Introduction to Money Laundering

Outline & Objectives

Preventing crims is primarily the role of law enforcement. However, in the case of financial crimes such as money laundering, financial services businesses, lawyers, accountants and others within the regulated sector also have a key role to play. Indeed, businesses operating in the regulated sector and individuals working for such businesses are obliged to do so.

This introductory workshop will explore money laundering from the perspective of both the criminal and those involved in preventing such criminal activity. Rather than a detailed, technical analysis of relevant obligations, the emphasis will be very much on considering the practical steps involved in preventing money laundering in the regulatory sector.

Who will benefit?

Anyone responsible for supervising/managing those who have direct interaction with clients or their transactions (e.g. managers of financial advisors/relationship managers or managers of client servicing teams handling onboarding and client investments, payments and other transactions).

Anyone responsible for implementing procedures and other controls relating to client relationships and transactions (e.g. managers as mentioned above or specialist roles in the first line of defence such as CCD Analysts).

Anyone responsible for maintaining policies or providing advice and support relating to the prevention of money laundering or financial crime more broadly (e.g. roles in the second line of defence such as Financial Crime or Compliance Analysts).

The course is also valuable for individuals in Risk, Compliance and Audit with responsibility for monitoring financial crime prevention activities.

The workshop will benefit not only those new to such roles (or looking to move into such roles in the future), but also those seeking to refresh their knowledge or identify potential improvements to controls in their own organisation.

Issues that may be covered, but are not limited to:

• Understand what money laundering is
• Understand the role of the regulated sector in preventing money laundering
• Assess the risks facing the regulated sector
• Understand the obligations placed upon the regulated sector and individuals working within this sector
• Appreciate the consequences of failing to satisfy our obligations