Fraud Prevention and Anti-Money Laundering (AML)
Course Overview
The aim of this awareness sessions is to provide a preface to the topic of anti-money laundering, counter terrorist financing and the organizations involved. It also indicates how the legislation designed to combat money laundering and the financing of terrorism impacts on legal professionals. Because they deal with other people’s money, financial institutions rely on a reputation for probity and integrity. A financial institution found to have assisted in laundering money will be shunned by legitimate enterprises.
Goal of Course:
This awareness session will help the audience to understand the importance of compliance of Insurance Sector in Saudi Arabia with regulation and instructions related to combating money laundering and how every employee play an important role in that regardless of their job function or role in the organization.
The awareness session will be based on insurance industry in Saudi Arabia when it comes to examples and reference discussion topics to ensure that the session speaks the langue of the target audience and match their workplace environment.
Duration:
1 Day
Language:
English/Arabic
Training Objectives
- Explain how AML and CTF might be prevented
- Understand the major facets of AML and CTF as they applied and the national and international efforts being made to combat them
- Define the ways in which a company and its staff should protect themselves against the risks of Money Laundering and Terrorist Financing
- Detail how a company might become a target for Money Laundering and Terrorist Financing: and explain which “red flags” might help them to identify, prevent and report any (suspicious or actual) criminal activity
- Understand some of the other “hot spots” in Financial Crime
- Understand how to analyze suspicious activities
- Understand bribery and its direct and indirect links to the AML
- Performing proper KYC and Due diligence while building relationship with customers
Module Outline
Module 1: Anti-Money Laundering (AML) and Countering Terrorist Financing (CTF)
- Understanding Money Laundering and Terrorist Financing
- What are AML and CTF: and how do they work?
- The Criminalization of Money Laundering and Terrorist Financing: and the types of crimes caught under the Financial Crime Prevention legislation
- The expansion of Money Laundering from drugs to corruption to terrorism
Module 2: The Local and International Community’s response to AML and CTF
- The International Community’s response to AML and CTF post-9/11
- Especially the Financial Action Task Force (FATF):
- Its membership categories (this can include a section on particular countries)
- Its 40 Recommendations for AML and a further 9 Recommendations on CTF
- Its influence over domestic and international legislation
Module 3: Compliance with Anti-Money Laundering Regulators Legislation
- International Legislation and legislation applicable
- Internal Controls, Procedures and Policies
- Know Your Customer (KYC) and Identification and Verification (ID&V) Rules
- Impact on Strategy, Client Relations and Human Resources
- Internal and external reporting of suspicious transactions
Module 4: Recognizing and Reporting Suspicious Transactions while building relationship with customers
- Statutory Obligations
- Identifying suspicious transactions
- Prevention, Detection and Due Diligence
- Early-Warning Mechanisms
Module 5: Other Financial Crime Hotspots
- Bribery
- Fraud
- Information Security
- Market Abuse and Insider Dealing
- Sanctions
Customized Learning
Leap To Success is offering a variety of learning options to meet current realities and can be adapted to suit your business needs. These options include variants of online, blended and on-site course formats.
Face To Face Learning
Enabling you to have a face to face interactive and engaging learning experiences led by renowned industry experts and thought leaders with extensive practical experience who will employ a variety of interactive learning techniques, including short high-impact videos, case studies, assessments, role plays, in addition to on-going support.
Virtual Learning Labs
Interactive online learning held in real-time using Zoom and are led by international subject matter experts who incorporate case studies, breakout rooms, guided practice, simulations and discussions to maximise your learning experience.
General Methodology
Similar to any L2S training program, this program offers an interactive learning experience in which will allow the delegates to reflect on their learning through an informative, indulging, and fun classroom experience. The design of the training session focuses on the following attributes.
- Concrete Experience: The delegates will learn by doing
- Reflective Observation: Reflecting on the newly experienced skill-set
- Abstract Conceptualization: Developing deeper understanding to the learned concepts
- Active Experimentation: providing the delegates with realistic tools that can be tested in the real life
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