Foundations of Anti Money Laundering and Counter-Terrorism Financing (AML)
Course Description
The Foundations of Money Laundering and Terrorism Financing course has been specially designed by PwC’s subject matter experts to provide a general overview of money laundering and terrorism financing dynamics and the risks they pose to the business.
The training helps ensure faster compliance by making the business and its employees aware of the most vital understanding needed to ‘Know Your Customer’, detect behaviours that could pose the business at risk and comply with the most up-to-date regulations.
Course Structure
The eLearn is divided into 4 modules and a quiz at the end.
Module 1: Introduction to Money Laundering and Terrorism Financing
- What is money laundering;
- Why do criminals launder money;
- What are the consequences of money laundering;
- What are the 3 stages of money laundering;
- What is terrorism financing;
- Understanding the organisation’s risk exposure to AML/CFT.
Module 2: AML/CFT Laws and Regulations
- An overview of the Maltese AML/CFT legal and regulatory framework;
- The role of supervisory authorities and bodies;
- What are sanctions and the sanction monitoring in Malta;
- The risk of non-compliance.
Module 3 – Roles & Responsibilities
- The role of the MLRO;
- The risk-based approach in AML/CFT;
- AML/CFT Policy and Procedures;
- Customer Acceptance Policy;
- Understand the importance of ‘Know Your Customer’ (KYC).
Module 4 – Doing Your Part
- Applying risk-based due diligence procedures and assessing client risk profile;
- Understand who qualifies as a PEP (inline with 4AMLD definition);
- Learn about UBO’s (Ultimate Beneficial Owners) and what supporting documents are to be collected;
- Necessity and implications of monitoring customer behaviour throughout lifecycle;
- Learn how to identify suspicious activities and how to escalate/report any concerns effectively;
- Understanding the relevance of appropriate recordkeeping;
- Escalation to MLRO for advice, when and how.
Should Attend
This eLearn is targeted to employees.
Prerequisites
There are no prerequisites to follow this eLearn
Assessment
A final quiz that will test your knowledge
Key-Features
After completing this eLearn, participants will be able to:
- Discuss the impact of money-laundering and terrorist financing on the financial system and on the business;
- Explain the three stages of Money Laundering;
- Understand what financing of terrorism is and how it works;
- Explain what sanctions are, their relevance and the responsibilities in relation to it;
- Discuss the need for AML/CFT legislation and explain the role of regulatory authorities;
- Understand the importance of Know Your Customer and the application of risk-based due diligence procedures relative to a customer’s risk profile;
- Understand how to detect suspicious activity and the importance of escalating/reporting any concerns effectively.
Course Structure
The eLearn is divided into 4 modules and a quiz at the end.
Module 1: Introduction to Money Laundering and Terrorism Financing
- What is money laundering;
- Why do criminals launder money;
- What are the consequences of money laundering;
- What are the 3 stages of money laundering;
- What is terrorism financing;
- Understanding the organisation’s risk exposure to AML/CFT.
Module 2: AML/CFT Laws and Regulations
- An overview of the Maltese AML/CFT legal and regulatory framework;
- The role of supervisory authorities and bodies;
- What are sanctions and the sanction monitoring in Malta;
- The risk of non-compliance.
Module 3 – Roles & Responsibilities
- The role of the MLRO;
- The risk-based approach in AML/CFT;
- AML/CFT Policy and Procedures;
- Customer Acceptance Policy;
- Understand the importance of ‘Know Your Customer’ (KYC).
Module 4 – Doing Your Part
- Applying risk-based due diligence procedures and assessing client risk profile;
- Understand who qualifies as a PEP (inline with 4AMLD definition);
- Learn about UBO’s (Ultimate Beneficial Owners) and what supporting documents are to be collected;
- Necessity and implications of monitoring customer behaviour throughout lifecycle;
- Learn how to identify suspicious activities and how to escalate/report any concerns effectively;
- Understanding the relevance of appropriate recordkeeping;
- Escalation to MLRO for advice, when and how.
Should Attend
This eLearn is targeted to employees.
Prerequisites
There are no prerequisites to follow this eLearn
Assessment
A final quiz that will test your knowledge
Key-Features
After completing this eLearn, participants will be able to:
- Discuss the impact of money-laundering and terrorist financing on the financial system and on the business;
- Explain the three stages of Money Laundering;
- Understand what financing of terrorism is and how it works;
- Explain what sanctions are, their relevance and the responsibilities in relation to it;
- Discuss the need for AML/CFT legislation and explain the role of regulatory authorities;
- Understand the importance of Know Your Customer and the application of risk-based due diligence procedures relative to a customer’s risk profile;
- Understand how to detect suspicious activity and the importance of escalating/reporting any concerns effectively.
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