Global demand for CAFS
In recent years, AML and KYC regulations have become increasingly stringent, with hefty penalties for non-compliance. Financial institutions face challenges in acquiring the “right” customers, competing with digitally empowered competitors, and working with thinning profit margins. As a result, there is a need for these institutions to reimagine their AML and KYC programs.
To comply with AML and KYC regulations, financial institutions must ensure that they know their clients and verify their identities with appropriate data and documentation. This includes periodic client reviews to maintain compliance and address any process gaps, such as the absence of required data and documentation.
About the Trainer
To cater to the above demand, Mavenz Academy has tied up with ReTRRAC™ which is an established Global Compliance and Risk Review Training & Consulting Company, headquartered in United Kingdom. They have operations in India, United Arab Emirates and Canada.
ReTRRAC™has its roots in UK with over 8 years of experience in Training and Consulting
CAFS™ certification
ReTRRAC™flagship program- Certified Anti Financial crime Specialist (CAFS™) offers hands-on experience in the field of Global Compliance and Financial Crime. You will have the opportunity to learn from experienced professionals with over 15 years of expertise in this field.
Program duration
The program duration is 40-hour training with daily live online classroom sessions.
Salient features of our Program
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- Knowledge of Banking, different departments and their functions.
- Real time knowledge to achieve your career aspirations within Global Compliance.
- Industry standards and best practices.
- Extensive coaching to ace interviews through Question banks, Mock Interviews, Live cases and Group practice sessions.
- Discussions that will make you ‘ready to fit’ the domain.
- Access to various social media platforms comprising of ReTRRAC™ students and professionals where the latest job opportunities are posted to suit your regional requirements.
- CV building tips to suit industry standards which will enable to position yourself as a competitive candidate in the job market.
Concepts covered
We will cover both theoretical concepts and practical sessions, working with at least 30 global entities/corporates across various jurisdictions including:
1. Basics of banking and financial services sectors – Risks identification and mitigation
2. Concepts of Anti Money Laundering and Counter – Terrorist Financing
3. Sanctions
4. EMEA, APAC, MENA and AMER requirements
5. Review types – Regular Review, Remediation, Event Driven Review etc
6. All Entity types including Entities with Complex Ownership Structures
7. Concepts of Ultimate Beneficial Owners, Politically Exposed Persons (PEP)
8. Adverse media Hits and discounting – Financial Crime, Bribery, Corruption, Money Laundering, Terrorism, etc.
Job roles
1. KYC Analyst/Sr. KYC Analyst
2. AML Analyst
3. Financial Crime Analyst/Financial Crime Manager
4. Global Compliance Analyst
5. Risk Review Analyst/Risk Manager
6. Client Onboarding Analyst
7. New Client Adoption Analyst
8. Client Regular Review/Remediation Analyst
Training methodology:
- We adopt a blended learning technique to include theory with real scenarios and examples/Case studies.
- Guest speakers.
- Detailed industry overview, question & answer sessions coupled with dynamic delivery of some of the real scenarios in the areas of Financial Crime and Money Laundering.
- Practical sessions help the students to understand the Region/Country specific AML/KYC requirements
- Regular Industry updates
- Enable students to perform the job role from ‘Day one’ once they are absorbed by the industry.
Course certification:
After successful completion of the training program, you will be a ‘Certified Anti – Financial crime Specialist (CAFS™)’
ReTRRAC™ program is also listed with the Continuing Professional Development (CPD): CPD enables to enhance personal skills and proficiency throughout a professional’s career.
Please find the link – https://cpduk.co.uk/providers/retrrac-uk
Course highlights
- Detailed course material.
- Live online training – 40 Hours.
- Session recording.
- Side notes
- Test your knowledge questions.
- Practice entities/Case studies.
- Interview preparations and mock.
- CV building tips
- Assessment
- Certification
This training program will enable you become a part of the most flourishing GLOBAL COMPLIANCE division of Banks and other financial institutions.
Introduction
Formal Introduction round with the participants followed by an session with an aim to familiarize participants with the CAFS (Certified Anti Financial crime Specialist) program and its key features, as well the training methodology.
This session covers the threats faced by the global financial system on account of Money Laundering and Terrorist Financing.
In today's dynamic and highly regulated banking and financial industry, regulatory/compliance risks have become a major concern for banks and financial institutions. To ensure operational efficiency and maintain a strong reputation, it is essential for these institutions to continuously assess and enhance their compliance readiness. This session will explore some key aspects of regulatory/compliance risks and highlight the importance of being prepared.
Dedicated session providing the course synopsis including participants queries and doubts
Money Laundering and Terrorist Financing
In this session, we will delve into the complex concept of money laundering and explore the various stages involved in this illicit practice.
Terrorist financing remains a significant global concern, as it facilitates the financial support necessary for acts of terrorism to occur. In this session, we will understand the what is terrorist financing, its methods, and the efforts made to combat these illicit activities.
