“The fictionalized images of organized crime are far from the truth. The reality is less Hollywood and far more about fluid organized criminal networks profiting from the sale of illegal goods wherever there is a demand. These international illegal markets are anonymous and more complex than ever and each year generate billions of dollars.” (UNODC: Transnational Organized Crime – The Globalized Illegal Economy).

International financial regulators, lawmakers and governments are working together to implement measures to deter, disrupt and detect these activities. It is essential that members of the regulated sector understand and comply with these regulatory and legal requirements to avoid the penalties that can be applied for personal and corporate failings.

In this course, we will look at some of the most important legal instruments and regulatory requirements, and review some of the very latest trends in criminal conduct and how firms are threatened by criminals and the financiers of terrorism.

Using case studies, exercises and learning from their peer group, delegates will be encouraged to develop a practical understanding on how to manage financial crime risks more effectively in the regulated sector whilst meeting personal and business responsibilities.

Course Overview and Expected Learning Outcomes

The course will provide an essential introduction to financial crime management responsibilities in the regulated sector, and will include UK and other key international jurisdiction developments including the EU and USA.

Critically, you will be able to describe the very latest financial crime and terrorist financing trends and the sources of illicit finance, and be able to discuss how criminals launder money, using disguised typologies such as undisclosed beneficial ownership, nominees, bearer shares and high-risk business activity.

You will review current and emerging regulatory changes covering money laundering, terrorist financing, sanctions, tax evasion, bribery and corruption, modern slavery & human trafficking and virtual currency use.

Delegates will be able to explain the role of firms in the regulated sector in the wider international fight against crime and terrorism and understand the three lines of defence model of controls that is typically applied to manage these risks.

Additionally, you will be able to outline the training needs for regulated staff, including how to identify suspicious activity using ‘red flags’ and case studies, and understand how these concerns should be escalated and reported.

Keywords and topic areas

  • UK and International money laundering and terrorism laws and regulations
  • The Financial Action Task Force (FATF) 40 Recommendations (2012), the Fourth EU Money Laundering Directive and UK Money Laundering Regulations 2017
  • Customer Due Diligence (CDD) & Know Your Customer (KYC) (including enhanced due diligence, PEPs and other high-risk client categories).
  • Transaction monitoring
  • Escalation and reporting suspicion
  • Sanctions and terrorist financing
  • Tax evasion, tax avoidance and transfer pricing
  • The risk based approach
  • Regulatory control environment

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