The implementation of the provisions of the Third EU Directive has introduced new provisions which cater for scenarios where simplified customer due diligence may be undertaken by the subject person in certain specific circumstances, including those where the applicant for business is similarly subject to prevention of money laundering legislation in another EU Member State or in another reputable jurisdiction8; where the applicant is listed on a regulated market within the EU; in respect of "pooled accounts"; in respect of certain public authorities or bodies; and in respect of any other applicant for business representing a low risk of money laundering or the funding of terrorism.
The program covers: all US BSA and AML laws and regulations with which Wholesale Banking staff must comply, Red Flags of Money Laundering, BSA/AML Compliance Program; Suspicious Activity Reports (SARs) funds transfers, Money Services Businesses (MSBs), foreign relations, information sharing, Customer Identification Program (CIP), Customer Due Diligence (CDD), Office of Foreign Assets Control (OFAC), OFAC Program, high risk persons and entities, high risk products and services and high risk geographic locations.
The second phase of the project would also aim at further increasing the banking and financial sector's capacity to effectively implement Anti-Money Laundering and Counter Terrorism Financing measures, particularly in the area of customer due diligence and detection and reporting of suspicious transactions.
Key Topics Covered: * Introduction to money laundering; * International development of law and regulation; * Financial Action Task Force (FATF); * European Directives; * US legislation; * UK legislation; * Proceeds of Crime Act 2002 - Part 7: requirements and offences; * Proceeds of Crime Act 2002 - other areas; * Terrorism Act 2000 - requirements and offences; * Money Laundering Regulations 2007; * How to implement in practice the UK anti-money laundering legislation and legulations - general review; * Customer Due Diligence (CDD); * Record-keeping; * Reporting requirements; * The role of the Money Laundering Reporting Officer (MLRO); * The Money Laundering Reporting Officer's annual report; * Awareness and training; * Appendices; * Index For more information visit http://www.
Location: Basel Customer Due Diligence: The Swiss Finish Event Code: CBMTDD090905F Become familiar with the basic customer due diligence requirements in Switzerland.
The training covers suspicious activity reporting, smurfing, layering, placement, integration, structuring, FATF typologies, correspondent banking, shell companies, Know Your Customer (KYC), customer identification, Customer Due Diligence (CDD), red flags, hawala, risk management, conducting investigations and audits, and more.
Norkom's solutions can be scaled and customized to meet clients' current and future needs - from anti-money laundering and customer due diligence to enterprise investigation of all types of fraud.
