Course description
Mastering Financial Crime Risks
Financial crime is estimated to cost the UK economy £14.4 billion a year, with significant impact being felt by both businesses and consumers alike. The numbers on fraud are even more shocking, with over £100 billion lost to the UK economy each year. The FCA in their 2018 survey reported that UK banks are turning away as many as 1.15 million customers per year for fraud and financial crime reasons.
This two-day course is designed to be a deep dive into the fight against every facet of Financial Crime with the back drop of organised crime and Modern Day Slavery. Financial institutions are not immune from the scourge of modern slavery in the form of human trafficking. Beyond the very human cost, human trafficking can present money laundering and other corporate liability exposure.
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Suitability - Who should attend?
- Head of Financial Crime
- CEO
- Chief Finance Officer
- Chief Risk Officer
- Chairman
- Executive Director
- MLRO
- SMF18
Outcome / Qualification etc.
Learning outcomes:
- Understand the nature of the money laundering and terrorist financing risks facing financial services firms
- Have an awareness of the principal legislation and regulations governing money-laundering, terrorist financing and data protection
- Understand their responsibilities within the regulatory regime, and the effects of failure to comply
- Have knowledge of the practical steps required to manage money-laundering and terrorist financing risks, including customer due diligence, suspicious activity reporting and ongoing monitoring
Training Course Content
Day 1
Part A – To cover Role and 9 key touchpoints (Part 1 JMLSG)
- AML - A Practical Introduction for All
- What is Money Laundering?
- The Legal Framework
- Proceeds of Crime Act 2002
- Money Laundering Regulations 2017
- FCA Supervision
- JMLSG Guidance
- Risk Assessments
- Customer Due Diligence
- Monitoring
- Awareness and Training
- Record Keeping
- Data Protection
Day 2
Part B – Practical Application at Sectorial level (Part 2 & 3 JMLSG)
- The Role of the MLRO
- The Legal Framework
- The Individual and the Position
- Responsibilities
- Record Keeping
- JMLSG Guidance
- The Money Laundering Regulations 2017
- Risk-Based Approach
- Customer Risk Assessment & Customer Due Diligence
- Suspicious Activity Reports (SARs)
- The Law Enforcement Investigation
- Use of National and International Findings
- Training, Awareness and Competence
- Ongoing Monitoring
- The “Annual” MLRO Report
- Sanctions
- AML & Know your customer
- Appreciate and understand the latest crime prevention regulation (national and international)
- Understand the elements necessary to create the right corporate culture
- Recognise key elements of ‘Know Your Client’ documentation
- Respond quickly to criminal behaviour by introducing alert systems which react appropriately and quickly to any potential criminal situations
- Recognise how to investigate more quickly and escalate suspicious activity, reducing the damage to the firm
- Protect the firm’s reputation by avoiding the media spotlight created by high-profile incidents of firms being victims of financial crimes
- Develop a solid overview of their firm’s vulnerabilities and the controls and procedures needed to address them in an increasingly complex global industry
- Money laundering and terrorist financing
- Suspicious activity indicators and transaction reporting
- Setting up effective KYC procedures
- Customer due diligence and record keeping
- International regulatory standards
- Financial Action Task Force (FATF)
- Analyse the effectiveness of your firm’s AML/CTP processes and procedures
- Practical Tips in AML Management
- Setting up action plan
- Case studies and exercises