Anti-Money Laundering (AML) Business Risk Assessment
What you'll learn
- The main concepts of anti-money laundering and its regulatory framework;
- Vulnerabilities of particular industries and products in the context of money laundering;
- Categories of money laundering risks;
- The concepts of AML risk management;
- Carrying out an entity-wide AML risk assessment;
- Measures used to mitigate money laundering risks;
- Assessing the effectiveness of AML controls;
- The role of internal auditors and the Board of Directors in AML risk management
- No prior experience is needed, however understanding of the concepts of money laundering and risk management will be beneficial
Your Goals and Profile
Choose our course if you want to become knowledgeable in:
(a) the categories of money laundering risks, related to the types of customers, particular products and services, geographical exposure, and product delivery channels;
(b) the methodology of AML risk management, including the likelihood and impact of money laundering risks, qualitative and quantitative analysis, the notions of inherent and residual risks and assessing the effectiveness of controls;
(c) the steps of carrying out an AML risk assessment, which are identifying and assessing risks, defining control measures, and determining, whether the residual risk falls within your company's risk appetite;
(d) the vulnerabilities of particular industries and products, that can be exploited by money launderers; we will review the following types of businesses:
- cash-intensive businesses;
- banking, payments, e-money and fintech industries;
- cryptocurrency and virtual financial assets service providers;
- providers of corporate services;
- traders in high-value goods;
- accountants and tax advisors;
- notaries and legal professionals;
- gambling sector entities;
- free-trade zones; and
- citizenship for investment programs.
(e) the typical mistakes made while carrying out the entity-wide money laundering risk assessments.
The Sources of Information Used
The sources of information used are the recommendations and publications by:
- the Financial Action Task Force (FATF);
- the US Financial Crimes Enforcement Network (FinCEN);
- Organisation for Economic Co-operation and Development (OECD);
- The Wolfsberg Group;
- European Banking Authority;
- International Compliance Association; and
- The Basel Institute on Governance.
Why is our Course Different
There is no shortage of AML courses on the market. Most often, they teach you the basic concepts while attempting to cover the whole spectrum of anti-money laundering, sometimes in just one hour of total training.
We are offering you something different. This is a specialized course, devoted to the primary element of any AML framework, which is an entity-wide AML business risk assessment.
Additional Value for Money
1) all sections of the course will be supplemented by quizzes that will help to check your understanding of the concepts;
2) you will obtain a template spreadsheet to use when carrying out AML risk assessments;
3) the course provides plenty of additional materials for further reading;
2) upon completion, you will be issued a certificate.
Our future courses in this series, will cover other aspects of AML, such as customer-level risk assessment, KYC and customer due diligence, ongoing monitoring of transactions and customer relationships, risks related to politically exposed persons and international sanctions, enhanced due diligence, dealing with high-risk and non-reputable jurisdictions, internal and external reporting of suspicious transactions, etc.
Who this course is for:
- Young professionals starting their career in AML compliance
- Individuals shifting career to AML compliance
- Compliance officers, AML managers, Money Laundering Reporting Officers
- Those studying AML compliance
I hold a Master's Degree in Finance, studied International Relations in France and Anti-Money Laundering in the UK. Started my career in tax consultancy and in 2018 moved to Malta. Since then I am deeply involved in the fields of Anti-Money Laundering Compliance and Internal Auditing.
I obtained the International Diploma in Anti-Money Laundering from the International Compliance Association (ICA) and hold the Certified Internal Auditor qualification by the Institute of Internal Auditors (IIA).
My hobbies are photography and hiking.