Anti-Money Laundering

Learn how to protect your company from the risk of money laundering, terrorism financing and understand the implications and penalties for non-compliance with AML/CFT legislation and regulatory requirements.

Who Should Attend This Workshop?

•  All job levels specialized in anti-money laundering and combating the financing of terrorism (AML/CFT);
•  All job levels specialized in regulatory compliance
•  All job levels specialized in risk management.
•  Anyone interested in the subject

Content:

• The Role of FSC Code on the Prevention of Money Laundering & Terrorist Financing
  • Background and Scope
  • Sanctions for non – compliance
  • Core AML/ CFT principles
• Money Laundering and Terrorist Financing
  • What Is Money Laundering?
  • Stages involved in Money Laundering
  • Terrorist Financing
• International AML/CFT Initiatives Financial Action Task Force (FATF)
  • Basel Committee on Banking Supervision
  • The Wolfsberg Group
  • International Organisation of Securities Commissions (IOSCO)
  • International Association of Insurance Supervisors (IAIS)
• EXTRA TERRITORIAL POWERS OF THE UNITED STATES The Legal Framework in Mauritius
  • •The Financial Intelligence and Anti Money Laundering Act 2002 “FIAML Act”
  • The Prevention of Terrorism Act 2002 “POTA”
  • The Convention for the Suppression of the Financing of Terrorism Act 2003
  • The Financial Services Act 2007 “FS Act”
  • Exchange of Information between the FSC and the FIU
• Internal Controls and Money Laundering Reporting Officer
  • Internal Controls
  • Appointment Of The Money Laundering Reporting Officer (MLRO)
  • Notification Of The Appointment Of The Money Laundering Reporting Officer
  • Role Of The Money Laundering Reporting Officer
• Customer Due Diligence
  • Customer Due Diligence Measures – “CDD MEASURES”
  • Identification and verification of applicants for business who are natural persons
  • Identification and verification of applicants for business who are legal persons/arrangements Acquisition of a
  • Business or Block of customers.
  • Source Of Funds/Property And Source Of Wealth
  • Appropriate Certification
  • Eligible And Group Introducers
  • Omnibus Accounts
  • Timing Of Verification Of Identity
  • Existing Customers
  • High Risk and Low Risk Relationships •Risk Profiling •High Risk Relationship •Enhanced Due Diligence Measures •Politically Exposed Persons (PEPs) •Non face – to – face business relationships •FATF Statements and non – equivalent jurisdictions •Low Risk Relationships Simplified Or Reduced Due Diligence Measures On Going Monitoring, Recognising and Reporting Suspicious Transaction / Activity
  • On Going Monitoring •Complex Arrangements
  • Recognising Suspicious Transaction And Activity
  • Obligation And Failure To Repor
  • Reporting Suspicions To The FIU Communicating With Customers And Tipping Off
  • Constructive Trusts
• Record Keeping 
  • General Requirements
  • Customer due diligence information
  • Transactions
  • Internal and external suspicious reports
  • Training
  • Compliance monitoring
  • Forms Of Record And Record Retrieval
  • Period Of Retention
  • Inspection Of Records