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About the Programme
Financial crimes that include money laundering and terrorism financing are very costly to the economy. They threaten financial and non-financial institutions. They can easily ruin the soundness and integrity of a country’s financial system.
Entities engaged in the business of dealing with securities or any other financial instruments are susceptible to money laundering.
Anti-Money Laundering (AML) 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.
This calls for the financial institutions to not only establish a robust anti-money laundering programmes but also sensitive their staff by training them on how to deter and detect money laundering and terrorism financing activities.
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 especially stock brokers, fund managers and investments.
Kenya’s regulatory framework including Proceeds of Crime and Anti Money Laundering Act (POCAMLA) and the CMA Guidelines on Prevention of Money Laundering and Combating Financing will be discussed.
How to design anti-money laundering programmes that are compliant to CMA and Financial Reporting Centre requirements will discussed as well.
Practical case studies on how securities dealers are exposed to money laundering and terrorism financing transactions will be discussed.
The course is targeted to anyone who is interested in knowing more about anti-money laundering and especially Stockbrokers, Investment Banks and Fund Managers.
Key Focus Areas
Anti-Money Laundering and Counter-Financing of Terrorism
- Introduction to Money Laundering
- Stages of Money Laundering
- How money is laundered and the vulnerabilities of the securities Dealers
- Case Study 1: Money Laundering through Securities Transfer
Kenya’s Anti- Money Laundering and Counter Financing of Terrorism Regulatory Framework
- CMA Guidelines on Prevention of Money Laundering
- Proceeds of Crime and Anti-Money Laundering Act (POCAMLA)
- Large Currency Transactions Reporting – Investment banks, Stock brokers and Fund Managers roles
- Reporting responsibilities to CMA
- Financial Reporting Centre (FRC) annual reporting requirement and its impact on Securities Dealers
- Penalties and fines for non-compliance
- Case Study 2: Money Laundering through High Frequency transactions using an internet-based trading accounts/ platform
Market Intermediaries/Securities Dealers Roles and Responsibilities under AML Act and regulations
- Responsibilities when engaged in potential money laundering activity
- Suspicious Activities and Transactions detection and reporting / Indicators of possible Money Laundering
- Client Identification and Due Diligence
- Enhanced Due Diligence
- Impact of new technology on Money Laundering
- Dealing with Politically Exposed Persons and other risky clients
- Case Study 3: Insider Trading and Money Laundering
Crafting effective Anti-Money Laundering programmes
- Anti-money Laundering Compliance Officer Responsibilities
- Risk Assessment
- Anti-Money Laundering Policies and procedures
- Anti-Money Laundering Training programs
- Independent AML programs audit
- Case study 4: Employee of a securities intermediary assisting a politically exposed person (PEP) launder money
- Case Study 5: Money laundering through securities fraud, stock price manipulation and use of foreign exchange brokers.
- Dr. Jim McFie
Lecturer, Management Accounting and
Financial Reporting and Analysis
- Dr. David Mathuva
Dr. David Mathuva, CFE, CPA(K), PhD
Faculty Accounting and Finance,
Strathmore Business School
- Samuel Kiragu, CPA(K), CAMS
AML Consultant, Canada
Adjunct Executive Fellow
Strathmore Business School
For more information on the programme, write to Winnie on email@example.com or call +254 (0) 725 567 696 or +254 (0) 703 034 414.
Dates: 19th – 20th July 2018
Cost: Kshs. 49, 000