This training course aims to provide participants with a comprehensive understanding of the provisions and requirements of Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT), in accordance with the laws and regulations in force in the United Arab Emirates and international best practices. The course focuses on legal and regulatory aspects, customer due diligence procedures, risk management, and reporting and compliance mechanisms, thereby enhancing the ability of institutions and individuals to mitigate risks and protect their businesses from financial crimes.
Objectives
At the end of the training, participants will:
- Understand AML/ CFT’s definitions.
- Understand the concept of money laundering and the salient features of the Anti-Money Laundering Act and Regulations in UAE.
- Understand the concept of customer due diligence (CDD), its requirements and application and the different levels of CDD and the specific processes/issues related to them.
- Identify covered and suspicious transactions.
- Understand record-keeping requirements.
- Learn how to protect your company from the risk of money laundering, terrorism financing.
- Understand the implications and penalties for non-compliance with AML/CFT legislation and regulatory requirements.
- Get updated AML/ CFT practices.
Who Should Attend This Training?
- All job levels specialized in anti-money laundering and combating the financing of terrorism (AML/CFT);
- All job levels specialized in regulatory compliance, and
- All job levels specialized in risk management.
- Anyone interested in the subject.
Course Outline
The Role of FSC Code on the Prevention of Money Laundering & Terrorist Financing
- Background and Scope
- Sanctions for non-compliance
- Core AML/ CFT principles
Money Laundering and Terrorist Financing
- What Is Money Laundering? And
- Stages involved in Money Laundering
- Terrorist Financing
International AML/CFT Initiatives
- Financial Action Task Force (FATF)
- Basel Committee on Banking Supervision
- The Wolfsberg Group
- International Organisation of Securities Commissions (IOSCO)
- International Association of Insurance Supervisors (IAIS)
EXTRA TERRITORIAL POWERS OF THE UNITED STATES
The Legal Framework in UAE
- Over view of the Law on Combatting Money Laundering and Terrorism Financing
- Financial Intelligence Unit
- National Anti-Money Laundering Committee
- Punishment and Offence
- Rules and Guidance
Internal Controls and Money Laundering Reporting Officer
- Internal Controls
- Appointment of The Money Laundering Reporting Officer (MLRO)
- Notification of The Appointment of The Money Laundering Reporting Officer
- Role of The Money Laundering Reporting Officer
- Rules and Guidance
Customer Due Diligence
- Customer Due Diligence Measures – “CDD MEASURES”
- Identification and verification of applicants for business who are natural persons
- Identification and verification of applicants for business who are legal persons/arrangements Acquisition of a Business or Block of customers.
- Source of Funds/Property and Source of Wealth
- Appropriate Certification
- Eligible and Group Introducers
- Omnibus Accounts
- Timing of Verification of Identity
- Existing Customers
High Risk and Low Risk Relationships
- Risk Profiling
- High Risk Relationship
- Enhanced Due Diligence Measures
- Politically Exposed Persons (PEPs)
- Non face-to-face business relationships
- FATF Statements and non-equivalent jurisdictions
- Low Risk Relationships
- Simplified or Reduced Due Diligence Measures
On-Going Monitoring, Recognising and Reporting Suspicious Transaction / Activity
- On-Going Monitoring
- Complex Arrangements
- Recognising Suspicious Transaction and Activity
- Obligation and Failure to Report
- Reporting Suspicions to the FIU
- Communicating with Customers and Tipping Off
- Constructive Trusts
Training and Culture
- Awareness and Training
- Screening and Hiring of Employees
- Relevant Employees
- On Going Training
- MLRO Training
- Training Methods
- Culture
Record Keeping
- General Requirements
- Customer due diligence information
- Transactions
- Internal and external suspicious reports
- Training
- Compliance monitoring
- Forms of Record and Record Retrieval
- Period of Retention
- Inspection of Records
FATF Recommendations
Case Study.
