AML, KYC & Counter Terrorist Financing

The course is conducted by a very senior FCA expert with over 30 years of experience. The sessions are very practical and interactive and will include discussions, Q&As and exercises. You will receive a set of course materials and a course certificate on completion.

The Prevention, Detection and Investigation of Financial Crime. Understand where the risks lay in your organisation and the laws that shape our activities.

Governments and financial markets throughout the world recognise Financial Crime as one of the greatest threats to the global financial services industry.

The FCA has increased its efforts to fight every aspect of financial crime: Money laundering, terrorist financing, market manipulation and data theft. Along with partner agencies, the FCA looks towards the firms they regulate when combating financial crime. Firms are required to work together with the FCA and the international community in their efforts to make it harder for criminals to exploit their businesses and their clients.

The market regulator expects your company to understand where the risks lay in your firm and react appropriately as part of your governance framework.

During this intensive 1 day course we will illustrate this real and significant threat to our industry and show you how to take a proactive approach to financial crime, enhance the policies, processes and procedures you currently have in place and ensure that everyone in your organisation is ready to protect your firm and the market place.

Course Content

Understand money laundering & terrorist financing

What is money laundering?

The importance of the preventing money laundering activities by the international community?
Who are the real victims of financial crime?
Understanding and recognising the common products and services
used by those who launder money
What is considered as terrorist financing?

The global response to financial crime

What is the Financial Action Task Force and what are its 40 recommendations?

An introduction to international sanctions
UK Anti Money Laundering ‘AML’ and Counter Terrorist Financing ‘CTF’
Explanation of the Proceeds of Crime Act and its role in combating financial crime:
Key foreign activity
US Foreign Policy

Office of Foreign Asset Control

An introduction to the FCA’s role in establishing controls
The relevant FCA rules and regulations
Their impact on your firm
Defensive strategies of your firm

Internal controls, policies, processes and procedures

Compliance strategies
3 lines of defence
Governance, oversight and reporting
Mitigation and remedial activities

Mechanisms to understand who your clients are

The UK sanctions regime

Understanding the different types of sanctions
Your firm’s activities in relation to sanctions

Client due diligence ‘CDD’ / Enhanced due diligence ‘EDD’

Identification and verification ‘ID&V’
How to distinguish which of your clients are more likely to be involved in AML / CTF activities

Know Your Client ‘KYC’

The importance of client documentation from a commercial and regulatory perspective

The FCA’s views regarding client documentationThe reporting and identification of suspicious transactions

Overview of the necessary levels of employee training, their understanding of the steps involved in committing financial crime and the official/legal definitions

Introduction to the escalation and reporting procedures of enforcement bodies
Identifying potential and emerging risks within your firm
Managing the client relationship after reports have been made

Recognising and responding to financial crimes and suspicious transactions

Case study exercises in analysing documentation, client circumstances and activity

Review of the good and poor practices of firms responding to financial crime
Recognition of financial crime being committed
Consider current internal reporting procedures
Action planning

Consider how your firm’s current AML/CTF policies, processes and procedures can be enhanced to ensure they continue to have the appropriate safeguards to prevent financial crime

What actions are to be taken at each level within your firm
Senior management
Management
Team leaders
Employees
Course summary & close

Speaker

Paul is a regulatory expert with over 20 years of experience in the financial services. Previously a Compliance Director with one of the country’s largest Investment Management firm, before moving into consultancy and holding interim roles as Head of Compliance and MLRO as well as leading a number of projects that took firms such as Dresdner Kleinwort Wasserstein, Axa and Deustche Bank through authorisation and responding to the FCA sanctions.

His professional experience includes the development and implementation of compliance processes and procedures that include areas such as: governance and oversight, effective systems and controls, client on-boarding and market conduct projects. His area of expertise includes Financial Crime, Client Assets, Conduct Risk, Governance and Oversight, Senior Management Regime and Effective Compliance Monitoring.

He has worked closely with the FCA, Financial Ombudsman Service and the Finance and Lease Association on complaint handling and management and continues to work with Financial Service firms in negotiations with the FCA. He has recently taken on Head of Compliance, Money Laundering Reporting Officer and Head of Client Money Client Assets positions for a Portfolio Management firm and an emerging Peer to Peer platform.