Date: 25 – 29 November 2020
Financial Crime is a global scourge, and fighting it is a priority for every responsible Government in the world today. The 2008-14 Banking which is largely attributed to risky, unethical banking practices and lax controls, resulted in the introduction of stringent compliance standards in the financial sector globally. As a result of this, an alarming number of serious financial crimes involving reputed global banks and other financial institutions came to surface. The scale and depth to which financial crime has spread in financial services sector across continents and its linkage to the rise of international terrorism as well as other horrific offences against humanity like drug smuggling, human trafficking, illegal gambling, extortion etc. has brought financial crime prevention to the centre of national policies and international co-operation.
Program Objectives:
Module 1: What is Financial Crime? Financial Crime risk and its impact on the economy, Typologies/Methods, Common behaviour characteristics and warning signs. Money laundering, Bribery & Corruption, Fraud, Identity Theft & Electronic Crime International regulatory framework and institutions, US regulatory framework and its global reach, UK/EU regulatory framework and its global impact, Indian institutional framework.
Module 2: Anti-Money laundering an overview, Overview of global trade and practices, Financial Crime risks in International Trade. International Trade -red Flags, Sanctions, Financing of terrorism, Identifying potential threats and red flags. Cyber based Financial Crime.
Module 3: Compliance Standards for AML and Combating Terrorism Financing, AML Compliance Programme, Audits and Investigations , KYC issues & common practices CDD issues & common practices, Financial Intelligence Units (FIUs). Building a rapid response team.
Module 4: Introduction of FinTech, Crypto-currencies, Disruptive Technologies, Emerging Trends in Money and Markets and Banking, Financial Crime Risk and the Emerging Digital world.
Module 5: Bribery & Corruption, Corporate Social Responsibility, Fighting Crime Indian experience, and International Co-Operation.
Programme Delivery: High-quality classroom discussions, case-lets, guest lectures and group exercises.
Major benefits and takeaways: The programme is designed to provide
• an in-depth exposure to the risk of financial crime, its global dimension, main typologies, international organisational framework and major regulations for fighting financial crime.
• an understanding of risk-based approach and measures to combat financial crime in the financial services sector. • an approach to design/evaluate financial crime compliance programmes.
• an understanding of global sanctions
• introduction to Counter-Terrorism Financing, Cyber based Financial Crime and a detailed overview of the impact of FinTech on Financial Crime.
Who should attend: Middle and Senior practising executives in financial services industry such as banks, insurance companies, non-banking financial institutions, middle and senior-level executives in accountancy firms /management consultancy, academicians and middle/senior executives in regulatory institutions and enforcement agencies.
Course Coverage
1.Financial Crime- An overview
- What is a financial crime?
- Review of various types of financial crime
- Banking frauds
- Bribery and Corruption
- Common behavioural patterns of operatives in financial crime
- Common red flags
- Economic and Social consequences of financial crime
- The risk-based approach to preventing financial crime
2.Global Regulatory Framework
- Financial Action Task Force structure and recommendations
- FATF style regional bodies
- Egmont Group
- The Wolfsberg Group
- The Basel Committee on Financial supervision
- US PATRIOT Act
- Office of Foreign Assets Control
- EU Directives (1st,2nd, 3rd and 4th)
- UK Regulatory framework
- Indian regulatory framework
3.Anti-Money laundering
- Money laundering defined
- The three stages of the money laundering process
- Money laundering typologies involving;
Banks: (Correspondent Banks, Payable Through Accounts, Concentration Accounts, Private Banking, Structuring, Credit Unions and Building Societies
Non-Banking Financial Institutions: (Credit Cards, Money Remittance Exchanges, Insurance companies, securities brokers /dealers, Commodity Exchanges)
Non-Banking Businesses and Professions:(Gaming industry, Casinos, Art Dealers, Used Vehicle sellers, Real Estate Industry, Black Market for pesos and its variants)
Gatekeepers: Accountants, Lawyers, Trust & Company Service providers, Investment Advisors, Commodity Advisors.
