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