Introduction
Money laundering and financing of terrorism pose significant risks to financial institutions, including SACCOs. This 5-day training program aims to equip SACCO professionals with comprehensive knowledge and practical skills in Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) compliance.
Duration:
5 Days
Target Audience:
- Compliance Officers
- Risk Managers
- Internal Auditors
- Operations Managers
- Board Members involved in oversight
- Customer Service Representatives
Course Outline
Course Objectives:
- Understand the global and local regulatory framework governing AML/CFT.
- Identify and assess money laundering and terrorism financing risks specific to SACCOs.
- Implement effective AML/CFT policies, procedures, and controls.
- Conduct customer due diligence and ongoing monitoring procedures.
- Respond appropriately to suspicious transactions and fulfill reporting obligations.
Course Modules
Course Outline:
Module 1: Understanding AML/CFT Regulations
- Overview of global and local AML/CFT laws
- Regulatory authorities and their roles
- Key requirements for SACCOs under AML/CFT regulations
- Risks associated with money laundering and terrorism financing
- Impact of non-compliance on SACCOs
Module 2: Risk Assessment and Mitigation Strategies
- Conducting AML/CFT risk assessments
- Identifying high-risk customers and transactions
- Developing risk-based policies and procedures
- Implementing internal controls to mitigate AML/CFT risks
- Monitoring and reviewing AML/CFT programs
Module 3: Customer Due Diligence (CDD) Procedures
- Types and levels of customer due diligence
- Enhanced due diligence for higher-risk customers
- Ongoing monitoring of customer transactions and behavior
- Know Your Customer (KYC) requirements for SACCOs
- Documenting and updating customer information
Module 4: Reporting and Investigation of Suspicious Activities
- Recognizing red flags and suspicious transactions
- Reporting obligations under AML/CFT regulations
- Internal processes for handling suspicious activity reports (SARs)
- Collaboration with law enforcement and regulatory bodies
- Conducting effective investigations and documenting findings
Module 5: AML/CFT Compliance Program Enhancement
- Evaluating the effectiveness of the SACCO's AML/CFT program
- Continuous improvement and updates to compliance policies
- Training and awareness programs for SACCO staff
- Using technology to enhance AML/CFT compliance
- Role of senior management and the board in AML/CFT oversight
Related Courses
Course Administration Details
Methodology
These instructor-led training sessions are delivered using a blended learning approach and include presentations, guided practical exercises, web-based tutorials, and group work. Our facilitators are seasoned industry experts with years of experience as professionals and trainers in these fields. All facilitation and course materials are offered in English. Participants should be reasonably proficient in the language.
Accreditation
Upon successful completion of this training, participants will be issued an Indepth Research Institute (IRES) certificate certified by the National Industrial Training Authority (NITA).
Training Venue
The training will be held at IRES Training Centre. The course fee covers the course tuition, training materials, two break refreshments, and lunch. All participants will additionally cater to their travel expenses, visa application, insurance, and other personal expenses.
Accommodation and Airport Transfer
Accommodation and Airport Transfer are arranged upon request. For reservations contact the Training Officer.
Tailor-Made
This training can also be customized to suit the needs of your institution upon request. You can have it delivered in our IRES Training Centre or at a convenient location. For further inquiries, please contact us on:
Payment
Payment should be transferred to the IRES account through a bank on or before the start of the course. Send proof of payment to [email protected]
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