Anti-Money Laundering & Combating the Financing of Terrorism

Introduction:

Money laundering is a process that aims to conceal the true source of funds acquired through illegal means, such as corruption. The goal of this process, which usually takes place in stages, is to give the funds or assets a legitimacy by making them appear as if they came from legitimate sources. This process is then used for economic circulation and their transfer across international borders to legitimate financial institutions.

Given the seriousness of this crime to countries’ economies, this program aims to shed light on it and provide participants with the knowledge and skills necessary to identify this crime, identify and combat it, and understand international standards and obligations in this regard.

Target Audience:

• Employees in private or government banks.
• Employees in exchange and insurance companies.
• Employees in financial companies and governmental and semi-governmental institutions in general.
• Employees from regulatory bodies within institutions.

Program Objectives:

Upon completion of this intensive training program, participants will be able to:

• Understand the concepts and elements of money laundering operations
• The methods and patterns used in money laundering
• Understand the indicators of suspicion of money laundering and how to deal with them
• Be familiar with local and international efforts to combat money laundering
• Be familiar with international requirements and guidelines for combating money laundering
• Be familiar with the efforts made in the field of combating money laundering
• Qualify participants and provide them with the expertise needed to identify transactions related to money laundering
• Understand the latest methods in this field and how to address them through banking and legislative means to limit their risks and spread.

Program Topics:

• Definition and concept of the phenomenon of money laundering, its objectives, foundations, sources, and consequences.
• Methods and techniques of money laundering operations (traditional/modern theory) and the stages they go through.
• Indicators of money laundering operations for both traditional and electronic accounts and money transfers, and accounts of non-profit organizations and charitable organizations.
• Elements and stages of the money laundering process.
• The appropriate environment for the growth of money laundering operations.
• Some international and Arab laws and legislation related to combating money laundering.
• International and Arab efforts to combat money laundering.
• Obligations imposed by the money laundering system on banks, financial and banking institutions, and their employees, and penalties for breaching these obligations.
• The role of the Financial Intelligence Unit and money laundering units within institutions and banks.
• How to handle money laundering cases?
• Banking principles in combating money laundering and banking secrecy.
• The mechanism of money laundering, a study of practical cases from financial and banking institutions, and how to detect suspicious cases.
• Preventive measures to prevent money laundering operations in financial and banking institutions.
• Financial and banking components to combat money laundering.
• Dealing with suspected cases, reporting methods, and the Know Your Customer principle.
• Legal responsibility of financial and banking institutions to combat money laundering and the duty to report.
• Electronic banking and combating electronic money laundering.
• International initiatives and cooperation to combat money laundering, agreements, investigations, inquiries, and information exchange.
• Difficulties and challenges in combating money laundering.
• Economic and social impacts resulting from money laundering.
• Banking methods and techniques used in money laundering.
• Secret accounts and their impact on money laundering.
• Banking responses to money laundering.
• The relationship between money laundering and various crimes.
• Organized crimes and counterfeit currency crimes.
• Legislative responses to money laundering and evaluation of this response.
• Security efforts and their role in reducing money laundering domestically and internationally.
• International treaties and agreements to combat money laundering.