Introduction
Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) are critical components of regulatory compliance for SACCOs to mitigate financial crime risks. This course aims to equip SACCO staff with essential knowledge and skills to understand, prevent, and report money laundering and terrorism financing activities effectively.
Duration
5 Days
Target Audience
Staff members of SACCOs involved in financial operations, compliance, risk management, and customer-facing roles responsible for implementing AML/CFT measures.
Course Outline
Course Objectives
- Provide an overview of AML/CFT regulations and their importance in SACCO operations.
- Equip participants with knowledge of money laundering and terrorism financing typologies.
- Enhance skills in identifying suspicious transactions and customer due diligence (CDD).
- Foster understanding of reporting obligations and internal controls for AML/CFT compliance.
- Empower participants to contribute to a culture of compliance and integrity within their SACCO.
Course Modules
Course Outline
Module 1: Introduction to AML/CFT Regulations
- Overview of AML/CFT laws, regulations, and international standards.
- Importance of AML/CFT compliance for SACCOs: legal obligations and regulatory expectations.
- Role of SACCOs in combating financial crime: responsibilities and challenges.
- Case studies on global and regional AML/CFT compliance failures.
- Discussion on the impact of money laundering and terrorism financing on SACCO operations.
Module 2: Money Laundering and Terrorism Financing Typologies
- Understanding money laundering: stages, methods, and techniques.
- Common terrorism financing methods and funding sources.
- Typologies specific to SACCOs: risks and vulnerabilities.
- Case studies and examples of real-world money laundering and terrorism financing cases.
- Practical exercises on identifying suspicious activities and red flags.
Module 3: Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD)
- Principles and practices of Customer Due Diligence (CDD).
- Risk-based approach to CDD: assessing customer risk profiles.
- Enhanced Due Diligence (EDD) for high-risk customers and transactions.
- Conducting ongoing monitoring and updating CDD information.
- Role-playing scenarios on conducting effective CDD and EDD processes.
Module 4: Reporting Obligations and Suspicious Transaction Monitoring
- Requirements for reporting suspicious transactions and activities.
- Procedures for filing Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs).
- Internal controls and processes for detecting and monitoring suspicious transactions.
- Case studies on successful SARs and CTRs reporting.
- Practical exercises on documenting and reporting suspicious transactions.
Module 5: AML/CFT Compliance Program and Best Practices
- Elements of an effective AML/CFT compliance program for SACCOs.
- Implementing internal controls and procedures to prevent financial crime.
- Training and awareness programs for staff and stakeholders.
- Evaluating and enhancing the SACCO's AML/CFT compliance framework.
- Action planning for continuous improvement in AML/CFT practices within the SACCO.
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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