AML/CFT & Client Due Diligence
The money laundering and terrorism financing risks banks face manifest themselves through the interaction with their customers. These same customers expect their banks to provide excellent service and managing these seemingly competing interests carefully is a delicate process, fraught with risks.
To address the AML/CFT risks, and following directives from their Regulators, banks have generally adopted a ‘3 lines of defence’ governance model and developed extensive, ‘risk-based’ customer due diligence procedures. Implementing this model and understanding the roles and responsibilities of each line can be a challenge, both for bankers as well as their customers.
Course Objectives
At the end of the training, participants will be able to:
- Discuss the impact of money-laundering and terrorist financing
- Explain the three stages of Money Laundering
- Discuss the need of AML/CFT legislation
- Explain the role of regulatory authorities
- Understand the implications of Customer Due Diligence investigations
Course Content
Module 1: Introduction to Money Laundering & Terrorism Financing
- Why do criminals launder money
- What are the consequences of money laundering
- What are the 3 stages of money laundering
- What is the role of banks
- What is terrorism and terrorism financing
- What are the principle uses and sources of money by terrorist organisations
- What are the principal methods used by terrorist organisations to transfer money
- Knowledge check
Module 2: Implications for banks: Customer Due Diligence
- Laws & regulations
- Three lines of defence
- Three elements of KYC
- Risk-based approach to CDD
- Managing risks through the client lifecycle
- Special CDD topics
- Knowledge check
LMS platform & services
i-KYC’s e-learning courses are produced applying the industry standard SCORM 1.2 programming protocol. You may choose to have them delivered to you electronically, ready for uploading to your hosting platform. In case you need a hosting platform or wish to reduce the burden on your HR and IT organisations, i-KYC can support you in the roll-out with our low cost, state-of-the-art Learning Management Solution.
i-KYC offers a comprehensive cloud-based Learning Management Platform with the following essential features:
- Exclusive LMS Platform with own ‘Look & Feel’
- LMS administration and support services
- Hosting of multiple e-learnings (including 3rd party providers)
- Administer other training methods (e.g. classroom training, assessments)
- Scalability, flexibility and operational efficiency
- Monitoring and analytical capabilities
Benefits of the LMS Services
Rapid and no-hassle deployment of your complete learning programme using a dedicated single point of contact.
Create your exclusive Learning Management Platform with company logos and own Look & Feel.
Combine multiple courses in logical groupings to create personalized learning paths for your valued learners to engage.
Add content from various learning service providers (provided courses are SCORM compatible).
Review performance and gain insight into training impact with reports and dashboards, or create custom reports delivered via email.
Instant evidence to internal and external stakeholders of compliance with training-related regulatory obligations.
Special: Audit reporting package for
Management, Local Regulators and Correspondent Bank relations:
- Evidence of course completion of users including Knowledge Check scores & time stamp
- Document with e-learning content (slides) plus list of questions of the knowledge checks
i-KYC’s LMS administration and support services include:
- administration of unique user accounts
- grouping by Teams/Departments;
uploading and installation of e-learning programmes - roll out of e-learning courses to the target group (invitation to attend)
- administration of classroom trainings
- data collection and progress monitoring
- due date follow-up
- periodic management reporting
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