Training Overview
Day 1
- What is Money Laundering?
- The Risk-based approach to anti-money laundering.
- Money laundering risks in Correspondent Banking – an overview of the 5 days.
- What is Correspondent Banking?
- The FATF, Wolfsberg Group and BIS guidance on Money Laundering risks in Correspondent Banking.
Day 2
- Types of Correspondent Banking activities.
- International regulatory standards.
- What are Sanctions?
- Sanctions breaches and Correspondent Banking.
- De-Risking of Respondent banks by Correspondent banks.
Day 3
- Risk assessment in Correspondent Banking.
- Risk management in Correspondent Banking
- Customer Due Diligence and Respondent Bank due diligence.
- Know Your Customer’s Customer.
- Assessing Respondent banks’ AML/CFT controls.
- Enhanced Due Diligence in Correspondent Banking relationships.
- The Wolfsberg Questionnaire.
Day 4
- Transaction monitoring in Correspondent Banking.
- Effective communication between Correspondent and Respondent banks.
- Ongoing due diligence.
- Requesting information from Respondent banks.
- Case studies and exercises in practical application of the framework.
Day 5
- Governance of the Correspondent Banking relationship.
- The Risk-based approach and mitigating higher money laundering risks.
- MVTS customers.
- Key points and recap of the 5 days.
- Assessment.
- Certificates.
Learning Outcomes
- Understand the key features of Correspondent Banking services
- Discover a framework for navigating money laundering risks associated with Correspondent Banking services
- Understand the key features of a Correspondent Banking money laundering risk assessment
- Recognise Trade-based money laundering red flags
- Identify common policy, procedure and control deficiencies from real TBML case studies
- Assess the AML, Sanctions and Terrorist Financing risk profile of proposed Trade Finance transactions
- Integrate Trade-based money laundering controls into an existing AML framework