Anti Money Laundering

The 9/11 terrorist attacks in the United States have led the international community to formulate new legislation and guidelines to counter the escalating risks of Money Laundering. Across nations, Anti-Money Laundering training and compliance requirements have therefore gained significance. It is in this light that the American Congress brought about new measures in the form of International Money Laundering Abatement and Anti-Terrorist Financing Act, 2001(Title III of USA Patriot Act, 2001) that amended the Bank Secrecy Act, 1970 and its implementing Regulation. For financial institutions today, failure to comply with these requirements entails severe penalties in addition to increased exposure to compliance, reputational, strategic and operational risks.

What is Money Laundering

Explains money laundering and how money is laundered through various schemes.

• The definition and process of money laundering
• Different stages of money laundering
• Preventive measures against money laundering

Duration: 1 Hour

International Initiatives

Explains the initiatives undertaken by various International organizations in preventing money laundering and combating terrorism.

• The measures undertaken by various international organizations to prevent money laundering and financing of terrorism
• Establishment of FATF and its fight against money laundering and terrorism financing
• Customer polices and procedures

Duration: 1.5 Hours

Customer Identification Program

Explains the Customer Identification Program (CIP) rules that are applicable to banks and financial institutions, whereby institutions verify the identity of each customer when an account is opened.

• The CIP regulations as applicable to banks
• The risk-based approach that verifies the identity of each customer

Duration: 1 Hour

USA Patriot Act

Explains the USA PATRIOT ACT (Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism), which provides new anti-money laundering measures as applicable to banks.

• Title III of the Act that brings about sweeping changes to anti-money laundering measures
• Regulations under the Act as applicable to banks
• The special measures undertaken by private and correspondent banks
• The initiatives taken to combat terrorism

Duration: 1.5 Hours

Wolfsberg Principles on Correspondent Banking

Explains global anti-money laundering guidelines followed by the world’s largest banks along with the global anti-corruption organization to govern correspondent banking relationships.

• Wolfsberg anti-money laundering principles in relation to correspondent banking
• The CIP regulations as applicable to banks
• Features of correspondent banking

Duration: 1 Hour

Terrorist related money laundering

Explains the issues related to terrorist money laundering and the tools to combat it.

• Money laundering network, which largely undertakes financing of the terrorist activities
• Sources of terrorist financing
• Various legislations to counter terrorist related funding and money laundering

Duration: 1 Hour