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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.
The methods used to launder proceeds of criminal activities and finance illicit activates are constantly changing. As financial institutions and law enforcements introduce alternatives to fight the vice, criminals are also on lookout for the new channels.
Anti Money laundering reporting entities like banks are required to perform an assessment of the risk that they could be vulnerable and used for money laundering and terrorism financing. This is termed as Risk-based Approach (RBA).
Just like the Financial Action Task Force guidelines of Risk Based Money Laundering approach, this training will be aimed at;
- Explaining principles involved in applying a risk-based approach to AML/CFT;
- Assist banks in the design and implementation of a risk-based approach to AML/CFT by providing general guidelines and examples of current practice
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.
A panel of discussion composed of industry’s experts and regulators will be conducted.
The course is targeting all the staff of the reporting entities.
- Introduction to Risk Based Approach to Money Laundering
- CBK Guidance Note on Conducting Money Laundering/ Terrorism Financing (ML/TF) Risk Assessment Highlights
- Concept of Risk
- Types of AML/CFT Risks – Inherent and Residual Risks
- Risk Based Approach Cycle
- Inherent Risks Identification
- Business-based risks assessment
- Products, Services and Delivery Channels assessments
- Geography assessments
- Other relevant factors assessments
- Relationship-based risk assessment/Clients and Business Relationships
- Nature and type of business inherent risk
- The products, services and delivery channels
- Characteristics and patterns of activities
- Setting up Risks Tolerance
- Determining levels of risk you are willing to accept
- Creating Risk-Reduction Measures and Key controls
- Developing and documenting risk mitigation strategies for high risk-
risk situations and clients
- Evaluating Residual Risks
- Comparing residual risk to risk tolerance
- Risk Based Approach programme implementation
- Application of risk-reduction strategies
- Key controls to high-risk ML/TF circumstances
- Risk Based Approach programme review
- Risk Segregation for Business Based Risk Assessment
- Likelihood and Impact Matrix Tool
- Risk-based Approach (RBA)
- Risk Based Approach and Correspondent Banks
- The Wolfsberg Group Risk (WGR) Assessments for Money
Laundering, Sanctions, and Bribery & Corruption Guidelines. How to
respond to WGR questionnaire.
- WGR 2017 revised Due Diligence Questionnaire (DDQ)
- Guide to preparing for correspondent bank audit/review
For more information or application, please contact Winnie Omamo via email on firstname.lastname@example.org call her on +254 725 567 696.
Start date: 16th March 2018