Anti Money Laundering


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Outline PDF



  • Accounting Finance

Course Description

Why Attend
 
This course provides a comprehensive and practical analysis of Money Laundering schemes, Anti-Money Laundering legislation, and counter-measure techniques and implementation. Participants will learn to understand the complexities associated with the prevention and the protection of their organizations. They will cover different types of schemes, the methods available to prove income, what records are required, how to analyze them, and how to identify leads.
Considering the most current cases of violation of Anti-Money Laundering regulations and the cost associated with it, not only in money but in reputation as well, this course will give participants guidance and understanding of regulations both in the Gulf, and internationally, to ensure organizations stay ahead in protecting their assets.
 

Course Methodology

This course is fully interactive and participation is encouraged to achieve maximum benefit. Participants are invited to present their own cases and scenarios, where questions can be answered and doubts can be resolved. There will also be team activities, case studies and practical examples for discussion.
 

Course Objectives

By the end of the course, participants will be able to:
  • Detect and prevent Money Laundering
  • Define Money Laundering and its cycle
  • Identify how Money Laundering can be committed
  • Analyze financial records and identify possible leads
  • Apply methods to prove income or funds from unknown sources
 

Target Audience

This course is suitable for senior managers with responsibility for, or involvement in, the development or implementation of Anti-Money Laundering policies and procedures. It will also highly benefit financial officers, financial controllers, accountants, Money Laundering reporting officers, compliance officers, managers, auditors and staff with duties requiring Anti-Money Laundering compliance.
 

Target Competencies

Understanding the Anti-Money Laundering Cycle
Identifying Money Laundering Methods
Anti-Money Laundering Laws and Regulations
Fraud Detection and Prevention
Analyzing Financial Records
Proving Income and Funds
 
Course Outline
 
Principles of Money Laundering
 
What Money Laundering is and its importance
Stages of the Money Laundering process
The Money Laundering cycle
Sources of 'dirty money'
Know your customers
Hidden assets
Common vehicles used to hide assets
Asset hiding versus Money Laundering
 
International development of law and regulation
 
The role of the Financial Action Task Force (FATF)
European directives
U.S. Patriot Act
United Nations Resolutions
The Wolfsberg Principles
The GCC as a member of FATF
Foreign Account Tax Compliance Act (FATCA)
Anti-Money Laundering (AML) law and regulations in the GCC
 
Money Laundering schemes
 
Nominee scheme
Business front scheme
Banking scheme
Banking-business combination
Smurf and structured transactions
Shell companies
Loan-back schemes
Invoice scams
Buy-backs
Examples of money laundering schemes
 
Identifying indicators of illegal activities in bank records
 
How indicators are developed
How indicators can be used
Indicator examples
Abnormal activity in accounts
Tips and pitfalls
 
Methods of proving income
 
Analyzing financial records for leads
Using books and records in a financial case
Analyzing the balance sheet
Analyzing the income statement
Indirect methods: net worth and bank deposits
Direct methods of proof
The Capone organization

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