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The New AML/CFT Framework

Course Objectives:

A workshop that will consider “The Finance (Miscellaneous Provisions) Act 2018” and its impact on the global business sector

During this one day event, Comsure will address some of the salient features of legislative amendments touching the global business sector which have been introduced by the Finance (Miscellaneous Provisions) Act (the “Finance Act”) passed by the National Assembly on 31 July 2018. The Finance Act gives effect to the measures announced in Budget Speech 2018-2019 to revamp and further modernise the global business sector.

More specifically Comsure will focus on the new requirements for Combatting money laundering and terrorism financing

Financial institutions (A reporting person, e.g., a bank, financial institution, cash dealer or member of a relevant profession or occupation) are now expected to implement antimony laundering and anti-terrorism financing programs (including appointing compliance officers, conducting screening procedures, ongoing trainings and audits).

These compliance programmes must now include:

1. AML/CFT Risk assessment – Client & operations
2. AML/CFT controls - policies, controls and procedures –
3. AML/CFT Customer due diligence (“CDD”) – The basics
4. AML/CFT Customer due diligence (“CDD”) – and UBOs
5. AML/CFT Reliance upon third  parties - Reliance upon third  parties
6. AML/CFT Recordkeeping –

PROGRAMME:

1. AML/CFT Risk assessment – – Client & operations
   1. A reporting person, must identify, assess and monitor their money laundering and terrorism financing risks.
   2. The risk assessment must take into account all relevant risks factors, including but not limited to:
      1. (i) nature, scale and complexity of the reporting person’s activities,
      2. (ii) the products and services provided by the reporting person,
      3. (iii) reliance on third parties for elements of the customer due diligence process,
      4. (iv) the outcome of any risk assessment carried out at a national level and any guidance issued.
2. AML/CFT controls - policies, controls and procedures –
   1. A reporting person must now establish policies, controls and procedures to mitigate and manage effectively the risks of money laundering and terrorism financing identified in a risk assessment.
   2. Such policies, controls and procedures must be regularly updated, and the reporting person must also maintain a written record of them, including any changes brought to them.
3. AML/CFT Customer due diligence (“CDD”) – The basics
   1. CDD requirements vary according to the risk assessment carried out by the reporting person and as may be prescribed or specified by a supervisory authority.
   2. CDD should also be applied to existing customers and beneficial owners with which it had a business relationship on the commencement of this new obligation.
4. AML/CFT Customer due diligence (“CDD”) – and UBOs
   1. While the Act did not previously define a ‘beneficial owner’, this has now been done.
   2. A ‘beneficial owner’ is a natural person who:
      1. (i) ultimately owns or controls a customer; and
      2. (ii) on whose behalf a transaction is being conducted and includes a natural person who exercises ultimate control over a legal person or arrangement or such other person as may be prescribed.
5. AML/CFT Reliance upon third  parties  
   1. The CDD requirements shall be applied at appropriate times and by materiality and risk.
   2. Reliance upon third parties to carry out CDD does not reduce the responsibility of the reporting person.
6. AML/CFT Recordkeeping –
   1. A reporting person must document the risk assessments in writing, keep it up to date, and on request, make it available to the relevant competent authority without delay.
   2. A reporting person must maintain its records and books about customers and transactions which must include the following information
      1. (i) information relating to the identity of customers and beneficial owners, and the results of any analysis conducted under FIAMLA,
      2. (ii) records on transactions, both domestic and international, sufficient to allow the reconstruction of each transaction for both account holders and non-account holders, and
      3. (iii) copies of all suspicious transactions reports, including any accompanying documentation.
   3. All such information must be kept for at least seven years after the business relationship has ended, after the completion of the transaction or from the date the report was made, as applicable.

Profile of Participants:

• Senior executives responsible for process and governance
• Contractors wishing to capitalise on this new area of process
• Governance, risk and compliance (GRC) practitioners
• Lawyers wishing to understand the whole context of GDPR
• Data privacy, security and compliance consultants
• Auditors, risk and compliance practitioners

TIME TABLE

Location: Westin Bay Hotel

Price: $700.00