CHAPTER ONE: RECOGNIZING MONEY LAUNDERING RISKS AND METHODS
- Fundamentals of Money Laundering.
- Definition of money laundering and its impact on the economy.
- The stages of money laundering: Placement, Layering, Integrationز
- Examples of traditional money laundering methods.
- Emerging Money Laundering Techniques.
- Money laundering using cryptocurrencies.
- Trade-based money laundering (TBML).
- Exploiting modern financial technologies.
- Identifying Red Flags.
- Unusual financial transactions.
- Suspicious behavioral patterns.
- Use of jurisdictions with weak regulations.
- Risks for Financial Institutions.
- Risk factors associated with clients.
- High-risk products and services.
- Geographical risk factors.
INTERNATIONAL ANTI-MONEY LAUNDERING STANDARDS
- FATF Recommendations.
- The role of FATF in setting global standards.
- FATF Recommendations for AML.
- Aligning local policies with FATF guidelines.
- International Laws and Regulations.
- S. regulations: The Patriot Act.
- EU regulations: The 5th Anti-Money Laundering Directive.
- Basel Committee Standards.
- Regional Frameworks and International Cooperation.
- Regional organizations such as MENAFATF.
- Importance of cross-border cooperation.
- Mutual evaluation reports.
- Regulatory Bodies’ Roles.
- Role of central banks.
- Compliance with Suspicious Activity Reports (SARs).
- Enforcement of penalties for violations.
DESIGNING AND IMPLEMENTING ANTI-MONEY LAUNDERING PROGRAMS
- Designing an AML Program.
- Establishing clear policies and procedures.
- Involving senior management.
- Defining roles and responsibilities.
- Managing Money Laundering Risks.
- Conducting periodic risk assessments.
- Client risk classification.
- Risk mitigation strategies.
- Technology and Systems Support.
- Transaction monitoring systems.
- Data analytics and threat forecasting.
- Automated compliance tools.
- Training and Awareness Programs.
- Employee training to identify suspicious activities.
- Tailored programs for different departments.
- Evaluating training program effectiveness.
CONDUCTING AND SUPPORTING ANTI-MONEY LAUNDERING INVESTIGATIONS
- Reporting and Investigations.
- Writing Suspicious Activity Reports (SARs).
- Communication with regulatory authorities.
- Case studies of successfully investigated cases.
- Collecting and Analyzing Evidence.
- Techniques for gathering financial data.
- Analyzing financial networks and relationships.
- Documenting evidence to support investigations.
- Internal Investigations.
- Building internal investigation teams.
- Investigating suspected violations.
- Enhancing monitoring mechanisms
- Collaboration with External Agencies.
- Coordination with law enforcement agencies.
- Sharing information among financial institutions.
- The role of collaboration in strengthening compliance.
