Anti Money Laundering

 

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:

 

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

 

 

 

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

 

 

The role of the Financial Action Task Force (FATF)

European directives

U.S. Patriot Act

United Nations Resolutions

The Wolfsberg Principles

Foreign Account Tax Compliance Act (FATCA)

 

 

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

 

 

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