Anti Money Laundering - An Introduction

Objectives

The objective of this session is to provide an overview of the AML (Anti-Money Laundering) regulations in the context of the accountancy profession.

Key topics

WHAT IS MONEY LAUNDERING

• Money laundering process
• Placement
• Layering
• Integration

AML REGULATION

• AML Responsibilities
• AML Supervision
• AML Supervisory Bodies
• Consequences of not registering for AML supervision

HOW DOES YOUR FIRM APPROACH AML COMPLIANCE

• Firm wide risk assessment
• AML Policies and procedures
• Training and awareness
• Monitoring policies and procedures

CUSTOMER DUE DILIGENCE

• Stages of Client Due Diligence
• Firstly – Gathering Information
• Secondly – Risk Assessment
• Thirdly – Verification
• PSC Reporting
• A risk based approach
• Standard Due Diligence
• Simplified Due Diligence (SDD)
• Enhanced Due Diligence (EDD)
• Political Exposed Persons (PEPs)

AML REPORTING REQUIREMENTS

• Knowledge or suspicion
• Exemptions from reporting
• Should I report to the firm’s MLRO
• Tipping Off

AML QUESTIONS

Who should attend

This session is particularly appropriate for new starters and those who require a refresh of the AML fundamentals!