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International Anti-Money Laundering Practices and Sanctions
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Introduction
Recent history has shown that banks and other financial services providers which have failed to have adequate AML and sanctions compliance programmes in place have incurred hefty financial penalties, reputational damage, rising costs and declining profits and some have even lost their licences to operate in various jurisdictions.
This workshop - for transaction banking business (frontline and backroom) and compliance and internal control personnel (including bankers in legal compliance/AML/risk management/internal control/internal audit departments) – is designed to deepen the participants’ understanding and knowledge on international AML practices and sanctions.This workshop will cover many pertinent issues on AML practices including the international AML regulations (FATF’s recommendations and guidance), transaction monitoring, effects of Covid-19 pandemic, new technologies and innovations in banking, counter-financing of terrorism and proliferation of weapons of mass destruction financing as well as the model of classifications on AML risks and sanctions.
This 2-day workshop mainly uses real-life case studies methodology to highlight actual cases of AML failures internationally and lessons learnt.
Training structure and methodologyIn class workshop.
Lectures, case-studies, group discussions supported by tutor presentation and time allocated for Q&As.
ObjectivesBy attending this workshop, delegates will:
- be updated on the current practices and compliance issues relating to international AML regulations and sanctions, money laundering typologies and countermeasures.
- understand pertinent issues on AML practices including the international AML regulations (FATF’s recommendations and guidance) compliance, eKYC, transaction monitoring, effects of Covid-19 pandemic,
- learn about new technologies and modern innovations in banking and digitalization, counter-terrorism and proliferation of weapon of mass destruction financing as well as the model of classifications on AML risks
- appreciate the seriousness of non-compliance and AML failures; whilst reinforcing awareness of corporate and personal roles and responsibilities in ensuring international AML/CFT compliance and best practices.
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Day One
Session 1
- An Update of AML/CFT laws and practices and applicable international regulations and standards
- Understanding Anti-Money Laundering and the Financing of Terrorism Practices
- Update on the International AML regulations
- Legal and regulatory framework
- Recent Cases – What went wrong & Lessons learnt
Session 2`KYC’ – Policy, Importance and Implementation
- CDD (regulatory requirements regarding customer identification and due diligence)
- Initial customer due diligence (AML/CTF and sanctions) – Counterparty on-boarding
- Simplified due diligence, normal due diligence, and enhanced due diligence
- Event driven and periodic refresh of information (on-going due diligence)
- Beneficial ownership and Controller
- Source of funds and source of wealth
- Special concerns
- Trade based money laundering
- Bribery and corruption (PEPs)
- Shell companies, offshore banking and tax evasion
- eKYC
- Discussion on Real-Life Cases on Money Laundering and the Financing of Terrorism – Where, When, Who, Why, What.
Day Two
Session 3
Transaction Monitoring for AML/CFT and sanctions compliance
- Governance of bank’s automated system
- Optimization
- a combination of systems, processes and people
- Detection scenarios and case studies
- Financing of terrorism – the problem and methods
- Detection and Prevention Techniques and Strategies
- Sanctions violation
- Nature, purpose, and impact of sanctions
- Trade embargo and financial sanction
- Goods: Dual-use and Diversion risk and Shipping vessels: behavioural analysis
- Global reach: the importance and implications of the currency of payment
- Bank risk exposure and risk management
Session 4
AML/CFT Compliance Programme and Roles & Responsibilities- 5 `C’s of Compliance
- Enhancing the Bank’s Compliance Programme
- Taking a Risk-Based Approach
- the risk-based approach in the AML/CFT framework
- The model of classifications on AML Risks and AML/CFT risk assessment
- Factors to consider when assessing client risk, scoring, ongoing monitoring
- bank’s own risk appetite and de-risking
- Real Case Studies on AML failures in Banks & Financial Services Providers
- Expectations on officers to oversee and ensure effective management of compliance risk
- Establishing a strong compliance culture
- Leading by example.
- Performing oversight roles within the Bank
- Consequences of non-compliance and actual cases– institutionally and personally
- Costs of Compliance & Costs of Non-Compliance
- Impact on Bank’s Business
- Conclusion – Business with Compliance
Day 2 Workshop:
- Enhancing the Bank’s AML/CFT Compliance Programme Effectiveness: Devising Policies and Procedures in order to adhere to International Anti-Money Laundering Practices standards and legal requirements on sanctions
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Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
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We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
- Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
Instructor
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Mei Pheng Lee
Biography
Upon graduating from the University of Malaya with a First Class Honours in 1983, Dr Lee became a fellow and tutor at the Law Faculty, University of Malaya. In 1985, Dr Lee joined the Overseas Chinese Banking Corporation (OCBC) as Head, Legal Department and served as Assistant Vice President in the Malaysia Central Office and subsequently in Kuching Branch, a position she held until she left the bank in 1994 to join Detta Samen & Co., Advocates as a partner. She is currently a senior partner and banking and finance law consultant in Detta Samen & Co Advocates. Since 2001, Dr Lee lectures at the Bond University, Queensland, Australia as Honorary Adjunct Professor and presently, as Practice Professor at the University’s Faculty of Law. She teaches undergraduate, postgraduate students and professionals. She has been and still is an examiner, lecturer, mentor and supervisor for undergraduate and post-graduate students and Doctorate and Masters candidates at the Bond University. Earlier, she had also lectured Commercial Law for bankers studying at the Monash University, Australia. She designed and wrote the AML/CFT micro-credential and is the lead educator in the Advanced Credential in Anti-International Money Laundering and Counter-Financing of Terrorism (AML/CFT) – a Faculty of Law, Bond University programme designed for bankers globally. Prof. Dr Lee conducts seminars and lectures in many areas of banking law and banking practices internationally for the Institute of Bankers, Malaysia (now, AICB and the Asian Banking School) and various financial institutions throughout Malaysia as well as regulators, supervisors and enforcement agencies, for banks, banking and finance associations, universities and lawyers abroad. She specializes in courses designed for officers, senior officers, professionals, senior management and directors. Dr Lee has authored and co-authored 17 publications including titles such as Commercial Law (2nd Edition) (LexisNexis); Banking Law (5th edition) (LexisNexis) and Business Law in Malaysia (McGraw Hill, 2022). She also contributes as author and contributing-editor/author to Lexis Nexis for various publications such as LexisNexis Practical Guidance: Commercial Law & Practice; Atkin’s Court Forms and Precedents – Banking; Halsbury’s Law of Banking and Annotated Statutes of Malaysia.
