Programme Objective
To provide a robust, comprehensive and leading practice insight into the world of AML /CFT and Regulatory Compliance. By the end of the programme each participant will be able to:
- Know the legal and regulatory frameworks guiding AML/CFT in Nigeria
- Be able to define money laundering and terrorist financing, as well as learn the stages of money laundering
- Gain insights into the relationship between money laundering and terrorist financing
- Explore FATF, MLPA and CBN’s pronouncement on CDD, EDD, PEP, threshold reporting, STR, recordkeeping, reliance on third party and group entity
- Understand who a beneficial owner or ultimate beneficial owner is
- Explore the money laundering offences and predicate offences
- Gain insight into the concept of mutual evaluation
- Gain insight into the concepts of STRs, CTRs, red-flags, and other reporting requirements, as well as record keeping and retention
- Learn how to sight, notarise and certify KYC documents and which to recommend to your client at any point in time
- Learn what monitoring and ongoing monitoring on customers’ accounts and transactions mean
- Understand the acceptable means of identity (documentary evidence of identity) and proof of address (documentary evidence of address)
- Appreciate the objective of financial inclusion and the role of tiered KYC
Programme Coverage
- Legal and regulatory frameworks guiding AML/CFT in Nigeria
- Introduction to money laundering and terrorist financing
- The risk-based approach to anti-money laundering
- FATF pronouncements on CDD and EDD
- MLPA pronouncements on CDD and EDD
- Ongoing CDD Measures to be undertaken by FIs
- EDD measures to be undertaken by FIs
- EDD measures to be undertaken where the customer is a PEP
- Simplified due diligence (SDD) measures where lower risks are identified
- Due diligence to be carried out on employees (Know Your Employees – KYE)
- Prohibition of accounts and relationships
- Transaction reporting
- Record-keeping and retention
- Money laundering and terrorist financing “red flags”
- Mutual evaluation
- Practical demonstration of how to sight, notarise and certify KYC documents
- Protection for employees that report suspicious transactions and activities
- Case studies and discussions
Who Should Attend?
- All employees
- Front-line and customer facing employees of financial institutions
- Client engagement employees
- AML and Compliance Officers and professional
- Internal auditors
- Regulators
Duration: 1 day (In-house/In-plant only)
Date: As agreed with our client
Programme fee: As negotiated
Key benefits: Improved employees’ AML/CFT skills, programme materials and certificate of participation