If you are working towards seeking authorisation as a senior financial crime compliance (“FCC”) professional, including as a Nominated Officer or Money Laundering Reporting Officer (“MLRO”), then this course is designed for you.
A key focus of the day is confirming the roles and responsibilities of senior FCC, and developing some of the best practices that are required to be managed to ensure your personal success, and to protect your firm.
The workshop has been designed to support delegates who wish to develop and maintain an ‘advanced’ level of understanding of financial crime risk management responsibilities. This includes conducting a detailed review of regulatory requirements concerning senior manager responsibilities, and delegates will be provided with an opportunity to develop a detailed understanding of how these laws and regulations apply to operational activity, including details of the very latest from the UK FCA on the regulatory expectations under the Senior Manager Regime, and the role and responsibilities of the MLRO and Nominated Officer.
During the day, you will learn more about the full lifecycle of financial crime risk management according to the risk-based approach, including performing a risk assessment, managing client onboarding high risks and enhanced due diligence requirements, ongoing relationship monitoring and to exit relations. This includes suspicious activity reporting to the local financial intelligence unit and whistle-blower procedures.
A key focus of this workshop is emphasis on senior manager accountabilities, and delegates will be provided with the opportunity to learn more about what information should be provided as part of the suite of management information that should be in place to manage and monitor financial crime threats and the effectiveness of the framework of systems and controls.
Topics to be covered include*:
- Demonstrate the nature of the Money Laundering Reporting Officer (MLRO) role and responsibilities
- Comply with all of the statutory and regulatory obligations relating to the MLRO role
- Deal with Suspicious Activity Reports (SARs) and consent requests
- Assess the adequacy and effectiveness of the firm’s AML/CTF regime
- Provide an adequate “annual” report to Senior Management
Who should attend this workshop?
- Senior operational risk professionals including MLRO’s, Deputy MLRO’s and nominated officers, and those who are preparing for appointment to these roles.
- The course is open to both regulated and non-regulated sector risk management professionals including lawyers, accountants, real estate professionals, payment service providers and money value transfer operators, and from representatives of the high value dealers and the gambling sectors.
- The course is a must-attend for representatives of the cryptocurrencies sector who will be regulated under the Fifth EU Directive.
By attending this session you will:
- Describe the roles and responsibilities of senior FCC leadership according to laws and regulations that apply to UK businesses
- Outline the key functions of the MLRO office and department, including the role of the Nominated Officer
- Explain the framework of systems and controls that are required to be implemented in a regulated firm to manage FCC risks
- Define some of the current financial crime typologies and emerging threats that are required to be considered as part of the risk-based approach to managing risks
- Confirm the policies and procedures that must be in place to ensure that employees meet the requirements of the Proceeds of Crime Act, Terrorism Act, sanctions reporting responsibility and which apply according to Whistle-blower laws
- Emerging transnational organised crime risk threat assessment and trends including: money laundering; financing of terrorism and proliferation; fraud; sanctions evasion; tax evasion; bribery and corruption; modern slavery and human trafficking
- Senior Manager Accountability, and the role and responsibility of the MLRO and Nominated Officer, including financial crime compliance reporting responsibilities and management information in the UK
- Summary of the very latest international regulatory enforcement action and case studies
- UK, EU and US legal developments including the Fourth (Fifth and Sixth) EU Directives, UK Money Laundering Regulations 2017, POCA 2002, SOCPA 2005 Terrorism Act 2000, Bribery Act 2010, Criminal Finances Act 2017, US Patriot Act and Foreign Corrupt Practices Act
- Regulatory and guidance developments including from the Financial Action Task Force, Wolfsberg, OECD, Basel, Transparency International and the United Nations
- UK National Crime Agency, US FinCEN, Europol and Egmont Group
- The risk-based approach and performing a risk assessment of jurisdictions, sectors and customers
- Customer Due Diligence; Simplified, Standard and Enhanced Due Diligence risk management under the risk-based approach
- Investigating and reporting knowledge or suspicious activity under the UK POCA and SOCPA and US FinCEN rules
- External reporting standards and whistleblowing procedures
- Regulatory horizon planning for key future financial crime compliance developments in 2018 and beyond
Lunch will be served and there will be two 15 minute breaks (mid-morning, mid-afternoon).
* 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.
Trainers use a blend of presentational methods in order to assist in a delegate’s understanding of the workshop content; where applicable and possible, the workshop is enhanced through the use of group exercises, role play, and case studies.
About the Trainer
Lee Byrne is a highly respected risk and compliance professional, with more than 30 years international operational and management experience covering sales and back-office roles.
During this time, he has held the position of Head of Compliance and Financial Crime and was approved as the CF11 Money Laundering Approved Person and Nominated Officer of a UK authorised bank. Other roles have included being the Data Controller, Quality Assurance Training Manager and Compliance Monitoring Manager of a UK retail banking branch network.
For the past four years he has been at the forefront of the design and delivery of financial crime risk management education and training and is widely regarded as being one of the foremost AML and CFT educators and learning facilitators. A recent highlight was to be selected by the world’s largest trade finance bank to present trade-based money laundering training to representatives of the Monitor appointed by the US Department of Justice.
Lee has worked in a range of regulated sectors and markets, and this work has taken him to Hong Kong, Singapore, India, Indonesia, Mexico, Brazil, Russia, Europe and the Middle East, giving him helpful insights and knowledge of international regulations and best practices.
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 +44 20 3934 1014 or firstname.lastname@example.org