Financial Crime & Regulatory Best Practices

About the Course

This 5-day interactive Financial Crime & Regulatory Best Practices training course gives the delegates a comprehensive overview of the regulatory aspects of financial crime and how to achieve best regulatory practices in the organisation. It will cover the major international regulatory bodies and their recommendations and show how domestic rules have evolved from these. It will cover the typologies of financial crime that the delegates will encounter and allow them to examine the process of applying regulations in different business settings.

All the types of financial crime identified by the regulators, as well as examining the types of regulatory bodies, their roles, and the major global regulations that need to be adhered to & the ever-changing regulations, and what is required to make them a success. In addition, we will look at the 'informal' or advisory regulations and regulators and identify how and where they should be applied. Throughout the training course, the delegates will be examining real examples of financial crime and the vulnerabilities that the criminals exposed in the policies & procedures, rules & regulations of financial institutions, and how staff within those firms can be invaluable in identifying unusual activity. 

Likewise, it will examine the digital assets and crypto-currencies markets and the regulatory issues thrown up by these new 'asset classes' - could/should they be regulated and the financial crime threats they pose to the organisation. Looking at the gaps in the digital ecosystem's regulatory process and how technology is both helping and hindering our attempts to bring stability to this part of the market. Finally, this will enable each delegate to examine 'best-practice' in applying financial crime regulations in their organisations and how other major financial institutions deal with their regulatory issues.

Core Objectives

The delegates will achieve the following objectives:

• Define the major types of financial crime regulation
• Identify the major financial regulators, both formal and informal
• Plan the process of financial crime – from inception to discovery to prevention
• Examine sanctions regulations and breaches
• Understand the regulatory ecosystem for digital assets and whether they can be realistically applied
• Know the evolution of the significant regulations and recent changes
• Gain a complete overview of financial crime regulation and its effectiveness

Training Approach

The training course will be case-study based and fully interactive, with the delegates examining real-life examples of financial crimes, who was involved, and how they could have been stopped.

The Attendees

This training course is suitable for all finance professionals, either in the first line of defense or those in supervisory roles.

Likewise, it will be valuable to the professionals but not limited to the following:

• Compliance staff
• Internal audit staff
• Front-line Staff
• Client-facing staff
• Managers & supervisors
• Regulators
• IT & software providers
• Consultants and those selling to financial institutions

Daily Discussion

DAY ONE: THE OVERVIEW OF FINANCIAL CRIME

• Predicate Crimes
• Tax Crimes
• Terrorist Financing
• Environmental Crimes
• People Trafficking
• Product Piracy & Forgery
• Cyber Crimes
• Crimes in the World of Digital Assets
• Crimes highlighted by the recent pandemic
• Fraud & Embezzlement
• Bribery
• The A-Z of other Financial Crimes

DAY TWO: REGULATION

• The Purpose of Regulation
• The Major Global Regulators
• Informal [recommendations] vs Formal Regulations
• Commonalities
• The Risk-Based Approach: What does it mean?
• FATF Recommendations
• Wolfsberg
• OECD
• Examining Egmont
• Global Bribery Laws and Regulations
• Fines and sanctions for Regulatory Breaches
• Third-party Influencers who Guide Regulations – ICIJ/TI etc.

DAY THREE: MONEY LAUNDERING REGULATIONS

• Rules Designed to Prevent Placement
• Regulations on KYC/KYN
• Due Diligence & Enhanced Due Diligence
• PEPs and High-risk Individuals/Clients
• Finding the Controller & UBO: Best Practices in Regulatory Compliance
• SOW/SOF: How far back do we go?
• The Regulatory Role of the MLRO
• Using Technology and Data to ensure Regulatory Compliance
• New ML Techniques and Areas of Regulatory Weakness

DAY FOUR: SANCTIONS REGULATIONS & DIGITAL ASSETS

• Defining Sanctions
• The Different Types of Sanction
• Who imposes sanctions?
• Examining and Contrasting Sanctions Regimes & Regulations
• Types of Sanctions Breach
• ‘Proxy Countries’ and their Use
• Sanctions Officers and their Role
• The Digital Asset Ecosystem
• Can digital assets be regulated?
• Existing and Proposed Regulations
• Problems with Regulating Extra-territorial Entities
• Ensuring Effective Compliance

DAY FIVE: REGULATORY COMPLIANCE

• Policies, Procedures, and Processes: Strengths & Weaknesses of Financial Institutions
• Fit & Proper Persons Regimes
• Conduct Risk and its Growing Importance
• Malicious Insiders and their Impact
• The Challenges of Remote Working
• Examining the Optimum relationship between the Three Lines of Defence
• Making it easy for staff to spot and report regulatory breaches
• Operational Risk and Financial Crime
• The Role of Internal Audit, Compliance
• Takeaways and Practical Advice