AML & Financial Crime: The Fundamentals Explained

Introduction

Businesses operating in the regulated sector have important legal and regulatory obligations to prevent, identify and report money laundering and terrorist financing. Failure to comply can expose both an organisation and its staff to criminal, regulatory, financial and reputational consequences.

This new virtual classroom seminar will explain the essential AML and financial crime framework in clear, practical terms. It will provide delegates with the background needed to understand how money laundering occurs, why regulated businesses are considered vulnerable and what organisations and individuals must do to meet their obligations.

The session will also introduce related risks, including terrorist financing, proliferation financing and financial sanctions, and explain how these areas interact with an organisation’s wider financial crime controls.

It is ideal for those who are new to AML compliance, staff taking on new compliance responsibilities, junior compliance professionals and anyone requiring a structured refresher on the fundamentals.

What You Will Learn

This live and interactive session will cover the following:

• The obligations of the regulated sector
• What money laundering is and the different forms it can take
• The commonly used models of money laundering
• The principal money laundering and terrorist financing offences
• The meaning of suspicion and when to report
• The roles and responsibilities of:
• The regulated business
• Senior management
• The MLRO or nominated officer
• Individual members of staff
• The risk-based approach to AML compliance
• Understanding and assessing business and client risk
• Customer due diligence and identifying beneficial owners
• Politically exposed persons and other higher-risk relationships
• Recognising common warning signs and suspicious activity
• Tipping off and prejudicing an investigation
• Record keeping, policies, controls, procedures and staff training
• An introduction to terrorist financing, proliferation financing and financial sanctions
• The consequences of non-compliance
• Practical examples demonstrating how AML obligations arise in everyday work

The precise content of this session may be amended to reflect relevant legislative or regulatory developments available at the date of delivery.

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.