Prevention of Money Laundering (ML) and Terrorist Financing (TF) is a challenge for World Financial Systems and Financial Institutions including banks, MSBs, Payment Gateways, DNFBPs, and other regulated entities.
Millions of dollars are spent by financial institutions, to maintain Anti Money Laundering (AML) and Countering Financing of Terrorism (CFT) Framework of the institution. This is due to the fact that various banks are penalized in the past due to poor customer due diligence CDD and AML/ CFT monitoring, which caused criminals to use the financial system of the banks to hide and transfer their illegal funds.
All businesses within the regulated financial services are required to appoint a dedicated Money Laundering Reporting Officer (MLRO). MLRO is also known as the nominated officer.
In the prevention of Money laundering and terrorist financing activities, the Money Laundering Reporting Officer (MLRO) plays a significant role. MLRO acts as a focal point for queries related to Anti Money Laundering measures and MLRO is supposed to manage the AML system to ensure that Financial Crimes are prevented.
An international organization such as Financial Action Task Force (FATF) and AML / CFT Regulations have issued recommendations and regulatory requirements, regarding AML / CFT Customer Due Diligence (CDD) and Monitoring, which MLRO with a team ensure to implement in an organization.
Organizations need to know about certain key questions, before appointing an MLRO for the business such as:
Who should be the MLRO?
What qualifications and level of expertise the MLRO should have?
What MLRO is supposed to do to prevent money laundering and terrorist financing?
How does MLRO manage Compliance Risks and monitors transactions for Suspicious Transactions Reporting (SAR)?
What regulatory requirements the MLRO must understand and implement to prevent risks related to money laundering and terrorist financing etc.
WHY THIS COURSE?
This course is designed based on my practical working experience in Compliance of FIs, where I worked with teams of AML / CFT, Regulatory Compliance, and Compliance Risk Management.
Every financial institution in the world is required to implement the AML / CFT Framework and enhanced monitoring procedures, to prevent criminals and related groups from using financial systems and channels.
Due to the importance of AML / CFT regime, the value of Compliance Professionals has increased many folds, especially Money Laundering Reporting Officer (MLRO). These professionals earn handsome amounts of money by serving financial institutions such as Banks, Investment Banks, Leasing Companies, Brokerage Houses, Money Exchange Companies, Investment companies, etc. to combat the money laundering risks and activities.
WHAT WILL YOU EARN IN THIS COURSE?
This course will provide you with practical concepts related to the Monitoring and Role of MLRO, with reference to AML / CFT regulations and FATF recommendations.
You will learn key concepts related to AML / CFT Regime relevant for MLRO to understand and take necessary actions to implement:
- Money Laundering Risks and Anti Money Laundering Measures,
- Risks Based Approach (RBA) of Monitoring Transactions and Activities,
- Customer Due Diligence (CDD) and Ongoing Monitoring,
- High-Risk Money Laundering and Low-Risk Money Laundering Classification Factors,
- High Risk Customers Monitoring - PEPs, NGOs / NPOs / Charity Accounts / Trusts,
- New Processes and Technologies and AML / CFT Process,
- Essentials of AML / CFT monitoring and MLRO roles,
- CTRs, STRs,
- Record Keeping,
- Practical examples etc.
QUIZ to test your knowledge of AML CFT monitoring and the role of MLRO is also included in this course.
How Will You Benefit From This Course?
By attending this course you will:
- get an insight into AML / CFT Monitoring and the role of MLRO
- able to understand and apply the knowledge of AML / CFT monitoring, to prevent the use of the financial systems by criminals
- be able to talk confidently with Regulatory Compliance, MLROs, and AML / CFT Analysts
- be able to work with organizations providing compliance consultancy
- get lifetime access and a certificate of completion of this course
Who Should Attend This Course:
Compliance professionals, AML / CFT Professionals,
Money Laundering reporting Officers - MLROs
Bankers, Investment Bankers, Leasing professionals, Brokers, Stock Market Professionals,
Financial Intelligence Unit FIU professionals,
Branch Managers / Operations Managers,
Compliance and AML CFT students, CAMS students,
Others who want to learn AML / CFT monitoring requirements