AML – Economic Profile and Transaction Monitoring | Globaltraining

AML - Economic Profile and Transaction Monitoring

3 hours
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Aim / Objective:

Cost of non-compliance will always outweigh the cost of compliance and for your Firm, not fully complying to the current AML Legislation, is not any longer an option. Your Firm has been definitely targeted in the past and your Firm will be definitely targeted in the future, by Criminals and Money Launderers, and the AML Legislation is very strict in both disciplinary and criminal sanctions, in cases that “You have known” or “Ought to have Known” of money laundering performed by your clients.

Complying to the AML legislation, is now all about professional judgement and professional scepticism; the times when it was sufficient having a copy of a passport, a copy of a utility bill and 5 ticked checklist boxes are long gone and will not get your company off the hook with the regulatory authorities if things go wrong.

The Anti-Money Laundering (AML) compliance, has become a critical milestone for the Regulatory Industry, and now more than ever, the Regulated Firms (Audit, Accounting, Fiduciary, Investment, Funds) are under heavy scrutiny and risking heavy sanctions from both the Regulatory Authorities in Cyprus and Globally.

The aim of this course will be about offering a thorough understanding, for the junior staff up to the senior executive, of the current AML legislation for Regulated Firms and more importantly to offer practical solutions for an efficient and effective implementation.

Participants’ Profile:
  • Back-office Staff, Compliance Staff, Risk Management Staff, AML Staff
  • Heads of Compliance Departments, Heads of Risk Management Departments, Heads of AML Departments
  • Accountants, Lawyers
  • Internal Auditors, External Auditors
  • Executive Directors, Non-Executive Directors
  • Regulatory Compliance Advisors/Consultants

Seminar Programme

  • Introduction
    • Getting the Money Launderers
    • The Money Laundering Schemes
    • Cyprus and International Press on Money Laundering
    • The High Risk Clients
  • Economic Profile and Transaction Monitoring 1:
    • Principal Activities (Both at Company & Group Level)
    • Country(ies) of Activities
    • Purpose of A/C Opening (Nature of Transaction)
    • Source(s) of Funds
    • Source(s) of Wealth
    • Size of Income
    • Size of Wealth
    • Expected Turnover
    • Deposits/Incoming Funds
    • Withdrawals/Outgoing Transfers
  • Economic Profile and Transaction Monitoring 2:
    • Automated Versus Manual
    • Types of Clients, Products, Services
    • Trading Behaviour
    • Production of Monitoring Reports
    • Transaction Monitoring Reports
    • Unusual Transactions Activities Alerts
    • Assessment for any Suspicious Transactions Activity
    • Regularly/Periodically Reviews
Registration Options
  • Register directly through our online store either for a single seminar or bundle options or
  • complete our online form and we will contact you within 48 hours.