New Technologies: Electronic Banking, Internet Casinos, Pre-paid cards.
4.AML and International Trade
- Fundamentals of International Trade
- Money Laundering and International Trade
-Ghost Shipments
-Varying physical goods
-Varying Prices
-False Stand-by Letters of credit
-Red Flags
-Reporting suspicious transactions
-Risk-based approach
5.KYC/CDD
- Corporate Structures which hide Beneficial Ownership
– Trusts
– Shell companies
– Bearer Bonds/Securities
- Why KYC/CDD?
- The risk-based approach to KYC/CDD
- Customer Identity -Natural person
- Customer Identity-Legal person
- Beneficial Ownership
- Fraudulent Documents
- Risk Categories (Customers, Products, Countries, Channels)
- Politically Exposed Persons(PEPs)
- Enhanced Due Diligence
- Three lines of defence
6.Sanctions
- What are Sanctions?
- Scope & application
- Who imposes sanctions?
- Purpose of sanctions
- Types of sanctions
- Sanctions vs Embargo
- Asset freezing
- De-listing
- Regulator expectations
- Sanctions evasion
- Sanction screening
- Licenses
- Sanctions compliance-Role of Financial Institutions
7.Counter-Terrorism Financing
- What is Terrorism?
- What is Proliferation?
- Terrorism vs Money Laundering
- Terrorism-recent trends
- Business Model of Terrorism
- Attack cycle
- Terrorist funding-sources and channels
- Terrorist funding -Red flags
- Combating terrorism
8. Cyber-enabled crime
- Cyber-enabled crime-who needs to worry?
- Personally, Identifiable Information
- Tools and Methods of cybercriminals
-Malware
-Phishing
-Ransomware
-Botnets
-Distributed Denial of Service(DDOS)
– Cookie Theft
– Fake WAPS
- Who promotes Cyber-enabled crime
-State
-Organised syndicates
-Activists
-Wiz Kids
- Cyber-enabled crime-Red Flags
- Regulatory Environment
-General Data Protection Regulation 2016-GDPR
– The regulatory environment in India
9. Elements of an AML Programme
- Internal Policies, Procedures and Controls
- Compliance culture and role of Senior Management
- Role of Compliance Officer
- Know your Employee
- Training
- Audits
- Internal investigations
- Law enforcement investigations
- Suspicious and Unusual activity: monitoring and reporting
- AML co-operations between countries
10. Fintech and Financial Crime Risk
- Introduction to FinTech
- Disruptive Technology and its impact on Financial Markets
- Emerging Trends in Money, Markets and Banking
- Financial Crime Risk and the Emerging Digital Revolution
Coverage:
- an in-depth exposure to the risk of financial crime , its global dimension, main typologies, international organisational frame work and major regulations for fighting financial crime.
- an understanding of measures to combat financial crime in financial services sector.
- an approach to design/evaluate financial crime compliance programmes.
- an understanding of global sanctions
- an introduction to Counter Terrorism Financing.
Venue : IIMB Campus
Programme Fee and Payment
INR 1,17,500/- Residential and INR 1,00,000/- Non -Residential (+ Applicable GST) per person for participants from India and its equivalent in US Dollars for participants from other countries.
Contact Information:
- Bannerghatta Road, Bengaluru-560076, India
- Phone: +91-80-26993264/3475
- Email: openpro@iimb.ac.in
Disclaimer / Note:
This listing / contents of this listing is curated from the respective MDP listing of the concerned organisation / institute. All content in this listing is owned by the concerned organisation/institute. For any additional information please connect with the concerned at contact details provided.
This is a part of HrNxt.com’s curated listings initiative to enable corporate executives / corporate HRM team identify suitable programs for enrollment. HrNxt.com is not responsible for the quality of this program or the dates/schedule/cancellations etc. If you want your MDP’s and training programs to be listed in this section , please send us an email request at hello@hrnxt.com. If you want to flag of any error inconsistency in this listing please send us an email at hello@hrnxt.com.