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Anti Money Laundering and Counter Terrorism Financing Training - Registration of Interest

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Anti Money Laundering and Counter Terrorism Financing Training - Registration of Interest

Introduction

Anti-Money laundering related crimes are very costly and affect us either directly or
indirectly. They threaten financial and non-financial institutions. They can easily ruin the
soundness of a country’s financial sector. In some cases, they can bring a country’s economy
to a grinding halt.

According to Tanzanian Financial Intelligent Unit (FIU), a stable, secure financial sector
supported by a robust framework to protect financial institutions from money laundering
and terrorism financing, promotes investment and confidence, helping to attract
capital from the country and abroad. A financial system’s reputation and integrity can
be irrevocably harmed through involvement in laundering money or financing terrorism.

This calls for the financial institutions and other entities prone to money laundering to
sensitive their staff by training them on how to deter and detect money laundering and
terrorism financing activities.

In Tanzania, financial services institutions like banks, insurance companies and micro-finance
institutions are exposed to money laundering and terrorism financing risks. As
such they are reporting entities to the regulators. Other reporting entities include real
estate agents, lawyers, accountants and dealers in precious metals and stones.

This will be hands on and a practical course that will give participants understanding of
money laundering and terrorism financing and the degree of vulnerabilities of the financial
institutions and other entities.

Tanzanian regulatory framework on Prevention of Money Laundering and Combating
Financing of terrorism will be looked at.

Anti-money laundering and terrorism financing practices in North America, Europe and
other East African regions will be discussed while drawing comparison to Tanzanians.

Program Benefits

  • Employees will be familiarized with the process of money laundering in various sectors
  • Increase awareness of the importance of Know Your Customer policy or Client Due Diligence
  • The participants will be versed with Rwanda’s and global AML laws and regulations have been enacted to fight money laundering and terrorism financing
  • Reporting entities will mitigate financial and reputation risks that can result from non-compliance

Topics to be covered

  • Introduction to Money Laundering
  • Stages of Money Laundering – Local and International practical examples will be discussed
  • How money is laundered through financial institutions 
  • U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), Bank Secrecy Act and OFAC impacts on local fight against money laundering and terrorism financing
  • Risk Assessment and Risk Based Approach to Money Laundering
  • Customer Identification and Due Diligence
  • Impact of new technology on Money Laundering
  • Suspicious Activities and Transactions detection and reporting
  • Reporting responsibilities and requirements
  • Record keeping
  • Cost of non-compliance
  • Employee Cultural change in fighting Money Laundering
  • Transaction and account monitoring and reporting.
  • Regulatory compliance screening needs

Who would benefit

  • All staff at all levels, from frontline employees working for the
    reporting entities below:
    • Banks, insurance companies, microfinance institutions,lawyers, accountants, dealers in precious metals, etc.
  • Financial Services regulators
  • Senior managers

Contact

For any query, please contact Samuel Kiragu on skiragu@strathmore.edu

 



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