used for Money Laundering
    • Challenges to Changing Banking World
    • How to Face These Challenges
    • Legislations
    • What Bankers Can Do
    • What Bankers Should look for
    • Some Schemes That Involve Banks
    2.Money Laundering Typology I
    • Objectives
    • Introduction
    • Banking Typology
    • Online Banking
    • New Payment Technologies
    • Non-banking Typologies
    • Alternate Remittance Systems
    • Potential Counter Measures

    3.Money Laundering Typologies II

    • Objectives
    • Introduction
    • Trusts
    • Lawyers, Accountants and Other Professionals
    • Company Formation Agents
    • Real Business
    • Real Estate
    • High Value Items
    • Gaming, Gambling and Casinos
    4.Electronic Money Laundering
    • Objectives
    • Introduction
    • Challenges
    • International Cooperation
    • Cyber Laundering in the 21 st century
    5. Offshore Financial Centers and Non-cooperative Countries
    • Objectives
    • Introduction
    • Identification, Categorizing and Assessment
    • Offshore Bank Accounts
    • Legitimate Uses of OFCs and Bank Secrecy
    • Correspondent Banking
    • Issues for Consideration

    6. Terrorist Related Money Laundering

    • Objectives
    • Introduction
    • Terrorist Money Laundering
    • Tools for Stopping Terrorist Financing
    • Counter Measures
    7.Overview
    • Objectives
    • Introduction
    • Internal Controls
    • Know Your Customer
    • Reporting
    • Record Keeping
    • Penalty
    8. Internal Controls and Procedures
    • Objectives
    • Introduction
    • Internal Controls
    • Minimum Requirements
    • Designation of a Compliance Officer
    • Audit Function
    • Training to the Staff
    9. Know Your Customer and Identification Evidence
    • Objectives
    • Introduction
    • Contents of Know Your Customer Policy
    • Customer Identification for Certain Accounts and Transactions.
    • Suspicious Customer Activities

    10. Reporting

    • Objectives
    • Introduction
    • Suspicious Activity Report
    • Currency Transaction Report
    • Currency Transaction Report by Casinos
    • International Transportation of Monetary Instruments Report
    • Reports of Cash Received in Trade or Business
    • Foreign Bank and Financial Account Report
    • Miscellaneous Reports
    11. Record Keeping
    • Objectives
    • Introduction
    • Records by Financial Institutions
    • Additional Records
    • Records for Foreign Financial Accounts
    • Record Keeping for Funds Transfer
    • Records for Purchase of Monetary Instruments
    • Miscellaneous Records
    12. Penalty and Enforcement of Compliance
    • Objectives
    • Introduction
    • Penalty for Non-Compliance
    • Enforcement of Compliance
    • Issuing of Summons for Enforcement of Compliance
    • OAFC Sanctions Regulation
    13. Compliance and Managerial Responsibilities
    • Objectives
    • Introduction
    • Internal Controls
    • Know Your Customer policy
    • Reporting
    • Record Keeping
    • Penalty for Non-compliance
    14. Financial Action Task Force
    • Objectives
    • Introduction
    • FATF Forty Recommendations
    • Monitoring the Implementation of the Recommendations
    • Members and Observers
    15. Conventions and International Legal Instruments
    • Objectives
    • Introduction
    • European Council Directives on Money Laundering
    • Convention on Proceeds from Crime
    • Basel Committee Statement
    • Caribbean Financial Action Task Force Recommendations
    • Kingston Declaration
    • United Nations Global Programme against Money Laundering 2000
    • Action Plan against Money Laundering
    • Wolfsberg Anti- Money Laundering Principles

    16. Model Laws

    • Objectives
    • Introduction
    • Model Money Laundering and proceeds of Crime Bill 2000
    • Model Regulations
    • Model Legislations

    17. USA Patriot Act

    • Before You Begin
    • Introduction
    • Customer Identification Program
    • Measures for Correspondent Banking
    • Measures for Private Banking
    • Information Sharing
    • Special Measures
    • Examiner’s Role - Guidelines Objectives

    18. U.K. Legislations

    • Objectives
    • Introduction
    • Financial Service Authority Rules
    • Money Laundering Regulation 1993
    • Other UK Legislations

    19. Canadian Legislations

    • Objectives
    • Introduction
    • Record Keeping and Reporting Requirements
    • Reporting of Currency and Monetary Instruments
    • Financial Transaction and Report Analysis Center of Canada
    • Offences and Punishment

    20. Malaysian Legislations

    • Objectives
    • Introduction
    • Money Laundering Offences
    • Due Diligence Measures
    • Enforcement

    JOB AIDS

    • Case Studies
    • Acts on Money Laundering
    • Reporting Forms
    • Conventions and International Legal Instruments
    • Model Laws
    • Crossword