MEFMI > Events > E-learning course on Fundamentals of AML/CFT for Financial Sector Regulators

E-learning course on Fundamentals of AML/CFT for Financial Sector Regulators

E-learning course on Fundamentals of AML/CFT for Financial Sector Regulators

Background

Money laundering, financing of terrorism and proliferation of weapons of mass destruction are global problems that compromise the stability, transparency and efficiency of economic systems. They divert resources away from economically and socially productive uses, thus undermining legitimate economic activity globally. To fight these crimes, regulatory authorities have put in place laws, guidelines, directives and recommendations that govern the movement of money at both local and international levels and criminalise the laundering of proceeds of crime. These require financial sector players to develop and effectively implement programmes that mitigate the adverse effects of criminal economic activity and promote integrity and stability in financial markets.

 

To this end, the Financial Action Task Force (FATF), the global standard-setting body has come up with a set of Forty Recommendations to combat money laundering, financing of terrorism and proliferation of weapons of mass destruction. Financial sector regulators play a critical role in the implementation of the Recommendations through domesticating, implementing and enforcing compliance with the standards in their respective jurisdictions.

 

To support member countries in complying with global Anti-Money Laundering/ Combating Financing of Terrorism (AML/CFT) standards, MEFMI will conduct an e-learning course on Fundamentals of AML/CFT for Regulators.

 

Objectives

To introduce participants to the foundational aspects of regulating and supervising AML/CFT in the financial sector.

 

Course Content

Specifically, the course will cover:

  1. Overview of money laundering, terrorism financing and related financial crimes;
  2. Regulatory and institutional arrangements for AML/CFT;
  • Risk Based Approach to AML/CFT regulation;
  1. Conducting customer due diligence;
  2. Monitoring of transactions and record keeping; and
  3. AML/CFT issues in Fintech

 

Target Group

The course is targeted at junior officials from the different financial sector regulatory and supervisory authorities and officials from Ministries of Finance and Economic Development in MEFMI member countries.