Background

Money laundering and the financing of terrorism are issues of great concern, with profound economic and social implications globally. The United Nations Office on Drugs and Crime estimates that about 2 to 5 percent of global GDP (or USD800 billion – USD2 trillion) is laundered annually.

At a broad level, money laundering:

• Diverts resources from economically and socially productive uses.

• Negatively impacts the national and international financial sector.

• Undermines the legitimacy and integrity of the private sector and financial markets.

• Creates economic distortions and instability.

• Reduces revenues for development programmes and projects.

• Creates significant reputational risks for organisations and countries.

Tackling these challenges requires a concerted approach. Regulators at domestic and international levels must promulgate relevant laws, guidelines, and recommendations. Financial sector players must develop and implement programmes to mitigate the adverse effects of criminal economic activity and promote integrity and stability in financial markets.

Course Objectives

To equip participants with an understanding of the key aspects of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF). This training will enable them to identify, report, and prevent money laundering and the financing of terrorism, helping to protect themselves and their institutions against associated risks.

Course Content

• Overview of money laundering and terrorist financing.

• International context of AML and CTF.

• International and local Anti-Money Laundering legislation.

• Risk-based approaches.

• Compliance strategies.

• Recognising and reporting suspicious transactions.

• Money laundering detection techniques.

• Roles and responsibilities of accountable institutions.

• AML typologies.

• Customer due diligence.

• Records management.

• Implementation of UNSCR regulations.

• Case studies.

Target Group

This course is designed for junior and middle-level staff from:

• Banking

• Mobile financial services

• Wealth management institutions

• Middle and back-office personnel

• Front office personnel

• Compliance and risk officers

• Regulators

• Investigations and security management personnel.

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