Money Laundering, Terrorism Financing and Financial Crime transactions/activity can damage a business assets and reputation; thus, it is of high importance to ensure compliance with all applicable laws and regulations.
Legalization of Assets from Illegal Activities, Worldwide Terrorism, Corruption of Government Officials, Human Trafficking, Arms Smuggling and Tax Evasion have made Anti-Money Laundering a pressing international issue in recent years.
By law, regulated organization should accept only those customers whose Source of Wealth and Funds can be reasonably established as legitimate.
Organization mandated by Anti-Money Laundering and Countering the Financing of Terrorism regulations must implement and maintain a compliance program to comply with the laws and regulations. These programs must be composed, with some differentiation in different jurisdictions, of four pillars:
(1) Policies and Procedures
(2) Designate a Compliance Officer
(3) On-going Training Program and
(4) Independent Audit.
In case of failure to comply with AML/CFT laws and regulations, including the training requirements, organizations face a number of sanctions and fines according to the degree of non-compliance and to the type of organization.
Conducting trainings on and for Anti-Money Laundering and Counter Financing of Terrorism – AML/CFT to organizations’ employees is a requirement and an obligation according to both US, EU and National Legislations of several countries.
CubeIQ’s provides training courses with number of modules covering all key elements of anti-money laundering, countering the financing of terrorism and financial crimes prevention.
- The AML/BSA/CFT/OFAC Regulatory Ecosystem
- The AML/CFT Legal Framework
- Overview of Anti-Money Laundering (AML)
- Obligations under AML/BSA/CFT/OFAC
- Know Your Customer (KYC)
- Currency Transaction Report/Source of Funds Declaration & Politically Exposed Person
- OFAC, Sanctions & Terrorist
- Customer Risk Rating (CRR)
- High Risk Customers (HRC) & Enhanced Due Diligence (EDD)
- Suspicious Transaction, Transaction Monitoring & Investigations
- Suspicious Activity Reports (SAR)/Suspicious Transaction Reports (STR)
- Annual AML/BSA/CFT/OFAC Risk Assessment
- AML/BSA/CFT/OFAC Independent Audit
- Know Your Employee (KYE) & Ethics
- Regulatory & Enforcement Agencies
- Cybercrimes, New Technologies & the future of Compliance
- The courses are provided over the internet and therefor training cost is minimized.
- Certificates issued on successful completion together with the training courses program serve as documented evidence for fulfilling training requirements
- Adaptability of training courses according to organization’s specific training needs.
- On-line assessments – testing guarantee training evaluation and effectiveness
- Inclusion of practical examples and examples from the organization day-to-day operations provide hands-on training, enabling trainees to apply training on real cases.
- Training progress monitoring by reporting to the management testing results in both short and detailed form.
- Evaluation of training outcome and closing of possible gaps by training assessment repeatability.