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Managing Money Laundering Risks

Determining your risk appetite, identifying threats and assessing their likelihood and impact is all well and good. But at some point, every business needs to manage their risks. They need to take action to maximize upside risk and minimize downside risk.

This course is packed full of practical advice about managing money laundering and terrorist financing risks. It covers the responsibilities of senior management and the principles behind developing good, robust AML/CFT policies, procedures and controls. It also includes sections on how to know your customers, audit and monitor AML/CFT activities effectively, deal with suspicious activities, make reports and train staff.

‘Managing Money Laundering Risks’ is suitable for those working in risk management within a card acquirer, payment service provider or bank, as well as those working in other regulated sectors (e.g. lawyers, notaries, accountants, insurers), required to develop an effective, risk-based AML compliance framework.

This is an advanced course and builds on the knowledge gained from Web Shield’s ‘Fundamentals of Anti-Money Laundering’ and ‘Money & Transaction Laundering in Payments’ courses.

Learning Objectives:

  • Understand how to identify the money laundering and terrorist financing risks relevant to your business, given its customer, product, geographic profile etc.
  • Be able to assess financial crime risks, their likelihood and impact
  • Understand how to develop an AML compliance framework for your business
  • Know what regulators expect from your sector and business

Chapter 1 — Building an Effective Compliance Framework

13 Lessons 25 minutes
  • Practical advice about managing money laundering and terrorist financing risks. The chapter begins with the responsibilities of senior management, it covers what is needed for a robust AML/CFT regime and in the MLRO role.

Chapter 2 — Risk Assessment

13 Lessons 29 minutes
  • How to identify and assess the money laundering and terrorist financing risks to your business. This includes assessing the likelihood and impact of risks arising from customers, businesses, transactions, products, services, delivery channels and geographies.

Chapter 3 — Customer Due Diligence

14 Lessons 34 minutes
  • Why and how it is important to know your customers, including customer due diligence requirements at a basic and enhanced level, politically exposed persons (PEPs), source of funds and source of wealth analysis.

Chapter 4 — Monitoring, Reporting, Training and Record-Keeping

11 Lessons 27 minutes
  • This chapter covers why and how to monitor risk, how to undertake suspicious activity reporting, conduct AML/CFT training and keep effective records.

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