WALLIS AND FUTUNA FINANCIAL INSTITUTIONS EMBARK ON AML TRAINING TO TACKLE MONEY LAUNDERING THREAT
Financial institutions in Wallis and Futuna are taking proactive measures to combat financial crime by undergoing advanced training on Anti-Money Laundering (AML) regulations. This comprehensive course is designed specifically for the region’s financial sector, aiming to equip participants with the knowledge and skills necessary to effectively combat money laundering and terrorist financing.
Understanding AML Regulations
The training program delves into international efforts to eradicate financial crime, defining key terms such as:
- Money laundering
- Terrorist financing
- Knowing your customer (KYC)
It also explores the three stages of money laundering and how they can be incorporated into a robust Customer Due Diligence (CDD) program.
Regulatory Landscape
The course provides an in-depth analysis of the regulatory landscape, highlighting key players such as:
- Financial Action Task Force (FATF)
- Their role in shaping global anti-money laundering standards
- Distinct AML regulations in the US, EU, and UK
Participants will gain a deeper understanding of these regulations, enabling them to develop effective strategies for compliance.
AML Techniques and Vulnerabilities
The training scrutinizes two critical areas of AML work:
- Discovery: adopting proven methodologies for discovering money laundering activities
- Management: managing risks and vulnerabilities exploited by criminals
It also examines how money laundering activities subvert domestic and international trade, underscoring the gravity of this threat.
Risk-Based Approach
The course distinguishes between major components of the risk-based approach, requiring a nuanced understanding of how they differ. Techniques used to conceal the true origin and beneficial ownership of assets are analyzed, with participants invited to critically evaluate vulnerabilities exploited by criminals.
Actionable AML Plan
Upon completion, participants will be equipped to develop an actionable AML plan aligned with FATF’s five pillars. The training concludes with a summary of key takeaways and an action planning exercise, empowering participants to apply their newfound knowledge and skills immediately upon return to work.
Post-Course Support
Post-course support is available for up to six months following course completion, ensuring a seamless implementation of the acquired expertise. This comprehensive training program aims to empower financial institutions in Wallis and Futuna with the knowledge and skills necessary to combat money laundering and terrorist financing effectively.