Anti-Money Laundering and Combating the Financing of Terrorism

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 US 

• 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.