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Anti-Money Laundering
(AML) Training Course for Board of Directors and Senior Management On 12th to
23rd December 2022
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Whatapp
Venue:
PrideInn Paradise Beach Resort, Mombasa, Kenya
Course
Fee: 3,000USD
Office
Telephone: +254-702-249-449
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INTRODUCTION
As
per FATAF’s International Guidelines, The Board of Directors of any financial
institution has a fiduciary duty towards the organization to ensure that there
is a robust compliance program in place. The Board needs to set “the Tone from
the Top”, establish an effective control framework and effectively promote a
“culture of compliance”. A high-risk compliance responsibility entails the flow
of critical information to risk committees and boards and should be of relevance
to the overall governance purpose. Senior management in most financial
institutions have well-established procedures and policies for dealing with
overall operational risk’s like credit risk or market risk, but the practice of
dealing with Know Your Customer (KYC) and Anti-Money Laundering (AML) risk is
yet to mature. The AML/KYC compliance looks into transfer or conversion of
illicit gotten sources (black money) to legally accessible/taxable (white money)
funds, primarily using the financial institutions as a conduit for concealment
and disguise activities to happen.
Technically
speaking, Board members are not required to be experts at AML knowhow, but, it’s
highly recommended and comes as industry best practice for BoD’s to acquire an
understanding of fundamental aspects of AML Risk Control Framework, in order to
effectively exercise their oversight responsibilities, as mandated by almost all
the national financial regulatory authorities. Under this understanding of the
regulatory environment in which the firm operates, the Board of Directors and
Sr. Management must have a basic working knowledge of applicable regulations,
including relevant requirements around the globe.
This
course will give the BoD’s and Sr. Mgmt. an understanding of the said framework
and will prove to be a means to appreciate the law enforcement mechanisms
working to maintain such said equilibrium and the resultant consequences of
non-compliance with these regulations viz. Reputation management, Shareholder’s
interests, legal ramifications, consequences of adherence failures, etc. This
training course designed for the Board Members, Heads of sub-committees and the
Senior Management will equip them to have a clear compliance understanding
towards transparency and visibility of the enterprise-wide compliance operations
and adherence duties.
COURSE
OBJECTIVES
At
the end of the course, participants will be able to:
o
Understand
and be equipped for regulating money laundering controls, it’s set-up and
requisite governance for regulatory violation prevention-oriented
approach
o
Understanding
organizational vulnerabilities to (or complicit in) money laundering and
measures to tighten the controls
o
Instructive
understanding and case studies of potential compliance failures and subsequent
management recourse
o
Law
enforcement investigations, what triggers them, methods of dealing with them and
possible remedies
o
Executive
liability for a compliance failure, possible scenarios, what are the next steps
and damage control
o
Technology
set-up for the efficient flow of critical compliance and operational information
for seamless adherence and governance
Board
members who participate in this course can benefit in the following
ways:
o
Compliance
failure is a personally liable offence, hence steering clear of any actions is a
huge Personal Benefits
o
Board
Members get to discuss and understand the compliance and the know
how
o
BoD’s
will further learn to strategize not only AML risks but any corporate risk
mitigation against any type of risks in a structured manner and build a system
to monitor, avoid and counter
o
Understand
the working of Law Enforcement network under a particular regulatory guideline
as any anti-fraud or anti-malpractice or similar governance mechanisms are built
in the similarly executable manner
WHO
SHOULD ATTEND
Following
individuals or groups will benefit from it:
o
Board
of Directors
o
Senior
Management of all functions
o
