Combating Money Laundering

Background

Money laundering and the financing of terrorism is a problem that poses significant economic and social consequences for the international community. The United Nations Office on Drugs and Crime estimates that about 2 – 5 percent of global GDP (or USD800 billion – USD2 trillion) is laundered every year. At a broad level, money laundering diverts resources away from economically and socially productive uses, thus negatively impacting the national and international financial sectors. It undermines the legitimacy and integrity of the private sector and financial markets, creates economic distortions and instability, reduces revenues that could be available for implementing development programmes and projects, and creates significant reputational risks for organisations and countries.

Tackling the above-mentioned challenges requires a concerted approach by various stakeholders. There is a need for regulators at both local and international levels to promulgate relevant laws, guidelines, directives, and recommendations on anti-money laundering and financing terrorism. The financial sector players need to develop and implement programmes that mitigate the adverse effects of criminal economic activity and promote integrity and stability in financial markets.

Objectives

To impart knowledge to participants on the major facets of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) and how they can identify, report and prevent money laundering and financing of terrorism, and thus protect themselves and their institutions against the associated risks.

Content

The course will cover the following areas:

1. Overview of money laundering and terrorist financing;

2. International context of AML and CTF;

3. International and local Anti-Money Laundering legislation;

4. Risk based approaches;

5. Compliance strategies;

6. Recognising and reporting suspicious transactions;

7. Money laundering detection techniques;

8. Roles and responsibilities of accountable institutions;

9. AML topologies;

10. Customer due diligence;

11. Records management;

12. Implementation of UNSCR regulations; and

13. Case studies.

Target

Junior and middle level staff from banking, mobile financial services, wealth management institutions such as middle and back-office personnel, front office personnel, compliance and risk officers, regulators, investigations and security management.