Anti-money Laundering (AML) and Combating Financing of Terrorism (CFT) in the 21st century: A Practical Road Map for Embedding AML/CFT

Programme Overview

The flow of illicit funds can damage the stability and reputation of any country’s financial system, while terrorism and terrorist financing endanger the lives of individuals in such countries. Criminals do constantly search for loopholes within a financial system, particularly financial institutions, in order to legalise illicitly acquired funds. Terrorism has caused a lot of pains to many people due to loss of lives and wanton destruction of properties. Terrorist financing may also pass through financial institutions, through other methods or even legally acquired money may be used for terrorist financing.

Programme Objectives

To provide a robust, comprehensive and leading practices insight into the world of AML/CFT. By the end of the programme each participant will be able to:

  • Understand the international context to AML/CFT
  • Know the legal and regulatory frameworks guiding AML/CFT in Nigeria
  • Define Money laundering and terrorist financing
  • Learn the three stages in the money laundering cycle and the risk-based approach to an-money laundering
  • Explore the money laundering offences and predicate offences
  • Gain insight into the four European directives on AML
  • Understand how to manage the risk of money laundering and terrorist financing
  • Explore customer due diligence, know your customer, know your customer’s business, know your employee, enhanced due diligence and simplified due diligence
  • Appreciate the concept of politically exposed persons and the requirements for on-boarding PEPs
  • Discover how to conduct monitoring and ongoing monitoring on customers’ accounts and transactions

Programme Coverage

  • Introduction to money laundering and terrorist financing
  • The role of international bodies in AML/CFT
  • The Nigeria legal and regulatory framework
  • Managing the risk of money laundering and terrorist financing
  • Customer due diligence
  • Transaction reporting
  • Recordkeeping
  • Know your employee (KYE)
  • Skills and roles of the MLRO and the AML Officers
  • The elements of an effective AML programme
  • Risk profiling and rating of customers
  • AML/CFT offences and predicate offences
  • Penalties and sanctions for AML/CFT violations


Who Should Attend?

  • Money Laundering Reporting Officers (MLROs)
  • AML and Compliance Officers
  • Internal Auditors
  • Employees of financial institutions
  • Financial institutions’ regulators