Anti-Money Laundering and Regulatory Compliance
Increased scrutiny from the G20 on Money Laundering Practices, changes to the Financial Action Task Force Recommendations, and an increased appetite for sanctions against offending firms have all contributed to increased regulatory burdens being placed on financial services organisations and their employees. This session will give participants an overview of the current risk and liability regime centred on Anti-Money Laundering (AML). Using a mixture of recent, real cases, and scenario analysis, including previously imposed fines, business limitations, licence revocations, and personal punishments, this one-day session will explore the issues pertaining to compliance risks and developing AML typologies. This session will develop through real scenarios to see not only the wider business implication of poor analysis and control, but also the individual impact which has, and will continue to be, delivered to offending institutions and their employees. Participants will be given time to ask questions to further develop their understanding, and gain a more detailed understanding of the challenges, complexity, and risks involved in compliance and money laundering today.
Key Takeaways from this Course
- Understanding MAS’ current priorities and recent legislative changes in the local and global environment;
- Consider emerging financial crime and conduct risk issues to aid a review of the adequacy of awareness levels and the suitability of existing controls;
- Have the tools to implement enhancements and positive cultural changes in response to lessons learnt from money laundering investigations and prosecutions;
- Understand the risk-based approach advocated by the first international compliance standard, ISO 19600, launched in 2015.
- International Money Laundering Frameworks and Conventions
- A look into the key international bodies, treaties, frameworks and conventions which have been established to combat money laundering and terrorist financing, including an idea of how and why these developed in the way they did.
- Developments & Changes in The Regional and Local Regulatory Environment
- What updates have been made and how do these differ from other regulations and previous n notices?
- How are these changes linked to the changing of the Recommendations from the Financial Action Task Force?
- Combatting Money Laundering
- What is being done in the global marketplace to fight back against criminals who always seem one step ahead?
- An overview of KYC, including the core components which comprise an institutional KYC Framework.
- Emerging AML Trends and Threats
- A look at key trends impacting financial institutions today from an AML perspective, including cyber security, virtual and digital currencies, trade based money laundering, and resource constraints.
- Overview of the Risk-Based Approach
- What is the Risk Based approach in theory and in practice?
- Risks – Reputational, Operational, Legal, Personnel.
- Suspicious Activity and filing of Suspicious Transaction Reports (STR’s)
- Sanctions Law
- What is sanctions law?
- Who imposes sanctions Law?
- UN Security Council Resolutions (UNSCR) and Section 27 of the MAS Act;
- Impact on institutions and nations.
Who Must Attend?
- Personnel who are directly or indirectly involved in identifying, assessing, monitoring and testing money laundering risks including front office/client contact officers, operations officers, business control officers, internal auditors, compliance officers, risk officers;
- This session also welcomes individuals who are interested in performing AML risk management and/or audit.
Governance and Risk Compliance Specialist: Mr. Sam Gibbins
Sam is the General Manager, Asia, for Governance Risk & Compliance Solutions, building presence in the Asian market across a wide and varied client base
Before joining GRC Solutions, Sam spent five years in Singapore working for the International Compliance Association, developing, building, and promoting courses under the Financial Industry Competency Standards. These standards were categorised under the Workforce Skills Qualification (WSQ) system from the Singapore Workforce Development Agency, helping to build the competence of working professionals through development, enhancement, and application of skills and knowledge.
Alongside this, Sam also worked on the skills and competency based development framework, and associated courses, for Compliance and Anti-Money Laundering with the Asian Institute of Finance and the Asian Institute of Chartered Bankers (formerly IBBM), as well as with the Australian Financial Markets Association. In recent years he has helped establish a number of ‘Compliance Academies’ at global firms.
Sam has completed the Advanced Certificate in Training and Assessment with the Institute for Adult Learning, the in-house training division of the Singapore Workforce Development Agency. He possesses a BA (Hons) from King’s College, University of London, as well as a Diploma in Anti Money Laundering from the International Compliance Association, and is also a Certified Compliance and Ethics Professional (International) with the Society for Corporate Compliance and Ethics. He is a member of the Singapore Institute of Directors, the Australian Chamber of Commerce, the International Compliance Association, the Singapore Training & Development Association, and the Adult Education Network.