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FATF Recommendations on High Risk Customers and Activities

Name: FATF Recommendations on High Risk Customers and Activities
Rating: 4.5 (4793 reviews)

Overview of FATF Recommendations on AML/ CFT for High Risk Customers and Activities PEPs and Correspondent Relationships

Created byGovernance Risk and Compliance GRC by GRC Professional

Last updated 3/2024

English

Arabic [Auto],English [Auto],

What you'll learn

Money Laundering Activities and Anti Money Laundering AML Measures
Overview of High-Risk Jurisdictions, and Most Serious Jurisdictions by FATF
Overview of Risk Based Approach RBA, as per Financial Action Task Force (FATF)
Overview of FATF's Recommendations on High Risk Customers - Politically Exposed Persons (PEPs)
Overview of FATF Recommendations for High Risk Activities - Correspondent Banking Relationship

Course content

6 sections • 31 lectures • 1h 15m total length

Introduction of the Course2:22
Explore the FATF recommendations on high risk customers and activities within the anti money laundering framework, covering risk-based approach, politically exposed persons, and correspondent banking.
Course Instructor Introduction0:50

Money Laundering and Examples2:47
Money Laundering Activities Example2:39
Hiding Illegal Funds and Income1:12
How a Financial System Is Used By Criminals1:10
Money Laundering Example 11:20
Money Laundering Example 21:12
Examine a money laundering example where illegal proceeds from trading goods are channeled through a restaurant business, deposited into a bank account, and injected into the financial system.
Money Laundering Example 31:49
This money laundering example shows Mr. E, employee with an unregistered business linked to a blacklisted country, concealing income and evading taxes through cash deposited via his wife's beauty parlor.

Introduction to Financial Action task Force FATF5:13
High Risk Customer and Activity - FATF1:07
Understanding FATF High Risk Countries and Most Serious Countries (Blacklisted)9:07
Let's discuss the High Risk Jurisdiction/Country and the Most Serious Country/Blacklisted Country. We will discuss the overview of what FATF suggests for High-Risk Countries and Most Serious/Blacklisted Countries to the member countries.
Understanding "Jurisdiction Under Increased Monitoring"2:40
FATF may classify a jurisdiction, under the list of "jurisdiction under increased monitoring". Let's discuss the overview of it in this lecture.
FATF's Risk Based Approach3:32
Adopt a risk based approach to anti money laundering and terrorist financing by identifying and assessing high risk customers and activities, then allocating resources and controls to mitigate identified risks.
Customer Due Diligence CDD Measures3:16
Outline customer due diligence (CDD) measures across four stages: establishment of relations, high-threshold transactions, suspicions of money laundering or terrorist financing, and data adequacy doubts.
High Risk Customers PEPs1:49
Identify high risk customers and activities under FATF recommendations, focusing on politically exposed persons and the correspondent banking relationship, to strengthen anti-money laundering measures against corruption, bribery, and terrorist financing.
Foreign PEPs and Domestic PEPs3:19
In this lecture, we will discuss the Foreign PEPs and Domestic PEPs with examples.
Money Laundering and Terrorist Financing Risks Attached With PEPs1:46
FATF's Recommendations for PEPs3:49
Identify if a customer is a PEP, apply enhanced due diligence and monitoring, determine beneficial owners, obtain senior management approval for account decisions, and assess source of wealth.
FATF's Recommendation for PEPs - Example0:22
Explore a practical example of a politically exposed person within FATF's recommendation for p eps, illustrating how banks perform customer due diligence when opening an account.
FATF's Recommendations for PEPs - Example 23:10
This example shows how banks apply enhanced due diligence to politically exposed persons, requiring identity documents, source of income checks, background checks, senior-management approval, and ongoing monitoring.
Correspondent Banking Relationship1:45
Correspondent Banking Relationship - Example 11:10
Correspondent Banking Relationship - Example 21:46
FATF's Recommendations for Correspondent Banking Relationship0:51
High Risk Activity in Correspondent Banking - Example3:17
FATF's Recommendations for High Risk Correspondent Banking Relationships2:36
Apply Financial Action Task Force recommendations, fdic recommendation 13, performing due diligence, business and reputation checks, money laundering and terrorism financing screening, controls, and approvals before establishing correspondent banking relationships.
Ongoing Monitoring and Actions by Correspondent Bank5:30
Understand ongoing monitoring of correspondent banking relationships to detect unusual or suspicious transactions and changes in risk profiles, with information requests and possible termination in high-risk cases.

