Certificate in Anti Money Laundering Awareness Course Handbook by monkey6


Certificate in Anti Money Laundering Awareness Course Handbook

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									Certificate in Anti Money Laundering Awareness Course Handbook


January 2006

The International Compliance Association
The ICA is a professional organisation dedicated to the furtherance of best compliance, anti money laundering practice and financial crime prevention in the financial services sector. The ICA transcends national boundaries by educating and supporting compliance professionals globally, through the provision of recognised qualifications, member information exchange and training. The International Compliance Association (ICA) working in association with leading professional bodies has designed a new series of courses and qualifications. These include • Certificate in Anti Money Laundering Awareness • Diploma in Anti Money Laundering • Diploma in Compliance • Diploma in Financial Crime

Purpose of the programme
The Certificate in Anti Money Laundering Awareness (the Certificate) is designed to equip employees within the financial services sector with a high level of awareness and practical understanding of the vulnerabilities of different industry sectors to the threat of money laundering and terrorist financing. The Certificate examines the vulnerabilities of particular financial services and products thus enabling employees to play a more effective role in recognising and mitigating their employer’s exposure to these risks. Unlike the majority of anti money laundering training programmes, employees will be able to relate the content of the Certificate to the workplace. The hallmark of the Certificate is its focus on the vulnerabilities of financial services products to money laundering not on money laundering per se. This is achieved through the extensive use of sanitised case studies. The Certificate takes full account of the legal obligations in each jurisdiction whilst examining best anti money laundering practice. The Certificate will enable an employee to demonstrate an understanding of: • • How money is laundered utilising specific financial services and products The factors within a client relationship that determine an organisation’s exposure to the risk of money laundering • How to achieve effective ‘CDD/KYC’ and why it is important to do so: - enhanced confidence in reporting and dealing with suspected clients - an awareness of developing laundering techniques And the ability to: • Risk profile clients: - an understanding of the various offences of money laundering and the elements thereof - an understanding of what is meant by predicate ‘criminal conduct’ - an understanding of what is meant by ‘suspicion’ and the subjective and objective tests of ‘knowledge’ • recognise unusual and/or suspicious activity


Who is the course aimed at?
The course is aimed at all employees engaged in the provision of financial services and any other person who wishes to acquire an understanding of the threats posed to financial services business by criminally derived property and a practical understanding of how to protect businesses against them.

What are the benefits of acquiring the certificate?
For the Employer Criminal property poses the most significant risk to the survival of regulated businesses within the financial services industry. Every financial services business has a legal obligation to educate staff in anti money laundering procedures and the recognition and handling of suspicious transactions. There is a direct correlation between the quality of training provided (including its relevance to particular products and services) and the level of ongoing awareness of employees. Each organisation’s defence against criminal property is only as strong as its weakest employee. The Certificate provides employers with comfort that staff have attained a high level of practical awareness of the threat that money laundering poses to businesses and how to contribute towards protecting against it. For the Employee It is imperative that employees have a sufficiently high level of continuing awareness to protect themselves and their employers. There is growing recognition in light of the seriousness of the threat of money laundering, of the value of staff with the necessary skills to protect businesses against criminally derived property and relationships with clients engaged in or benefiting from criminality.

A unique training programme & structure
The Certificate has been designed with a structured training format but is also flexible in that it meets the needs of the individual delegate. All delegates will study a Core Module that covers: • Understanding Money Laundering • Anti Money Laundering Laws • Identifying Money Laundering Activity • Handling the Risk of Tipping off • Terrorist Financing – how does it differ from money laundering? • Politically Exposed Person Risk (PEP Risk). Delegates will then study one of the Specialist Modules from the following list: • Trust and Company • Banking • Insurance and Investment Business • Management Module (for those delegates who have management responsibility or aspire to management positions). See the Programme Structure and Course Syllabus for further details. 3

How is the programme taught?
The Certificate course is delivered through an integrated tuition system. This comprises of: • A distance learning course • Face to face workshop • Website support facilities Face to Face Workshop An anti money-laundering expert with extensive experience of the financial services sector will facilitate the workshop. Each workshop is highly interactive and designed to ensure maximum learning effectiveness.

How long will the programme take?
This very much depends on you, the amount of study time you have available, your aptitude for the subject and, the timing of workshops and testing in your chosen centre. The average delegate studying for the programme should be able to complete the Certificate in 1-3 months.

What can I expect from my course?
When you enrol on the Certificate course you will receive a course pack that includes: • Course guide • Course manual (including main text, self assessment questions and tasks) • Specimen awareness tests • Website access code to the support facilities The course pack will enable you to get started and provides you with a structured programme leading to the test. The course materials are written by anti money laundering experts.

How will I be tested?
Course assessment is carried out through a multiple-choice exercise that takes place at the end of the workshop. See schedule of workshops/tests on the attached sheet. All delegates are tested on the Core Module and one specialist module of their choice. All delegates must attend a workshop, which is followed by a one-hour testing session. On successful completion of the Workshop and Awareness Test, delegates will be awarded the ICA Certificate in Anti Money Laundering Awareness (Cert-AMLA). Those delegates that attend the programme, but do not wish to be tested, will receive a Certification of Attendance.

