Enhanced Assessment on Money Laundering And Terrorism Financing (ML/TF) Risks

FATF Recommendations and domestic legislation require financial institutions and their supervisors to identify, assess and understand the ML and TF risks they face and to take effective actions to mitigate those risks. The purpose of these requirements is to focus AML strategies and compliance efforts where the risks are higher, and at the same time, to manage more effectively the costs of compliance and to reduce the fim’s exposure to ML and TF risks.

ML and TF risks can be quite diversified and complex as ML and TF techniques continuously evolve, and their identification and mitigation could be challenging for firms. The costs of compliance are increasing, and so is the risk of sanctions by supervisors for failure to comply effectively with AML/CFT requirements. International banks are setting the bar high for AML/CFT compliance to establish correspondent banking relationships.

In light of these challenges, this course aims at providing participants with operational knowledge for identifying and assessing ML and TF risks, acquiring information on the latest ML and TF trends, and understanding the best practices in creating strategies and setting up effective risk-based compliance systems that is compliant with both FATF Recommendations and other international best practices.