ANTI - MONEY LAUNDERING (AML) /KYC & CFT
Objective:
Firms have a regulatory obligation to manage external and internal anti-money laundering, sanctions, counter-terrorist financing, and anti-bribery and corruption risks. Hence this training is designed in such a way that it addresses all these issues and makes employees aware about all these issues and their role in handling AML cases.
Background:
Anti-money laundering refers to a set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Though anti-money-laundering (AML) laws cover a relatively limited range of transactions and criminal behaviors, their implications are far-reaching. For example, AML regulations require that banks and other financial institutions that issue credit or allow customers to open deposit accounts follow rules to ensure they are not aiding in money-laundering.
Also, we know that firms must comply with the Bank Secrecy Act and its implementing regulations ("Anti-Money Laundering rules"). The purpose of the AML rules is to help detect and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.
Anti-money-laundering laws and regulations target criminal activities including market manipulation, trade in illegal goods, corruption of public funds, and tax evasion, as well as the methods that are used to conceal these crimes and the money derived from them.
Important Points to note are:
- Criminals use money laundering to conceal their crimes and the money derived from them.
- Anti-Money Laundering seeks to deter criminals by making it harder for them to hide the loot.
- Financial institutions are required to monitor customers' transactions and report on anything suspicious.
Workshop Coverage:
- Overview of KYC, AML/CFT
- Major Terminologies KYC, AML, CFT, CDD, SCDD, ECDD, Customer, FATF, FIU etc.
- Money laundering &stages of money laundering
- Suspicious transaction and ways to detect it
- Threshold Transitions and reporting requirement
- NRB Provision in KYC and money laundering
- Key Risk Indicator (KRI) and Enterprises Risk
- Management (ERM)
- Customer and bank relationship
- Types of customers’ accounts and documents requirements.
- KYC & Customers’ account
- KYC & Customers’ service division
- Risk in CSD activities and mitigation of risk.
Target Audience:
- Branch Supervisors
- Cash /teller staff
- Compliance staff
- Customer service executives
- Internal audits
- Remittance Supervisor
- Operation in charge
- Aspirant Bankers