Duration 3 Days

Introduction

The financial services industry provides a vital contribution to the fight against criminal and terrorist finance activity. It is essential that staff understand how the modern criminal launders financial proceeds and how terrorism is financed through racketeering and extortion or even by using legitimate sources such as charitable contributions. Systems and procedures must be improved continually to meet the increasingly sophisticated methods used by individuals and business organizations to launder money or to fund criminal enterprises and terrorist groups.

Who should attend?

All those in the financial sector with responsibilities and roles associated with compliance and minimizing the risk of systems being breached and laws being broken

How delegates will benefit

On completion of this course you will have built your knowledge on:

 Legal responsibilities and obligations  
 Current means by which money launderers and terrorists attempt to abuse financial systems for their own             ends

  Identification of weaknesses in current systems
 New methods of by-passing regulations 
 New products that may be inherently vulnerable to abuse 
 Need to cooperate with regulatory and law enforcement agencies

 Course Outline

Introductions

Money Laundering

• Providing an understanding of the range of ML behaviors and typologies.

Terrorist Financing                                            

• Identifying the similarities to, and differences between, the financing of terrorism and money laundering.

Overview of the Legislation.

• Familiarization with legal framework governing subject.

Vulnerabilities of the System.

• Highlighting of main areas of concern and identify vulnerabilities in new payment methods.

How to keep on the side of the law.

• Explanation of procedures that should be in place to avoid contravention of the legislation.

Open Forum.

Discussion on business problems and vulnerabilities of attendees.