Requirements

Knowledge of basic Compliance and Anti Money Laundering AML measures

Description

Do you know that the biggest challenge for financial institutions is to identify and manage Money Laundering Risks, Terrorist Financing Risks, and related activities?

Do you know why companies and institutions are being penalized by regulators?

How do financial institutions manage the risk of money laundering and terrorist financing? What is Financial Action Task Force FATF?

FATF Recommendations help organizations in combating money laundering, terrorist financing, and proliferation financing (funding for weapons of mass destruction), BUT Do you know, what the Financial Action Task Force (FATF's) Recommendations 12, and 13 are all about?

Millions of Dollars are spent by financial institutions in the world, on implementing controls and measures, to manage and mitigate Money Laundering ML and Terrorists Financing TF risks and threats.

About Course:

This course is designed to provide you with a practical insight into Anti Money Laundering AML and Countering Financing of Terrorism CFT, and an overview of FATF's Recommendations No. 12 and 13, which are related to PEPs, and Correspondent Banking.

FATF's recommendations 12 and 13, relate to additional measures for specific customers, and activities, and we shall cover:

Politically exposed persons (PEPs)
Correspondent banking relationship

In this course, you will also get an insight into how the Financial Institutions FIs are focusing on a strong compliance culture, to avoid/ manage the Money Laundering ML / Terrorist Financing TF risks to avoid penalties and reputation losses.

You will learn the:

- Money Laundering and Terrorist Financing with Examples

- Anti Money Laundering AML Measures

- Overview of FATF's Risk-Based Approach RBA

- Customer Due Diligence Measures

- Enhanced Customer Due Diligence EDD

- Overview of High-Risk Jurisdictions, Most Serious Jurisdictions, and Jurisdictions under Increased Monitoring by FATF

- Overview of FATF Recommendations 12 and 13

- Politically Exposed Persons PEPs and related ML/TF risk factors

- Correspondent Banking Relationship and related ML/TF risk factors

- Practical Examples

A QUIZ TO TEST YOUR KNOWLEDGE ABOUT FATF HIGH-RISK CUSTOMERS AND TRANSACTIONS / AML CFT IS ALSO PART OF THIS COURSE

This course will help you in your job roles particularly if your area is Compliance, Anti Money Laundering AML, Regulatory Compliance, Customer Relationship, and Risk Assessment and Management.

After attending this course, you will be able to confidently talk and communicate with compliance professionals, AML / CFT professionals, compliance audit professionals, and other related professionals.

Who is this course for:

Compliance professionals and students
Regulatory Compliance professionals
Risk management professionals and students
Internal audit professionals and students
Internal controls professionals
Finance professionals and students
CAMS, AML/CFT students
ACCA, CPA, CGA, CMA students

Who this course is for:

Anti Money Laundering (AML) Professionals
Compliance Professionals, Regulatory Compliance Professionals
Bankers, Investment Banker, Brokerage Houses, Real Estate Agents, Insurance Professionals, Auditors
Anti Money Laundering AML students, CAMS students, Finance Students
Others who want to learn about AML Compliance

FATF Recommendations on High Risk Customers and Activities

What you'll learn

Explore related topics

Course content

Introduction2 lectures • 3min

Money Laundering and Examples7 lectures • 12min

Organizations and Institutions Exposed to ML/TF1 lecture • 1min

Anti Money Laundering Measures2 lectures • 3min

Overview of FATF Recommendations for High Risk Customers and Activities19 lectures • 56min

Quiz - FATF Recommendations on AML CFT0

Requirements

Description

Who this course is for: