AML Awareness - Taking Client Responsibility

Research* estimates that 70% of all laundered criminal money passes through the financial sector. This implies that banks are exposed to risks that, if not managed prudently, could lead to significant reputational and financial damage.

The risk manifest itself mostly through the bank’s interaction with its customers and to manage this exposure effectively most banks have adopted a ‘3 lines of defence’ model.  This means tasks and responsibilities are allocated to different organisational entities to create a checks-and-balances equilibrium.

However, the success of this model hinges on stakeholders having a thorough understanding of the division of roles, tasks and responsibilities, and as experience shows, this can be a challenge. The ‘Taking Client Responsibility’ training addresses this challenge effectively and provides management comfort that the firm’s reputation risks are under control.

*UNODC, 2011

 

DURATION: This training requires a half day commitment
TARGET AUDIENCE: The target audience includes Client Relationship Managers, Customer support staff, Compliance Officers, Senior management.
COURSE OVERVIEW: The AML/CFT & Client Responsibility course has especially been designed by subject matter experts. In this highly interactive course, participants will learn about taking responsibility for their role in the ‘3 lines of defence’ model
COURSE OBJECTIVES: After completing the training a participant will be able to:

  • Take responsibility for their role in the “3 Lines of Defence”;
  • Know when to consult with, and what to expect from colleagues in AML/CFT Compliance;
  • Confidently discuss the bank’s AML/CFT policy and related documentary requirements with the bank’s clients;
  • Address clients’ AML queries in accordance with the bank’s policy;
  • Assess the client information received for completeness and correctness;
  • Formulate a motivated client AML risk profile proposal;
  • Confidently follow up with the bank’s clients in case of remedial or additional information requirements;
  • Actively monitor clients’ financial behaviour, recognise AML red flags;
  • Know when and how to escalate incidents in accordance with the bank’s procedures
METHODOLOGY: The combination of PowerPoint presentations and case studies will encourage participants to:

  • Make accurate AML risk assessment decisions in accordance with existing procedures
  • Understand when and how to escalate issues that they cannot resolve by themselves
  • Be confidently responsive in addressing AML related client queries
COURSE OVERVIEW:
  • Brief reminder of AML/CFT
    • Absolute and relative size of problem,
    • Challenges for banks
  • Implications for banks
  • Three lines of defence model
  • Assessing client risk profile
  • Implications of monitoring client behaviour through the lifecycle
  • Escalation to Compliance for advice, when and how

AML Awareness - Taking Client Responsibility

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