Money Laundering Process & Prevention: Advanced Strategies

Course overview

Laws, rules, and procedures pertaining to anti-money laundering stop criminals from transforming illegally obtained monies into legitimate income.

Although these rules only apply to a small portion of the population, breaking them has far-reaching consequences. Banks and other financial institutions are required to adhere to strict regulations to make sure that they are not assisting in money laundering by enrolling consumers for various services or assisting them in managing their wealth.

Many businesses employ compliance officers to pay close attention to making sure rules and regulations are followed. Banks and other financial institutions are specifically required by anti-money laundering regulations to maintain thorough and effective records of transactions and other information.

Participants will gain comprehensive knowledge of anti-money laundering, including regulation, compliance, process, and policy, from this Training Bee course.

With the help of this course, you will be prepared to manage and successfully oversee various anti-money laundering aspects of your organization, demonstrating your versatility and capacity to take on more responsibility in order to advance your career more quickly.

Introduction

The Board of Directors and Senior Management are required to have a fundamental working knowledge of all relevant legislation, including those that are applicable globally, under this awareness of the regulatory environment in which the business works.

This Master class/Board Consult will provide the BoDs and Senior Management with an understanding of the said framework and serve as a means to appreciate the law enforcement mechanisms working to maintain such said equilibrium as well as the consequent consequences of non-compliance with these regulations, including reputation management, shareholder interests, legal ramifications, consequences of adherence failures, etc.

The Board Members, Heads of Subcommittees, and Senior Management in this Training Bee training course will be given the tools they need to have a thorough grasp of compliance with regard to transparency and visibility of the enterprise-wide compliance operations and adherence obligations.

We are The Training Bee, a global training and education firm providing services in many countries. We are specialized in capacity building and talent development solutions for individuals and organizations, with our highly customized programs and training sessions.

Learning Objectives

Upon completing AML Expert: Level III for Directors & Senior Management, participants will be able to:

• Mastering sophisticated AML compliance techniques for senior executives and board members.
• Enhancing financial institutions’ governance and leadership in terms of AML compliance.
• Improving methods for money laundering-specific risk assessment and mitigation.
• Putting in place efficient AML programs that are suited to the risk profile of the institution.
• Navigating difficult CDD criteria and continuing monitoring procedures.
• Using data analytics and technology to enhance transaction monitoring and AML compliance.

Our Unique Training Methodology

This interactive course comprises the following training methods:

• Role-playing – Participants will take part in several role-plays and understand practical ways of solving issues.
• Journaling – This consists of setting a timer and letting your thoughts flow, unedited and unscripted recording events, ideas, and thoughts over a while, related to the topic.
• Social learning – Information and expertise exchanged amongst peers via computer-based technologies and interactive conversations including Blogging, instant messaging, and forums for debate in groups.
• Project-based learning
• Mind mapping and brainstorming – A session will be carried out between participants to uncover unique ideas, thoughts, and opinions having a quality discussion.
• Interactive sessions – The course will use informative lectures to introduce key concepts and theories related to the topic.

Training Medium

This AML Expert: Level III for Directors & Senior Management training is designed in a way that it can be delivered face-to-face and virtually.

Course Duration

This training is versatile in its delivery. The training can be delivered as a full-fledged 40-hour training program or a 15- hours crash course covering 5 hours of content each day over 3 days

Pre-course Assessment

Before you enroll in this course all we wanted to know is your exact mindset and your way of thinking.
For that, we have designed this questionnaire attached below.

• Why are there rules and legislation pertaining to anti-money laundering (AML)?
• What essential elements make up a successful AML program?
• How do financial institutions run the danger of money laundering?
• What three steps comprise the money laundering process?
• Which CDD criteria are most important for financial institutions?
• What part do senior management and the board of directors play in putting an AML program in place?

Course Modules

This AML Expert: Level III for Directors & Senior Management covers the following topics for understanding the essentials of the Agile Workplace:

Module 1 – Recognizing the BoD’s and Senior Management’s obligations with regard to compliance

• A Designated Director, Designated Compliance Officer, or MLRO (Money Laundering Reporting Officer) is appointed.
• Cost of Reputational Damage and Compliance Penalties Damage
• Loss of Operational Charter or License
• Personal Penalties/Fines
• Shareholder Unhappiness

Module 2 – Recognizing the Fundamental Five Elements of AML Compliance (AML/PMLA/BSA)

• Creating a Compliance Culture
• Written internal controls, rules, and procedures;
• A designated BSA compliance officer; A training program for employees;
• BSA/AML program independent evaluation; and customer due diligence practices

Module 3 – Financial Institution-Initiated Investigations

• Interacting with Law Enforcement Regarding STRs Law Enforcement Prosecutor-Initiated Investigations Decision Against Financial Institution for Money Laundering Violations
• Financial Institution Response, Monitoring, and Coordination with a Law Enforcement Investigation

Module 4 – Getting Counsel for a Financial Institution Investigation

• Attorney-Client Privilege Affects Both Entities and Individuals When Retaining Counsel
• Releasing a written report from the attorney

Module 5 – Notices to Employees Following a Financial Institution Investigation

• Interviews of employees when a financial institution is the target of a law enforcement action
• Public Relations

Module 6 – Cooperation between Nations in AML/CFT

• FATF Recommendations on International Cooperation
• Financial Intelligence Units International Money Laundering Information Network Mutual Legal Assistance Treaties

Module 7 – The price of compliance

• Allocation of basic resources
• Annual Compliance Budget: Allocating necessary funds to support Compliance Teams’ BSA/AML operations

Post-course Assessment

Participants need to complete an assessment post-course completion so our mentors will get to know their understanding of the course. A mentor will also have interrogative conversations with participants and provide valuable feedback.

• Describe the essential elements of a strong AML program and how they help to reduce money laundering risks.
• Outline the duties and responsibilities of the board of directors and senior management in a financial institution’s effective AML compliance.
• Give a detailed description of the key processes in completing a thorough risk assessment for money laundering and terrorist funding.
• Talk about the value of continual monitoring and customer due diligence (CDD) in combating money laundering. Give some instances of improved due diligence procedures.
• Give examples of how a risk-based strategy might be used in practice and explain why it is important for AML compliance.
• Describe the procedure for informing the appropriate authorities of suspicious transactions or activity and spell out the responsibilities of financial institutions in this regard.

Lessons Learned

Understanding the Importance of AML: The course places a strong emphasis on the vital contribution that AML rules make to preserving the integrity of the financial system and shielding institutions from the dangers associated with money laundering. The importance of AML compliance must be acknowledged by board members and top management, who must also actively support its implementation.

AML program in its entirety: An efficient AML program is made up of several elements, including as policies and processes, risk assessments, customer due diligence, transaction monitoring, and reporting suspicious actions. To successfully reduce the risks of money laundering, boards and senior management must oversee the adoption and continuing supervision of these elements.

The role of the board of directors and senior management is critical in establishing a compliance culture and setting the tone for the organization.

“Board members and senior executives should attend AML Certification Training: Preventing Financial Crime.”