ICA Specialist Certificate in Money Laundering Risk in Correspondent Banking

Why Attend

In this course, you will analyze the fundamentals of correspondent banking and the opportunities for money launderers. You will explore the risk assessment and management approaches and the importance of robust due diligence as risk control. This course is awarded in association with Alliance Manchester Business School, the University of Manchester.

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Course Objectives


  • When you undertake the course, in addition to the essential concepts of AML and CTF, you will cover the following areas:
  • Essential AML concepts
  • Fundamentals of correspondent banking
  • Regulatory frameworks
  • Money laundering risk is inherent in correspondent banking
  • Approaching due diligence in correspondent banking
  • Monitoring
  • Sanctions


Target Audience


• Compliance, AML and financial crime officers
• Money laundering reporting officers
• Managers responsible for internal compliance controls
• Internal and external audit staff
• Company secretaries
• Legal practitioners and support staff
• Accountants

Essential AML Concepts

  • What is money laundering?
  • Identifying suspicious activity
  • Customer Due Diligence (CDD)
  • The risk-based approach
  • Money laundering and terrorist financing

 

Fundamentals of Correspondent Banking

  • What is correspondent banking?
  • Key terms in correspondent banking
  • Types of correspondent activity
  • What is `Risk’?
  • A brief note on customers and clients
  • Evolution of correspondent banking
  • The shape of the broader financial sector
  • A word on post-crisis banking relationships

 

Regulatory Frameworks

  • Regulatory trends and developments
  • International standards
  • USA PATRIOT Act
  • EU Fourth Money Laundering Directive and correspondent banking
  • Summary

 

Money Laundering Risks Inherent in Correspondent Banking

  • Examining risk
  • Fundamentals of risk management
  • Risk management in correspondent banking
  • Risk categories
  • Risk-assessment methodology
  • Risk-assessing respondent banks
  • Risk Considerations
  • Tax compliance risks
  • Sources of information
  • Using the risk assessment results
  • Summary - The importance of identifying, assessing and managing money laundering risks in correspondent banking

 

Approaching Due Diligence in Correspondent Banking

  • Due diligence as a control
  • Best practice in CDD
  • Enhanced due diligence in correspondent banking relationships
  • The Wolfsberg Questionnaire
  • Understanding your customer’s business (KYCB)
  • Terminating relationships
  • The consequences of inadequate due diligence

 

Monitoring

  • Transaction monitoring in correspondent banking
  • Setting up an effective monitoring system
  • Recognising suspicious transactions
  • Responding to suspicious transactions
  • Summary

 

Sanctions

  • Sanctions breaches and correspondent banking
  • What are sanctions and who implements them?
  • The respondent’s AML/CTF
  • Filters and evasive steps
  • Summary

This course has not been scheduled, however you can request for In-House training