Overview

All firms are required to take sufficient measures to combat Money Laundering and Terrorist Financing. The Financial Action Task Force recommends taking a risk-based approach in order to target resources more effectively and apply a more flexible set of preventative measures commensurate to the nature of the risks. However, unless...

All firms are required to take sufficient measures to combat Money Laundering and Terrorist Financing. The Financial Action Task Force recommends taking a risk-based approach in order to target resources more effectively and apply a more flexible set of preventative measures commensurate to the nature of the risks. However, unless the firm understands the Money Laundering risks to which it is exposed, it cannot take appropriate steps to prevent its business from being used for the purposes of Money Laundering or Terrorist Financing.

Therefore, CCL have developed this course to provide a thorough understanding of how to conduct an effective Business Risk Assessment, implement effective systems and controls to mitigate those risks, and allocate resources in the most appropriate manner. The course is highly interactive, and participants will be invited to discuss illustrative examples and real-life case studies in order to gain a practical understanding of the range of possible issues they might have to face.

Who is this for?

Compliance Officers, Money Laundering Reporting Officers, Risk Officers and Internal Audit

  • AML risk  
  • Understanding the Risk-Based Approach
  • The Business Risk Assessment
    • Introduction – what does it aim to do?
    • Product risk
    • Customer risk
    • Location risk
    • Interface risk
    • Technology risk
    • Risk of changes to products, technology and regulation
  • Mitigating identified risks through AML systems and controls
  • Effective allocation of resources
At the end of this session, you will:
  • Be aware of the risks of money laundering in the Gulf region
  • Understand the specific risks to your business
  • Know how to undertake an effective business risk assessment, with specific regard to the risks associated with products, customers, location, interface and technology
  • Know how to implement systems and controls to mitigate the identified risks
  • Understand how to allocate resources effectively to combat both identified and residual risk