International trade is a particularly attractive means of moving illicit funds across borders without being detected, and recent years have seen regulators around the world place increasing pressure on financial services firms to improve their trade-based money laundering (TBML) systems and controls. This course highlights the risks and shows how to apply best practice in order to comply with regulatory expectations.
This course is heavily based on true life case studies in order to provide delegates with the opportunity to discuss the complex issues involved with TBML, from over and under-invoicing, specific high-risk trade goods, to dealing with sanctioned countries and the problems recognising dual-use goods. The workshop will provide a comprehensive summary of the money laundering risks in trade finance, including a thorough summary of the key red flags, as well as a guide to improving TBML systems and controls. There is a specific emphasis on the importance of front line staff in recognising and reporting suspicious activity.
The course is case study based, enabling lots of opportunity for practice and sharing experience, the workshop will help firms assess their TBML risks and improve their employees’ ability to recognise and report suspicious activity.
By attending this session you will:
- Understand the offences of Money Laundering, Terrorist Financing and Proliferation Finance, and why they pose such a serious problem for financial institutions.
- Be aware of the higher Compliance risks associated with trade finance.
- Know the four main methodologies of trade-based money laundering.
- Be familiar with common red flags to detect potential trade-based money laundering.
- Discuss some common dual use goods.
- Grasp the importance of conducting effective Customer Due Diligence.
- Be aware of your role as the first line of defence in protecting your firm from being exploited by criminals.
- Be aware of the legal duty to report suspicion and the penalties for failing to report.
- Know the importance of filing a suspicious activity report (SAR).
Who should attend?
This session will benefit individuals in all firms who are involved in, or responsible for, trade finance, including the MLRO, senior management, legal, and compliance.
Session I: Money Laundering, Terrorist Financing and Proliferation Finance
- The scale of the problem
- Case studies
Session II: Trade Finance
- Why it poses a higher Compliance Risk
- Financial sanctions and trade embargoes
Session III: Trade-Based Money Laundering
- Red flags
- Case Studies and potential scenarios
- The importance of Customer Due Diligence
Session IV: Reporting Suspicion
- What is suspicion?
- Filing a Suspicious Activity Report
- What happens next?
*Please note that the programme sequence and/or subject matter may differ from what is presented herein; the programme is constantly being updated to embrace new ideas and developments – as they evolve.
This workshop uses a combination of trainer input and knowledge sharing with interactive syndicate work and case studies. Group size is kept to a maximum of 16 to facilitate delegates sharing experiences.
Richard Sinfield is a highly accomplished Compliance and AML professional with a proven track record in designing and implementing regulatory compliance and anti-financial crime training programmes that support the needs of senior managers, front office and second line of defence staff in the financial services industry. With extensive training experience garnered at leading global banks and asset managers, Richard has proven adept at working with key business stakeholders to develop tailored and highly practical learning programmes, and then delivering effective and memorable classroom training. He has been a trainer for over 15 years, after working in the Compliance departments of two global investment banks. He has also recently provided consultancy services to the Trade Finance division of a UK bank.
Take this training in-house
If you have five or more delegates who wish to attend this briefing, it may be more cost effective to run it in-company. To find out more about in-company training, please contact Philip Allen Director of Learning on 0207 216 8843 or Training@ukfinance.org.uk.
Anti-money laundering eLearning is currently available from the UK Finance eLearning Academy. To find out more about Anti-money laundering eLearning, please contact Philip Allen Director of Learning on 0207 216 8843 or Training@ukfinance.org.uk.