Anti-money Laundering (aml) Training Course For Board Of Directors And Senior Management

INTRODUCTION

In accordance with the Financial Action Task Force (FATF) International Guidelines, the Board of Directors of any financial institution holds a fiduciary duty to ensure the implementation of a robust compliance program. This responsibility includes setting the "Tone from the Top," establishing an effective control framework, and promoting a strong culture of compliance. High-risk compliance responsibilities necessitate the flow of critical information to risk committees and boards, playing a significant role in overall governance.

While financial institutions often have well-defined procedures for managing credit and market risks, the practice of addressing Know Your Customer (KYC) and Anti-Money Laundering (AML) risks requires further maturity. AML/KYC compliance involves monitoring the transfer or conversion of illicitly obtained funds (black money) into legally accessible and taxable (white money) funds, often using financial institutions as conduits for concealment and disguise. Although Board members are not required to be AML experts, it is highly recommended—and considered an industry best practice—that they acquire a fundamental understanding of AML risk control frameworks. This knowledge enables them to effectively exercise their oversight responsibilities as mandated by national financial regulatory authorities, ensuring a basic working knowledge of applicable regulations, including global requirements.

This comprehensive training course is designed specifically for Board Members, Heads of Sub-Committees, and Senior Management. It aims to provide them with a clear understanding of the AML framework, law enforcement mechanisms, and the consequences of non-compliance. The course will equip participants with the knowledge to ensure transparency and visibility in enterprise-wide compliance operations and adherence duties, helping to safeguard the institution's reputation and legal standing.

Course Objectives

By the end of this course, participants will be able to:

• Understand and regulate money laundering controls and requisite governance to prevent regulatory violations.
• Identify organizational vulnerabilities to money laundering and implement measures to tighten controls.
• Analyze case studies of potential compliance failures and management recourse.
• Navigate law enforcement investigations, understanding triggers, methods of engagement, and possible remedies.
• Comprehend executive liability for compliance failures and effective damage control strategies.
• Implement technology setups for efficient compliance and operational information flow.
• Benefit from personal protection against compliance failures and enhance strategic risk mitigation.

Duration

10 Days

Who Should Attend

This course is ideal for:

• Board of Directors
• Senior Management across all functions
• Compliance Personnel
• Legal Teams / Retained External Counsel
• Designated Directors / MLRO / Compliance Officers

Course Content

Module 1: Understanding the BoD / Sr. Management's Responsibilities towards Compliance

• Appointment of Designated Directors, Compliance Officers, and MLRO
• Costs of Compliance
• Penalties and Reputation Damage
• Operational License Risks
• Personal Fines and Penalties
• Shareholder Dissatisfaction
• Protecting the Organization from Illegal Purposes
• BSA/AML Program Awareness and Support
• Confidentiality in BSA/AML Matters
• Annual Review and Approval of Compliance Policies

Module 2: Understanding the Basic Five Pillars of AML Compliance

• Establishing a Culture of Compliance
• Written Policies, Procedures, and Internal Controls
• Designated BSA Compliance Officer
• Employee Training Programs
• Independent Testing of the BSA/AML Program
• Customer Due Diligence Procedures

Module 3: Co-operating with Law Enforcement

• Investigations Initiated by Financial Institutions
• Responding to Law Enforcement Investigations
• Understanding Subpoenas and Search Warrants

Module 4: Advanced Engagements

• Cooperation Between Countries in AML/CFT
• International Organizational Cooperation Procedures

Module 5: Corporate Outlook

• Obtaining Counsel for Investigations
• Reputation Management
• Media Relations and Correspondence

Module 6: Internal Investigations

• Communicating with Law Enforcement on STRs
• Prosecutorial Decisions and Responses
• Monitoring and Cooperation with Law Enforcement

Module 7: Legal Counsel Engagement

• Retaining Counsel
• Attorney-Client Privilege
• Dissemination of Written Reports

Module 8: Employee Notices

• Conducting Employee Interviews during Investigations
• Managing Media Relations

Module 9: International AML/CFT Cooperation

• FATF Recommendations
• International Money Laundering Information Network
• Mutual Legal Assistance Treaties
• Financial Intelligence Units

Module 10: Cost of Compliance

• Resource Allocation
• Annual Compliance Budgets
• Supporting Compliance Teams
• Technology Costs and Implementation
• Training and Consulting Costs
• Hiring Experienced Compliance Professionals

General Notes

• This course is delivered by seasoned trainers with extensive experience as expert professionals in their respective fields, combining practical activities, theoretical instruction, group work, and case studies.
• Participants will receive comprehensive training manuals and additional reference materials.
• Upon successful completion, participants will be awarded a certificate.
• We offer tailor-made courses to meet specific organizational needs. For more information, contact us at training@skillsforafrica.org.
• The training will be conducted at the Skills for Africa Training Institute.
• The training fee includes tuition, training materials, lunch, and the training venue. Accommodation and airport transfers can be arranged upon request.
• Payment should be made to our bank account before the start of the training. Please send proof of payment to training@skillsforafrica.org.