Learn how to protect your company from the risk of money laundering, terrorism financing and understand the implications and penalties for non-compliance with AML/CFT legislation and regulatory requirements.
Who Should Attend This Workshop?
- All job levels specialized in anti-money laundering and combating the financing of terrorism (AML/CFT);
- All job levels specialized in regulatory compliance
- All job levels specialized in risk management.
- Anyone interested in the subject
The Role of FSC Code on the Prevention of Money Laundering & Terrorist Financing
- Background and Scope
- Sanctions for non – compliance
- Core AML/ CFT principles
Money Laundering and Terrorist Financing
- What Is Money Laundering?
- Stages involved in Money Laundering
- Terrorist Financing
International AML/CFT Initiatives
Financial Action Task Force (FATF)
- Basel Committee on Banking Supervision
- The Wolfsberg Group
- International Organisation of Securities Commissions (IOSCO)
- International Association of Insurance Supervisors (IAIS)
EXTRA TERRITORIAL POWERS OF THE UNITED STATES
The Legal Framework in Mauritius
- •The Financial Intelligence and Anti Money Laundering Act 2002 “FIAML Act”
- The Prevention of Terrorism Act 2002 “POTA”
- The Convention for the Suppression of the Financing of Terrorism Act 2003
- The Financial Services Act 2007 “FS Act”
- Exchange of Information between the FSC and the FIU
Internal Controls and Money Laundering Reporting Officer
- Internal Controls
- Appointment Of The Money Laundering Reporting Officer (MLRO)
- Notification Of The Appointment Of The Money Laundering Reporting Officer
- Role Of The Money Laundering Reporting Officer
Customer Due Diligence
- Customer Due Diligence Measures – “CDD MEASURES”
- Identification and verification of applicants for business who are natural persons
- Identification and verification of applicants for business who are legal persons/arrangements Acquisition of a
- Business or Block of customers.
- Source Of Funds/Property And Source Of Wealth
- Appropriate Certification
- Eligible And Group Introducers
- Omnibus Accounts
- Timing Of Verification Of Identity
- Existing Customers
High Risk and Low Risk Relationships
•Risk Profiling
•High Risk Relationship
•Enhanced Due Diligence Measures
•Politically Exposed Persons (PEPs)
•Non face – to – face business relationships
•FATF Statements and non – equivalent jurisdictions
•Low Risk Relationships
•Simplified Or Reduced Due Diligence Measures
On Going Monitoring, Recognising and Reporting Suspicious Transaction / Activity
- On Going Monitoring •Complex Arrangements
- Recognising Suspicious Transaction And Activity
- Obligation And Failure To Repor
- Reporting Suspicions To The FIU Communicating With Customers And Tipping Off
- Constructive Trusts
Record Keeping
- General Requirements
- Customer due diligence information
- Transactions
- Internal and external suspicious reports
- Training
- Compliance monitoring
- Forms Of Record And Record Retrieval
- Period Of Retention
- Inspection Of Records
FATF Recommendations Case Study.
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