Overview

All regulated firms must have appropriate tools and resources to combat money laundering and terrorist financing. Staff awareness of money laundering and terrorist financing risks and training in the essential procedures and controls is a fundamental part of this process.This course explains how financial services firms can be used for...

All regulated firms must have appropriate tools and resources to combat money laundering and terrorist financing. Staff awareness of money laundering and terrorist financing risks and training in the essential procedures and controls is a fundamental part of this process.

This course explains how financial services firms can be used for money laundering and terrorist financing activities and describes the essential procedures and controls that firms must have in place to prevent those risks. It also explains the obligations of firms and their employees under the applicable laws and regulations and the potentially severe consequences for themselves and their firms if they fail to comply with them.

Who is this for?

This course is relevant for all staff working in the financial services industry.

  • Money laundering and terrorist financing defined: the nature and scale of the problem
  • The stages of money laundering and CTF and where financial services firms could be vulnerable
  • FATF initiatives, UN Sanctions, UAE Federal Laws and DFSA Rules
  • Specific issues to the region
  • DFSA requirements applicable to all firms
  • The functions of the Money Laundering Reporting Officer
  • The concept and practise of the “risk based approach”
  • Customer due diligence: Know your customer and customer risk assessment
  • Verification of identity: individuals and corporates
  • The risks associated with Politically Exposed Persons and higher risk jurisdictions
  • Ongoing transaction monitoring and customer due diligence
  • Identifying and reporting suspicious activity
  • Record keeping
  • Offences and penalties under the Federal Law and DFSA Rules
After attending this session, attendees will:
  • Understand how financial services firms may be used for money laundering and terrorist financing activity and the procedures that must be carried out to prevent it
  • Understand their obligations under the applicable laws and regulations and know what they must and must not do to comply with them
  • Understand the functions of the MLRO
  • Know how to carry out risk based customer due diligence
  • Know how to identify and report suspicious activity