Training Course on Anti-Money Laundering (AML) and KYC for Bank Operations Managers

Course Outline

 

Module 1: The Global AML/CFT Framework and Role of Operations

ü  Introduction to Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF)

ü  Global bodies and their recommendations: FATF, Basel Committee

ü  Local AML/CFT laws and regulations relevant to banking

ü  The "Three Lines of Defense" model and the role of operations

ü  Consequences of non-compliance for banks and individuals

ü  Practical Session: Analyzing a recent regulatory fine imposed for AML/KYC failures and discussing operational lessons

Module 2: Money Laundering and Terrorism Financing Typologies

ü  Stages of money laundering: Placement, Layering, Integration

ü  Common money laundering methods in banking (e.g., smurfing, shell companies)

ü  Terrorist financing vs. money laundering: key distinctions

ü  Indicators of potential illicit activity across various banking products

ü  Evolving typologies and emerging threats

ü  Practical Session: Identifying money laundering red flags in customer account activities

Module 3: Know Your Customer (KYC) and Customer Due Diligence (CDD) in Practice

ü  Core principles of KYC and CDD

ü  Customer identification and verification processes for individuals and entities

ü  Beneficial ownership identification and verification

ü  Source of funds and source of wealth considerations

ü  Risk-based approach to CDD

ü  Practical Session: Performing a mock KYC onboarding process for different customer types (individual, corporate)

Module 4: Enhanced Due Diligence (EDD) for High-Risk Customers

ü  Criteria for identifying high-risk customers

ü  Politically Exposed Persons (PEPs): definition, risk assessment, ongoing monitoring

ü  Customers from high-risk jurisdictions and industries

ü  Procedures for conducting EDD and documenting findings

ü  Ongoing monitoring of high-risk relationships

ü  Practical Session: Developing an EDD checklist for a complex corporate client

Module 5: Sanctions Screening and Watchlist Management

ü  Understanding international sanctions regimes (e.g., OFAC, UN, EU)

ü  Types of sanctions: targeted, comprehensive

ü  Sanctions screening processes: real-time vs. batch screening

ü  Managing false positives and true hits

ü  Integrating sanctions screening into operational workflows

ü  Practical Session: Reviewing sanctions alerts and determining appropriate actions

Module 6: Transaction Monitoring and Suspicious Activity Reporting (SAR)

ü  Principles of effective transaction monitoring

ü  Rule-based vs. behavioral-based monitoring systems

ü  Identifying suspicious transaction patterns

ü  The process of investigating suspicious alerts

ü  Preparing and filing Suspicious Activity Reports (SARs)/Suspicious Transaction Reports (STRs)

ü  Practical Session: Analyzing transaction data to identify suspicious patterns and justifying a SAR filing

Module 7: Record-Keeping, Data Management, and Audit Trails

ü  Regulatory requirements for AML/KYC record-keeping

ü  Importance of data quality and integrity in AML operations

ü  Managing customer information and transaction data securely

ü  Creating robust audit trails for compliance activities

ü  Data retention policies and procedures

ü  Practical Session: Discussing best practices for maintaining AML/KYC records in a digital environment

Module 8: Technology in AML Operations (RegTech and FinTech)

ü  Overview of RegTech solutions for AML/KYC

ü  Leveraging Artificial Intelligence (AI) and Machine Learning (ML) in compliance

ü  Automation of KYC onboarding and monitoring processes

ü  Robotic Process Automation (RPA) for AML tasks

ü  Challenges and benefits of adopting new AML technologies

ü  Practical Session: Exploring common AML software functionalities and their impact on operations

Module 9: Building an AML/KYC Compliant Operational Culture

ü  The importance of "tone from the top" in fostering compliance

ü  Developing effective AML/KYC training programs for operational staff

ü  Roles and responsibilities of operational managers in AML/KYC

ü  Encouraging internal reporting of suspicious activities

ü  Performance metrics and incentives for compliance

ü  Practical Session: Designing a short AML awareness module for frontline staff

Module 10: Best Practices, Challenges, and Future Trends in AML Operations

ü  Case studies of successful AML operational enhancements

ü  Current challenges: remote onboarding, cryptocurrency risks, trade-based money laundering

ü  Emerging trends in AML/KYC: digital identity, shared KYC utilities

ü  Collaboration between operations, compliance, and technology teams

ü  Preparing for future regulatory changes and technological advancements

ü  Practical Session: Brainstorming solutions for current AML operational challenges faced by banks

About the Trainers

The training will be delivered by a team of highly experienced AML and financial crime prevention specialists, including former Chief Operations Officers with strong AML oversight, compliance heads, and RegTech experts.

Our trainers possess extensive practical experience in implementing and managing AML/KYC programs within diverse banking environments, bringing real-world scenarios and actionable strategies to the classroom. Their expertise ensures that participants gain practical skills and a deep understanding of operationalizing AML compliance effectively.

Quality Assurance

We are committed to delivering high-quality, practical, and relevant training programs that empower professionals to excel in their roles and contribute significantly to the success of their organizations. Our courses are continually updated to reflect the latest industry trends, regulatory changes, and best practices.

Admission Criteria

ü  Participants should be reasonably proficient in English. 

ü  Applicants must live up to Phoenix Center for Policy, Research and Training admission criteria.

Terms and Conditions

1. Discounts: Organizations sponsoring Four Participants will have the 5th attend Free
2. What is catered for by the Course Fees: Fees cater for all requirements for the training – Learning materials, Lunches, Teas, Snacks and Certification. All participants will additionally cater for their travel and accommodation expenses, visa application, insurance, and other personal expenses.
3. Certificate Awarded: Participants are awarded Certificates of Participation at the end of the training.
4. The program content shown here is for guidance purposes only. Our continuous course improvement process may lead to changes in topics and course structure.
5. Approval of Course: Our Programs are NITA Approved. Participating organizations can therefore claim reimbursement on fees paid in accordance with NITA Rules.

Booking for Training

Simply send an email to the Training Officer on training@phoenixtrainingcenter.com and we will send you a registration form. We advise you to book early to avoid missing a seat to this training.

Or call us on +254720272325 / +254737566961

Payment Options

We provide 3 payment options, choose one for your convenience, and kindly make payments at least 5 days before the Training start date to reserve your seat:

1. Groups of 5 People and Above – Cheque Payments to: Phoenix Center for Policy, Research and Training Limited should be paid in advance, 5 days to the training.
2. Invoice: We can send a bill directly to you or your company.
3. Deposit directly into Bank Account (Account details provided upon request)

Cancellation Policy

1. Payment for all courses includes a registration fee, which is non-refundable, and equals 15% of the total sum of the course fee.
2. Participants may cancel attendance 14 days or more prior to the training commencement date.
3. No refunds will be made 14 days or less before the training commencement date. However, participants who are unable to attend may opt to attend a similar training course at a later date or send a substitute participant provided the participation criteria have been met.

Tailor Made Courses

This training course can also be customized for your institution upon request for a minimum of 5 participants. You can have it conducted at our Training Centre or at a convenient location.

For further inquiries, please contact us on Tel: +254720272325 / +254737566961 or Email training@phoenixtrainingcenter.com

Accommodation and Airport Transfer

Accommodation and Airport Transfer is arranged upon request and at extra cost. For reservations contact the Training Officer on Email: training@phoenixtrainingcenter.com or on Tel: +254720272325 / +254737566961