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AVN 7 irr. AML CFT Training. Anti-money Laundering and Combating Financing Terrorism.
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What is Money Laundering?. Why do criminals launder dirty money?.
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Guidance on ML & TF. Customer Due Diligence - Individuals.
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Hiding Dirty Money laundering is the act of hiding dirty money to make it look like clean.
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Money Laundering is hiding dirty money to look-like clean.
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Hiding Dirty Money Avoid Confiscation Avoid Arrest Hide Sources.
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Concealment Of Dirty Money Conceal Sources Conceal Owners Of Dirty Assets Change Asset Type.
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Predicate Crime Dirty Money Concealment Actions Dirty Money Looks Like Clean.
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Money Laundering Offences Concealment by Transfer Acquisition, Possession and Use Facilitation Failure to Report Tipping-Off.
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Predicate Crime Generates Dirty Money Placement Layering Integration.
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Typologies Structuring Wire Transfers Real Estate High Value Goods Trade Based Money Laundering Professional Money Launderers.
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Typologies Debit Cards And Credit Cards And Prepaid Cards Hawala Money Mules Concealment Of Beneficial Owner Shell Companies Currency Smuggling.
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Making funds available for terrorists to carry out acts of terrorism.
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FATF 40 Recommendations. MENAFATF Guidance. UAE AML CFT Law No 20 of 2018.
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Entity ML/TF Risk Assessment. Appointment of Compliance Officer.
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Understanding the nature of clients and their Riskiness/Riskiness of Products and Services and Geographies.
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Record Keeping. On-Going Monitoring. Know the Typologies.
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CDD Customer Identification Verification Identification of UBO Enquire Source of Funds/Source of Wealth Purpose of Transaction Profile of Customer? PEP? Screening Client Risk Assessment Ongoing Monitoring.
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Banks. MVTS. Real Estate. DPMS Dealers in Precious Metals and Stones.
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Stricter Identification. Verification of Source of Funds.
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Anyone who controls the Individual customer. In the case of Companies, they are natural persons who are 25% or more shareholders..
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Verification for where the money came from for the current transaction..
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What are the sources of wealth of the customer?. Details of Properties, stocks, and Jewellery..
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Sales contracts. Proforma Invoices. Bill of lading.
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It creates a trustworthy economic and financial system.
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Sanctions against any Financial Institutions,. Sanctions against managers or their employees.
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Employees should “not” feel that Compliance is an obligation.
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Compliance with Laws & Regulations gives the company competitive advantage.