What qualification will I receive?
On successful completion of the Workshop and Awareness Test you will be awarded the ICA Certificate in Anti Money Laundering Awareness (Cert-AMLA). This is an internationally recognised certificate. 4

The Certificate is also a useful preparation for delegates who wish to progress to the Diploma in Anti Money Laundering or the Diploma in Compliance.

Entry Requirements
Admission to the Certificate is open, however the content of the programme requires delegates to possess: • Good written English skills • A sound educational background

When should I apply?
You may enrol on the Certificate course at any time throughout the year and work through the materials at your own pace. However, you should take into account the workshop and test schedule.

How do I apply?
Complete the enclosed application form and post or fax it to us at the address on the back page of the brochure. Alternatively you can complete the application form on the International Compliance Association website www.int-comp.org or the International Compliance Training website, www.intcomp.com.

How much will the programme cost?
See separate sheet.

Equal Opportunities & Disability Statement
ICT welcomes applications from students with additional support needs as a result of a disability, medical condition or specific language difficulty e.g. dyslexia. All applications will be considered under the same criteria as other applications. You are encouraged to contact the course administrator at ICT to discuss any requirements you may have relating to your study or other needs as soon as possible. This is so that we can take all reasonable steps to ensure your needs are met and that the relevant staff are informed of support requirements at the earliest opportunity. ICT will take all reasonable steps to ensure that applicants who meet the academic criteria will not be excluded from the course that interests them for reasons relating to their disability. However, there may be rare occasions that we would be unable to meet an individual’s needs, but this would be discussed in detail and every avenue investigated before a decision was made.

Data Protection
Any information provided will be used by the ICA/ICT or approved agents for administrative, membership and educational purposes or as required by law. From time to time ICA/ICT may pass your details to third partied to enable them to send you information about products and services approved by ICA/ICT. If you do not want to receive mailings from third parties, please let us know by emailing us at ica@int-comp.org 5

ICA Linked Organisations
Quality Assurance for the programmes is guaranteed through the close association with Manchester Business School (MBS), the British Bankers’ Association and the Society of Trust and Estate Practitioners.

Manchester Business School (MBS)
A school of the prestigious University of Manchester: • • • • Founded in 1965 (along with London Business School) in response to the governments wish for a two centres of international excellence in the UK – the first UK school to offer an MBA MBS in now one of a small and select band of institutions with accreditation from all three major bodies (AACSB International, AMBA and EQUIS). Only 12 other schools in the UK have achieved this accreditation and MBS is one of only 62 in the world Consistently ranked as the most international of the world’s leading schools The Financial Times has consistently ranked the School amongst the top 10 in Europe and in the world’s top 50. The most recent FT survey (2003) ranked the MBS fifth in the UK, eleventh in Europe and forty-fourth in the world. In 2002, MBS were ranked sixth in the UK, twelfth in Europe and forty-eighth in the world A five rating in the 2001 research assessment exercise (RAE) Part of the Manchester Federation School of Business and Management – the largest provider of management training and research in Europe Over 3,000 company partners since 1965.

• • •

British Bankers’ Association
The BBA is the principal representative body for the banking and financial services sector in the UK. The BBA seeks to influence the legislative and regulatory environment in which its members operate; facilitate the development of best practice within the industry and promote understanding of the banking industry, its contribution to the economy and the importance of London as a leading international financial centre.

Society of Trust and Estate Practitioners (STEP)
STEP is the professional body for the trust and estate profession and currently has over 9,000 members. STEP has a substantial number of branches throughout the world. STEP members come from the legal, accountancy, corporate trust, banking, insurance and related professions.


Programme Structure
↓ Delegate Enrolment ↓ Delegate Receives Course Materials ↓ Core Module (all delegates) ↓ Specialist Module (delegate’s need to select one)

Management Module

Trust & Company Module

Insurance & Investment Business Module

Banking Module

↓ Workshop ↓ Testing ↓ Confirmation of Test Result ↓ Retesting

ICA Awareness Certification Awarded


Certificate in Anti Money Laundering Awareness
Syllabus Content

Core Module
• Understanding Money Laundering - Why is money laundered? - How is money laundered? - What crimes generate property that can be laundered? - What forms of property can be laundered? Anti Money Laundering Laws - The offences of Money Laundering - Why Financial Services Businesses are exposed to the threat of Money Laundering Identifying Money Laundering Activity - The legal obligation to report - Client confidentiality - KYC/CDD Handling the Risk of Tipping off Terrorist Financing – How does it differ from money laundering? Politically Exposed Person Risk (PEP Risk)



• • •

Specialist Modules
Trust and Company Module
• Corporate Services - trading companies - bearer share companies Trustee Services - discretionary trusts - blind trusts - dummy settlors



Banking Module
• The Money Laundering Vulnerabilities of Bank Accounts and Banking Services - cash deposits - deposit accounts - client accounts - bank safety deposit boxes - wire transfers - correspondent bank accounts - omnibus accounts - bank bills - credit cards - back to back loans - letters of credit - bank accounts for legal entities - incorporating a bank Private Banking Services


Insurance and Investment Business Module
• • • • Insurance Investment Funds Investment Management Services and Securities Bonus Driven Work Environments

Management Module
• • • • Formulating an Anti Money Laundering Policy Formulating Anti Money Laundering Procedures Resources Culture


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