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Workshop on Anti-Money Laundering and Combating the Financing of Terrorism

Description

Objectives

At the end of the workshop, participants will:

  • Understand AML/ CFT’s definitions.

  • Understand the concept of money laundering and the salient features of the Anti-Money Laundering Act and Regulations in Mauritius.

  • Understand the concept of customer due diligence (CDD), its requirements and application and the different levels of CDD and the specific processes/issues related to them.

  • Identify covered and suspicious transactions.

  • Understand record-keeping requirements.

  • Learn how to protect your company from the risk of money laundering, terrorism financing.

  • Understand the implications and penalties for non-compliance with AML/CFT legislation and regulatory requirements.

  • Get updated AML/ CFT practices.

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, and
  • 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? And

  • 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 Report

  • Reporting Suspicions To The FIU

  • Communicating With Customers And Tipping Off

  • Constructive Trusts

Training and Culture

  • Awareness And Training

  • Screening And Hiring Of Employees

  • Relevant Employees

  • On Going Training

  • MLRO Training

  • Training Methods

  • Culture

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.