Compliance
personnel
o
Legal
team / retained-external counsel
o
Designated
Director / MLRO / Compliance Officer
DURATION
10
Days
COURSE
CONTENT:
Module
1 – Understanding the BoD / Sr. Management’s responsibilities towards
Compliance
o
Appointment
of a Designated Director / Designated Compliance Officer / MLRO (Money
Laundering Reporting Officer)
o
Cost
of Compliance
o
Penalties
and Reputation Damage
o
Loss
of Operational License / Charter
o
Personal
Fines/Penalties
o
Shareholder
Dissatisfaction
o
Protect
the organization from being used for illegal purposes
o
Be
aware of the Bank’s BSA/AML programs and activities
o
Support
senior management in BSA/AML efforts
o
Don’t
ignore or downplay indications that clients may be involved in illegal or
illicit activities
o
Keep
BSA/AML matters confidential
o
Unmatching
processes than their board-approved AML program
o
Annual
review and approval of BSA/AML (and related) policies, along with the
appointment of the BSA Officer(s)
o
Establish
a written PMLA/AML/OFAC compliance program, that is commensurate with their OFAC
risk profile
Module
2 – Understanding the Basic five pillars of AML Compliance
(AML/PMLA/BSA):
o
Establishing
a Culture of Compliance
o
Written
policies, procedures and internal controls;
o
A
designated BSA compliance officer;
o
An
employee training program;
o
Independent
testing of the BSA/AML program; and
o
Customer
due diligence procedures
Module
3 – Co-operating with Law Enforcement
o
Investigations
Initiated by the Financial Institution
Responding to a Law Enforcement
Investigation
• Investigations Initiated by the Law
Enforcement
•
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SUBPOENA
• SEARCH WARRANT
Module
4 – Advance Engagements
o
Cooperation
Between Countries and responding to AML/CFT MLATs
International Inter-Intra
Organizational Co-operation & Procedures
Module
5 – Corporate Outlook
o
Obtaining
Counsel in the event of an Investigation Against a Financial
Institution
Organization Reputation Management
• Media Relations &
Correspondence
Module
6 – Investigations Initiated by the Financial Institution
o
Communicating
with Law Enforcement on STRs
o
Investigations
Initiated by Law Enforcement
o
Prosecutor
Decision against a Financial Institution for Money Laundering
Violations
o
Response,
Monitoring and Cooperation from the Financial Institution to a Law Enforcement
Investigation
Module
7 – Obtaining Counsel for an Investigation Against a Financial
Institution
o
Retaining
Counsel
o
Attorney-Client
Privilege applied to entities and individuals
o
Dissemination
of a Written Report by Counsel
Module
8 – Notices to Employees as a Result of an Investigation Against a Financial
Institution
o
Employee
Interviews in the event of a Law Enforcement Action
o
Investigation
Against a Financial Institution
o
Media
Relations
Module
9 – AML/CFT Cooperation Between Countries
o
FATF
Recommendations on Cooperation Between Countries
o
International
Money Laundering Information Network
o
Mutual
Legal Assistance Treaties
o
Financial
Intelligence Units
Module
10 – Cost of Compliance
o
Basic
Resources allotment
o
Annual
Compliance Budget:
o
Supporting
Compliance Teams’ BSA/AML efforts by requisite cost
allocation
o
Technology
Costs – Acquisition process -> Licensing -> Implementation ->
Training
o
Training/Consulting/Procurement
Vendors Costs
o
Hiring Experienced
Compliance professionals
·
GENERAL
NOTES
o
This
course is delivered by our seasoned trainers who have vast experience as expert
professionals in the respective fields of practice. The course is taught through
a mix of practical activities, theory, group works and case
studies.
o
Training
manuals and additional reference materials are provided to the
participants.
o
Upon
successful completion of this course, participants will be issued with a
certificate.
o
We
can also do this as tailor-made course to meet organization-wide needs. Contact
us to find out more: [log in to unmask]
o
The
training will be conducted at SKILLS FOR AFRICA TRAINING INSTITUTE
o
The
training fee covers tuition fees, training materials, lunch and training venue.
Accommodation and airport transfer are arranged for our participants upon
request.
o
Payment
should be sent to our bank account before start of training and proof of payment
sent to: [log in to unmask]
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