Accounting, Finance and Banking

Advanced Financial Crime Compliance: AML & Sanctions Screening

About This Course

Advanced Financial Crime Compliance:

AML & Sanctions Screening (Black List) training course

In the increasingly complex global financial environment, the role of banking institutions is crucial in protecting economic integrity. Banks and financial institutions are constantly exposed to the risk of exploitation by money laundering and terrorist financing organizations. Therefore, regulatory compliance is no longer a mere formality; it is a fundamental line of defense to protect the institution’s reputation, avoid heavy financial penalties, and contribute to national and international economic security.

This course is designed to equip you with the knowledge and practical tools necessary to efficiently implement the Anti-Money Laundering (AML) system and manage the matching of customer data against Black Lists and international sanctions lists. We will move from the theoretical framework to the practical application of monitoring and reporting systems, ensuring you can identify risks and analyze suspicious activities, making you active partners in combating financial crime.

Learning Objectives

• Analyze the Legal Framework: Explain the basic stages of money laundering and the global (FATF) and local regulatory framework.
Apply Customer Due Diligence (KYC/CDD): Identify and classify high-risk customers and correctly apply Enhanced Due Diligence (EDD) procedures.
Manage Black Lists: Perform an accurate screening process of customer names against sanctions lists and Politically Exposed Persons (PEPs) lists, and distinguish between a True Match and False Positives.
Detect Suspicion: Use Red Flags and Transaction Monitoring Systems (TMS) to identify and document suspicious activities.
Effective Reporting: Efficiently prepare and file Suspicious Activity Reports/Suspicious Transaction Reports (SARs/STRs) according to the procedures followed on accredited reporting platforms (goAML).

Target Audience

  • This course is specifically designed for employees whose daily tasks require direct interaction with customers or supervision of transactions and compliance:
  • • Branch Staff: Customer Service Officers, Tellers, and account opening officers.
  • • Compliance Management: AML analysts, coordinators, and officers.
  • • Risk Management: Employees involved in the assessment and management of operational and financial risks.
  • • Operations Staff: International transfer officers, treasury staff, and Back Office staff.
  • • Internal Auditors: To ensure the efficiency of AML controls implementation.

Curriculum

40h

1. AML Crime Fundamentals

• Definition of Money Laundering (ML) and its three stages: Placement, Layering, and Integration. • Definition of Terrorist Financing (TF) and the key difference between it and ML. • Understanding the importance of compliance in the banking sector (legal, operational, and reputational risks).

2. Global and Local Regulatory Framework

• The role of the Financial Action Task Force (FATF) and its 40 Recommendations. • Explanation of the FATF Black List (High-Risk Jurisdictions) and Grey List (Jurisdictions under Monitoring) and their impact on banking transactions. • Definition and role of local regulatory bodies (Financial Intelligence Units).

3. Customer Due Diligence (KYC/CDD)

• Know Your Customer procedures and required verification documents. • Identifying the Ultimate Beneficial Owner (UBO). • The concept of the Risk-Based Approach: how to classify customers (low, medium, and high risk).

4. Sanctions Screening and Black List Application

• Explanation of the Black List in the financial context (international sanctions lists, FATF lists, PEPs lists). • How to use Sanctions Screening Systems. • Handling Matches: Distinguishing between a True Match and False Positives. • Manual verification procedures upon potential match (Hit Resolution). • Enhanced Due Diligence (EDD) Procedures: When to apply and how to collect additional information on high-risk customers (especially those linked to Black List countries or Politically Exposed Persons).

5. Transaction Monitoring (TMS)

• How Automated Transaction Monitoring Systems (TMS) work. • Identifying Red Flags and common suspicious behaviors in transactions (e.g., structuring amounts, rapid transfers, unexpected country dealings). • Real-life examples of money laundering patterns (Case Studies).

6. Reporting and goAML

• How to document and convert confirmed alerts into a Suspicious Activity Report (SAR/STR). • The legal implications of failure or delay in reporting.

7. Open Discussions and Course Evaluation

Resources

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Level
All Levels
Duration 40 hours
Subject
Accounting, Finance and Banking
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