AML - Anti Money Laundering (financial)

Course Location: 

New Online Arrangement due to Covid-19. Classes limited to 8 participants.

Who is it for?

This is an introductory course for all levels of employees working in money laundering prevention position, specifically targeting those working in compliance in financial sector and the legal profession.

Why Should You Attend?

No one is sure when the practice of laundering money first started, but according to the International Monetary Fund, "the aggregate size of money laundering in the world could be somewhere between 2 and 5 percent of the world's gross domestic product. Using 1996 statistics, these percentages would indicate that money laundering ranged between US Dollar (USD) 590 billion and USD 1.5 trillion. The lower figure (USD 590 billion) is roughly equivalent to the value of the total output of an economy the size of Spain.

Local Directors and Key Officials are personally responsible for the Internal Controls of their business so must be aware of Anti-Money Laundering (AML) obligations and procedures.  AML is an international issue and taken very seriously by Regulators.  Failure to ensure adequate controls, or to provide essential training to relevant staff, may be an offense - even when no Money Laundering is suspected.

The legal framework in the EU and local law has developed rapidly over the last decade. This development saw the inclusion of the fight against the funding of terrorism within the AML ambit following the September 11^th 2001 tragic events. The penalties for not observing the applicable AML legislation are onerous and keep becoming more onerous. Merely not having the right controls in place could lead to significant penalties too under recent changes in the law. 

So it is important to understand your obligations under the law and what structures should be in place to avoid:

• Being fined large amounts of money.
• The bank closing bank accounts.
• The business being victimised by criminals.
• Destroying the reputation of the business.

While the list of subject persons is long the sector of Financial Services and I-Gaming are particularly vulnerable to abuse.

Managing the risks of Money Laundering requires solid understanding of evolving and common trends of both Regulation and Criminal Activity.

 The monitoring of AML requires a formal and uniform approach to evaluate, risk assess and secure a framework to mitigate, attenuate and prevent money laundering/counter terrorist financing.

This course is a perfect comprehensive way to learn how to moderate AML in the work place over Laws, Directives, Due Diligence, Monitoring and Risks.

What Topics are covered?

What is money laundering

Money laundering as defined under Maltese law

Funding of terrorism 

4th AML Directive

5th AML Directive

6th AML Directive

PEP's 

Respecting GDPR

Penalties

The Maltese legal framework

The FIAU and its Implementing Procedures

The role of the MLRO and who can be an MLRO

The risk based approach

Due Diligence

UBOs

Ongoing monitoring

STRs 

Special considerations for gaming 

Course Funding:

Similar Courses

Obligations of Company Directors

EU Funding - A Practical Overview

Schedule:

Due to Covid-19, we have arranged for the upcoming sessions to be held online to ensure the welfare of both trainer and participants. This has been done in the past and has worked very well.

Please register here as per normal procedure; we will take care of the rest.

Classes are limited to a maximum of 8 participants.

Please send us your queries to: information@peoplelearning.edu.mt