FATF Recommendations on High Risk Customers and Activities

🌟 Overview of FATF Recommendations on AML/CFT for High Risk Customers and Activities 🌟

Introduction to Global AML/CFT Challenges 🤔

Do you know that the biggest challenge for financial institutions is to identify and manage Money Laundering Risks, Terrorist Financing Risks, and related activities? These risks are not just a local concern but a global issue that affects all corners of the world.

• Why are companies and institutions being penalized by regulators? It's because they often fail to adequately manage these risks or adhere to regulations, leading to severe consequences.
• How do financial institutions manage the risk of money laundering and terrorist financing? They implement strict controls and measures to detect and prevent such activities.
• What is Financial Action Task Force (FATF)? FATF is an intergovernmental body established to create global standards to combat Money Laundering, Terrorist Financing, and other related threats to the integrity of the international financial system.

Course Overview 📘

This course is your comprehensive guide to understanding AML/CFT within the context of FATF's Recommendations No. 12 and 13, specifically focusing on PEPs (Politically Exposed Persons) and Correspondent Banking. It will provide you with practical insights into:

• FATF's Recommendations 12 and 13 Explained: These recommendations outline additional measures for specific customers and activities to mitigate the risks of ML/TF, especially in the context of PEPs and correspondent banking relationships.
• Building a Strong Compliance Culture: Learn how financial institutions are cultivating a compliance mindset to avoid penalties and protect their reputation.

Key Learning Outcomes 🚀

Throughout this course, you will gain knowledge on:

• Money Laundering and Terrorist Financing with Examples
• AML Measures
• Overview of FATF's Risk-Based Approach (RBA)
• Customer Due Diligence (CDD) Measures
• Enhanced Customer Due Diligence (EDD)
• High-Risk Jurisdictions, Most Serious Jurisdictions, and Jurisdictions under Increased Monitoring by FATF
• Overview of FATF Recommendations 12 and 13
• Politically Exposed Persons (PEPs) and related ML/TF risk factors
• Correspondent Banking Relationship and related ML/TF risk factors
• Practical Examples to solidify your understanding.

Interactive Learning Experience 💡

This course also includes:

• A QUIZ TO TEST YOUR KNOWLEDGE ABOUT FATF HIGH-RISK CUSTOMERS AND TRANSACTIONS / AML CFT to ensure you understand the key concepts.

Who Should Take This Course? 👥

This course is specifically designed for:

• Compliance professionals and students who seek to deepen their understanding of FATF's role in global AML/CFT efforts.
• Regulatory Compliance professionals looking to enhance their knowledge on PEPs and correspondent banking risks.
• Risk management professionals and students aiming to master the risk assessment process within AML/CFT frameworks.
• Internal audit professionals and students who wish to understand how to audit for compliance with FATF recommendations.
• Internal controls professionals seeking to implement effective measures against ML/TF activities.
• Finance professionals and students interested in the financial crime prevention aspects of their field.
• CAMS, AML/CFT students who want to prepare for their certifications.
• ACCA, CPA, CGA, CMA students looking to understand the global context of their studies and future careers.

By the end of this course, you will be well-equipped to engage with compliance, audit, and other AML/CFT professionals on a global stage, confident in your knowledge and skills. 🌐✨