Skip to main content
All Academy Courses

CERTIFIED ONLINE TRAINING

Identifying and Reporting Financial Crime Risks

Including the Misuse of Legal Entities, Trusts and LLPs

Course Overview

A programme that is designed to provide an introduction for employees of the financial and non-financial regulated sectors to define and identify the risks of legal entities, legal arrangements and LLPs, and report unusual and higher risk activity.

Course Structure

  • Company incorporation and legal arrangements explained.
  • Disclosure and reporting requirements for firms, trusts, and LLPs.
  • Laws and regulations that apply to firms and to regulated entities who wish to enter relationships with these customers.
  • Think Like a Criminal – crime methodologies
  • Identifying and reporting the risks.
  • Case study analysis

Course Summary

Course Level
Diploma
Method of Assessment
Case-study based MCQ
Duration
30 minutes
Availability
From Q2, 2024
Certification
GCAL CPD and University of Gloucestershire
Online Presentation
Recorded Instructor-Led Training
Enquire Now

Who Is This For?

  • All regulated sector employees who contribute to the process of customer risk assessment.
  • CDD/KYC analysts.
  • SAR investigators.
  • Senior FC professionals including MLRO and DMLRO.
  • Internal Auditors.
  • Compliance Monitoring and Assurance.

Learning Outcomes

By the end of this programme, you will be able to:

  • Provide an overview of the legal form of a legal entity, legal arrangement and LLP, including the roles and responsibilities of the Directors and Shareholders.
  • Explain the disclosure and reporting responsibilities for legal entities, arrangements and LLPs in the UK.
  • Provide an overview of the role of the UK Companies House.
  • Summarise the requirements to report discrepancies in company details under the Money Laundering Regulations.
  • Describe how criminals misuse legal entities, trusts and LLPs to support their illicit activity.
  • Identify the risks: use unusual indicators (‘red flags’) to identify unusual and higher risk activity.
  • Identify and report criminal conduct according to the requirements of the Proceeds of Crime Act 2002 and Terrorism Act 2000.

Topics Covered

What will I learn?

Advanced Operations level course that will support Financial Crime Professionals to develop their financial crime risk management skills looking at:
  • Incorporation and disclosure responsibilities of a legal entity, Directors, and Shareholders (Persons with Significant Control)
  • Companies Act 2006
  • Financial Action Task Force Recommendations and Reports on BO
  • Economic Crime and Corporate Transparency Act 2023
  • Money Laundering Regulations
  • UK Companies House
  • US BSA Filings
  • Open Corporates Register
  • Overview of company accounts and other filings – profit and loss and balance sheet analysis.
  • Corporate crime – tax evasion, money laundering, pension funds and fraud
  • Shell and Shelf companies and front companies.
  • Formal nominees – TCSPs.
  • Informal nominees – Relatives and close business associates
  • Complex layering
  • Offshore secrecy havens
  • Customer Due Diligence and EDD
  • Case Study: Russian Laundrymat
  • Three lines of defence model
  • Case enforcement analysis: Danske Bank
  • Identifying the risks and ‘red flags’
  • Reporting under the POCA and TA.

Delivery Formats

This course is delivered through a combination of online reading, case-study research, and recorded instructor-led training.

Students can study at their own pace with an online MCQ assessment to complete once ready.