Roles of Money Laundering Reporting Officer MLRO (AML CFT)

Hello, and welcome.

BRIEF OVERVIEW OF THIS COURSE AND DOWNLOADABLE STUDY RESOURCES

- BRIEF OVERVIEW

In this course, we will learn important AML/CFT and CDD/KYC Compliance requirements that a Money Laundering Reporting Officer (MLRO) must know and understand.

You will learn important Interview Questions and Answers that MLROs are expected to know.

You will learn various 'Practical Case Studies' in which we will discuss practical areas and get to know how MLROs think, work, and perform their AML/CFT Compliance duties.

- DOWNLOADABLE RESOURCES

By attending this course, you can download 'AML CFT Compliance Resources Checklists and Risk Heatmap and Action Plan', including the following;

1. AML/CFT Compliance Checklist

2. CDD KYC and EDD Checklists

3. Transaction Monitoring and Reporting Checklists

4. Audit of AML/CFT Program Checklist  

5. CDD/KYC Screening Checklists - Customer Screening. Beneficial Onwer BO Screening, Politically Exposed Persons PEP Screening, and Negative Media Screening Checklists

6. RIsk Heatmap and Action Plan

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In this course, you will learn important 'AML/CFT Compliance' Concepts, and the following key questions shall be addressed; 

1. Who is the Money Laundering Reporting Officer MLRO? Is an MLRO the same as a Chief Compliance Officer? 

2. What are the core requirements to hire the MLRO, and how is MLRO positioned in the Hierarchy of an Institution/Organization?

3. What are the key expectations of Regulators, Board of Directors, and Management from the appointed MLRO?   

4. What are the Risk Factors on the radar of MLRO while performing AML/CFT reviews, risk assessments, and transaction monitoring and examples?

5. What are Suspicious Transactions and Suspicious Transaction Reporting (STR) / Suspicious Activity Reporting (SAR) requirements to be complied with by MLROs, and what key/essential elements are considered by MLRO in SAR? 

6. What are the key elements of 'Screening' and example?

7. What are the AML/CFT Training and Reporting Requirements, including Currency Transaction Reporting CTR for compliance by MLRO?

8. How the MLROs distinguish between Good Transaction Monitoring and Bad Transaction Monitoring? What are some examples?

9. What is the Accountability of MLRO?

10. What are the 'Internal Reporting' requirements to be followed by MLRO as part of his AML/CFT Compliance duties?

11. What are some key Digital Frauds on the radar of MLROs and how are they prevented?

12. What are the 5 Key Reasons for Significant AML Fines imposed by Regulatory Authorities that MLROs must know, and how can they ensure that these reasons are managed/avoided to avoid regulatory penalties/fines.

13. What are the broader and key 'AML Compliance' Interview Questions that one must know before appearing in the MLRO position job interview or AML Compliance Officer job interview? 

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TOPICS TO LEARN IN THIS COURSE:

In this course, you will learn various important topics and related concepts, including:

Money Laundering, Money Laundering Activities with Examples, Anti-Money Laundering (AML), 

• Need for Strong AML Monitoring in an Institution/Organization with example,

• Institutions are more Exposed to Money laundering,

• Who is an MLRO / Is an MLRO the Same as a Compliance Officer? 

• Roles and Responsibilities / Job Description of MLRO,

• High-Risk and Low-Risk Factors for Consideration of MLRO,

• Risk-Based Transaction Monitoring by MLRO and Example,

• Different Digital or Online fraud types that MLRO should understand, identify, and prevent,

• Suspicious Transactions and Suspicious Transaction Reporting (STR) / Suspicious Activity Reporting (SAR) by MLROs

• 5 Key and Essential Elements of Suspicious Activity to consider in SAR

• Example - Suspicious Activity Identification

• Hierarchy and Position of MLRO in Financial Institutions,

• Core requirements to hire the MLRO, 

• Elements of Screening Process and Example,

• AML/CFT Training and Reporting Requirements including Currency Transaction Reporting,

• Good Transaction Monitoring and Bad Transaction Monitoring examples being performed by MLRO,

• Accountability of MLRO,

• Internal Reporting by MLRO,

• Digital Frauds that are committed by Fraudsters or money launderers that MLROs must understand and prevent,

• Frauds committed by Crypto Money Launderers that MLROs must understand and prevent,

• 5 Key Reasons for Significant AML Fines by Regulatory Authorities that MLRO must address,

  
  

CASE STUDIES

• Investigation - 7 Steps MLRO follows to investigate a Suspicious Transaction,

• Case Studies - SAR and Coverage of 5 Key Suspicious Activity Elements

• Case Study - MLRO performing AML Risks Reviews, Developing AML Risks 'Heat Map' and 'AML Risks Action Plan'

DOWNLOADABLE RESOURCES

1.  DOWNLOADABLE RISK HEATMAP AND ACTION PLAN

- You can download and use the Anti-Money Laundering AML 'Risks Heat Map' and 'Action Plan' Templates developed in MS Excel.

2.  DOWNLOADABLE CHECKLISTS - AML CFT / CDD KYC EDD TM AND AUDIT CHECKLISTS

By attending this course, you will be able to freely download the following AML/CFT and CDD/KYC Checklists for your more practical learning and understanding;

1. CDD KYC Checklist

2. EDD and Suspicious Transaction Reporting Checklist

3. Transaction Monitoring and Red Flags Checklist

4. AML CFT Program - Internal Audit Checklist

5. AML/CFT - 'Independent Review' Checklist

6. CDD KYC Screening Checklists - Customer, beneficial Owner, PEP, Negative Media Screening Checklists

MULTIPLE CHOICE QUESTIONS (MCQs)

• Multiple Choice Questions (MCQs) are also part of this course to test your knowledge gained through this course.

Other Benefits of Attending This Course:

• By attending this course, you can download various AML/CFT and CDD/KYC Compliance Checklists.

• On completion of this course, you will get a certificate of course completion, which shall enhance your job profile.

• Get lifetime access and a certificate of completion of this course.

Who Should Attend This Course:

• Compliance Professionals, including Chief Compliance Officer CCO, AML/CFT Analysts, AML/CFT Heads,

• Anti-Financial Crime Professionals and Consultants

• Money Laundering Reporting Officers MLROs or Deputy Money Laundering Reporting Officers (DMLROs)

• Professionals working in Banks

• Professionals working in MSBs, Payment Gateway Companies, Money Exchange Companies, Remittance companies, etc. 

• Financial Intelligence Unit (FIU) professionals,

• Branch Managers / Operations Managers,

• Chief Risk Officer CRO, Risk Managers, and Risk Management Consultants,

• Internal Auditors, AML/CFT Auditors, CDD/KYC Auditors,

• Students of AML/CFT Compliance, such as CAMS and other Compliance students,

• Others who want to learn AML/CFT and the Roles of MLROs in an Institution.