Financial Crime World

Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) Training at BD FINANCE

General AML/CFT Training

All staff who handle transactions that may involve money laundering and terrorist financing must receive AML/CFT training. The training should be customer-focused, given with sufficient frequency (at least every 48 months), and to all relevant staff.

Key Topics Covered

  • General Information: Money laundering and terrorist financing risks, methodologies, and typologies
  • Legal Framework: How AML/CFT laws apply to financial institutions (FIs) and their employees
  • Institution’s Policies and Systems: Customer identification and verification, due diligence, and monitoring procedures
  • Reacting to Suspicious Clients/Transactions: How to respond when faced with suspicious clients or transactions
  • Circumventing Reporting Requirements: How to respond to customers who want to circumvent reporting requirements
  • Importance of Not Tipping Off Clients
  • Suspicious Transaction Reporting Requirements and Processes
  • Duties and Accountabilities of Employees

Job-Specific AML/CFT Training

New Employees

  • General appreciation of money laundering and terrorist financing, and the need for reporting suspicious transactions.

Customer Service/Relationship Managers

  • Legal responsibilities
  • Organization’s reporting system for suspicious transactions
  • Factors that may give rise to suspicions
  • Procedures when a transaction is deemed suspicious

Processing (Back Office) Staff

  • Training in processing and verification procedures
  • Account opening and customer/client verification procedures

Credit Officers

  • Understanding of the credit function
  • Awareness and vigilance toward possible laundering and funding terrorists

Audit and Compliance Staff

  • Trained about changes in regulation
  • Money laundering and terrorist financing methods
  • Enforcement, and their impact on the institution

Senior Management/Operations Supervisors and Managers

  • Higher level of instruction covering all aspects of money laundering and terrorist financing prevention procedures, including offences and penalties arising from non-reporting

Senior Management and Board of Directors

  • Regular communication of money laundering and terrorist financing issues and dangers
  • Ensuring strong board support for compliance

AML/CFT Compliance Officer

  • In-depth training on all aspects of the Money Laundering and Terrorist Financing Prevention Legislation, Bangladesh Bank directives, and internal policies
  • Training on validation and reporting of suspicious transactions, feedback arrangements, and new trends and patterns of criminal activity.