Anti-Money Laundering and Combating the Financing of Terrorism

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.