Overview

Setting the right compliance framework with robust AML-KYC workshop

Businesses in today’s financial landscape require a robust defense against money laundering. Whether in small or large financial institutions, Anti-Money Laundering (AML) systems encompass policies, procedures, and technologies designed to prevent money laundering and monitor potentially fraudulent activities.

Netrika offers a comprehensive AML-KYC workshop, providing specialized AML training to equip your employees to identify red flags and suspicious activities. Our intensive and practical training program qualifies your employees in AML processes and laws. It raises awareness of financial crime risks, global regulations, regulatory frameworks, and jurisdiction-specific laws, as well as systems and controls to detect and prevent financial crimes.

The workshop covers the vulnerability of financial services to money laundering and includes initiatives to combat terrorism, along with the regulations governing financial institutions.

Key areas of focus include:

• Know Your Customer (KYC) and Customer Due Diligence (CDD) principles: Emphasize the importance of identifying and verifying customer identities.
• Sanctions Monitoring: Explore effective methods for detecting and preventing sanctioned entities from accessing financial services.
• The Practical Role of the Money Laundering Reporting Officer (MLRO): Understand the responsibilities and duties of the MLRO in reporting suspicious activity.
• Emerging Industry AML Risks: Gain insights into the evolving AML landscape and specific risks associated with new industry sectors.

Modules to be Covered

1. 1. Standards and Regulatory Frameworks
      1. Overview of the AML/KYC
         1. Background and history pertaining to money laundering (ML) controls
         2. What ML and Terrorist Financing (TF) mean
         3. Why the perpetrators do it, and
         4. Why stopping them is important
      2. Compliance of KYC policy
         1. Internal policies, such as customer identification, verification procedures, and CDD policies
   2. Fundamental Concepts and Principles of AML/KYC
      1. Define Money Laundering, including Three Stages of Money Laundering
      2. Understand the consequences of money laundering
      3. Key elements of a KYC policy
      4. Case studies with lessons learned
   3. Managing and mitigating Red Flags/Suspicious Activities
      1. Common Indicators to identify Suspicious Money Laundering Activities
      2. Performing risk assessments
         1. Risk Mitigation in Know Your Customer
         2. Introduction to Enhance Due Diligence and Politically Exposed Persons
         3. How to identify Ultimate Beneficial Ownership
      3. Internal Practices
         1. Due Diligence Report
         2. Roles and Responsibilities
         3. Reporting Suspicious Activity
   4. Overview of Prevention of Money Laundering Act, 2002 Fundamental concepts and principles
      1. 1. Penalties for AML violations, including criminal and civil penalties, fines, jail terms, and internal sanctions, such as disciplinary action up to and including termination of employment
   5. Test your knowledge

Q1: Why is AML Training Important for employees?

AML training is essential as criminals employ sophisticated schemes to make it difficult to understand the origins of illicit funds, exhibiting significant challenges for businesses globally. Anti money laundering training course equips employees in detecting and reporting suspicious activities and protecting the organization from legal and reputational risks.

Q2: Are there any eligibility criteria or qualifications required to enroll in the Anti-Money Laundering course?

No, the Anti-Money Laundering training course does not require any specific level of education or prior qualifications for enrollment. However, having a basic understanding of the subject matter may be beneficial.

Q3: How does Anti Money Laundering training apply to the banking sector?

In the banking sector, AML training equips employees with the knowledge and skills to identify and report suspicious transactions that could be linked to money laundering activities. This training guarantees compliance with Anti-Money Laundering policies and laws and strengthens the bank’s defenses against economic crime.

Q4: What is an AML KYC certification, and how can it benefit my professional career?

AML KYC certification authenticates your expertise in Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Netrika aml certification enhances your professional credentials, making you an asset to employers in financial institutions and corporations that require rigorous compliance measures.

Q5: What is the best AML certification available in India, and how can it benefit professionals?

The best AML certification in India is often considered to be the CAMS (Certified Anti-Money Laundering Specialist) certification. It provides thorough training on Anti money laundering laws, regulations, and practices, making professionals more adept in combating money laundering and enhancing their career prospects in the financial sector.

Q6: What makes AML crucial for businesses?

By prioritizing AML compliance, businesses not only protect themselves from financial losses and reputational damage, but also contribute to a safer financial ecosystem for everyone.

Our training programs are meticulously curated and highly customizable to align with your organization’s specific requirements and objectives.

The pricing for these programs is flexible, determined by factors such as the number of participants and audience specifications, ensuring a cost-effective solution that meets your training goals.

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