Financial institutions and law enforcement agencies need to be vigilant in detecting any signs or unusual behaviors that may indicate money laundering activities. This session aims to highlight some red flags and unusual behaviors that could potentially be linked to money laundering /terrorist financing.
Banks and financial institutions, as custodians of vast amounts of money, play a critical role in preventing illicit activities. However, certain products are particularly vulnerable to money laundering risks, requiring increased vigilance and scrutiny.
The banking and financial services sector plays a pivotal role in any economy. This industry is not without its fair share of risks and challenges. In this session, we will explore the Banking and financial services industry and the risks faced.
Sanctions
Sanctions have become an increasingly common tool used by governments and international organizations to enforce international law, influence economic policies, and promote political change. This session covers Sanctions and the importance of Sanctions screening.
Regulations
Global regulations for Anti-Money Laundering (AML) have become increasingly important in the modern financial landscape. With criminals finding new and innovative ways to launder money, governments and regulatory bodies across the world have implemented stringent measures to prevent illicit activities. We will cover the various global regulations that have been put in place to combat money laundering.
Due Diligence
In this session, participants will learn the concept of due diligence which is about understanding who the client and related parties are and establishing whether they pose a financial crime risk.
In this session, we will learn different review types, ie. Onboarding, Regular/Periodic review, Remediation, Event Driven Review, Non - Client relationships etc.
Risk pillars
The lines of defence provide a comprehensive framework to vet customers, conduct due diligence, and ensure compliance with regulatory obligations. We will learn the various levels of defence that organizations can establish in their KYC processes.
Risk pillars help to identfy the ML/TF risks that Banks/Financial Institutions may be exposed that in turn helps them to adopt a suitable level of due diligence to mitigate these risks.
In this session, participants will learn the concept of beneficial ownership that refers to individuals who ultimately benefit from or control a legal entity and significance of beneficial owners in KYC processes.
In this section, we will understand the the importance of PEP identification in KYC processes and its implications on financial institutions.
Name list screening
Name List Screening (NLS) is the process by which the Banks/financial insitutions identify whether clients or others associated with the client, may be restricted from forming relationships or transacting with the Bank or who may be exposed to Sanctions, PEP , Money Laundering/ Terrorist Financing (ML/TF) risk, or reputational risk.
This is a practice session where the participants will share their screen and work on Name screening
Client relationship
In this session the participants will learn the significance of the parent subsidiary relationship in the context of AML and KYC compliance.
In the session, we will understand the KYC requirements of a natural person.
Private Limited entity
This session will be a refresher of the topics covered in Week 1 and 2
This session covered the KYC requirements that private limited entities.
This session will encourage the participants to practice on the KYC requirements of a Private entity
This session will encourage the participants to practice on the KYC requirements of a Private entity
Listed entity: KYC requirements
This session will encourage the participants to practice on the KYC requirements of a Listed entity.
This session will encourage the participants to practice on the KYC requirements of a Listed entity
Regulated entity: KYC requirements
This session delves into the concept of regulated entities, examining their importance, key characteristics, and the nature of regulation they face.
This session will encourage the participants to practice on the KYC requirements of a Regulated entity
Government entity: KYC requirements
This session explores the importance of KYC requirements for a government entity and outlines key strategies to implement an effective KYC framework.
This session will encourage the participants to practice on the KYC requirements of a Government owned entity
Special entity types
This session will cover Special entity types - Trust, Charity and foundation, their ML/TF risks and KYC requirements.
This is a dedicated practice session focussed on working on different entity types using KYC reckoner as reference.
In today's fast-paced world, the financial industry is witnessing a significant rise in the use of online money services and fintech applications. As technology advances, so do the risks associated with money laundering, terrorist financing, and other illicit activities. In order to prevent such abuses, regulatory bodies have introduced Know Your Customer (KYC) requirements for Money Service Businesses (MSBs) and Fintech companies.
In the context of a collective investment scheme, which pools together funds from multiple investors for investment purposes, ensuring KYC compliance is crucial to mitigate risks associated with money laundering, fraud, and terrorist financing.
A Special Purpose Vehicle (SPV) is a legal entity created for a specific purpose, often used in financial transactions, such as securitization or asset management. As with any financial entity, SPVs are subjected to Know Your Customer (KYC) requirements to mitigate risks associated with money laundering, terrorist financing, and other illicit activities. In this session, the participants will understand the requirements of an SPV.
This session covers the various aspects of KYC requirements in the cryptocurrency space, emphasizing the importance of these procedures for the protection of users and the overall stability of the market.
Refresher sessions
This session will cover the High level process of KYC operations
Refresher session
Dissertation check ins
Dissertation check in 1
Mock interview session
Check in 2
Session closure
Course start date: 08/01/2024
Course end date: 16/02/2024
Course timings: 6:00 PM to 07:30 PM