In light of the growing threat of terrorism, Counter-Terrorism Financing (CTF) is becoming a top priority for governments across the globe. Terrorism financing methods vary according to the needs and goals of terrorism organisations. These organisations source their funds from both legal and illegal activities, using a large variety and evolving methods which make their detection and prevention more difficult for financial institutions and regulators.
As a result, the AML/CTF programmes of financial institutions are imperative to achieving and sustaining governmental strategies in their fight against terrorism. Besides this, the local and international regulation is in constant evolution and increasingly demanding. Therefore, parties involved shall continuously keep their CTF procedures updated.
As part of this course, PwC's Academy offers to highlight your company's requirements regarding this topic and to address in a comprehensive and practical way the questions paticipants are confronted with in the light of their professional duties and the progressive evolution of AML and CTF.
This module is part of Anti-financial crime curriculum.
Duration: 2h
Language: Available in English
Number of participants: up to 15
Available as intra-company course (i.e. dedicated session on demand)
Objectives
By the end of this training, participants will be able to:
- identify impacts of terrorism financing in their organisation;
- define their personal input inside their organisation to fight against terrorism financing;
- target the gaps in counter-terrorism financing in their organisation;
- set up a risk-based approach relying on the different types of terrorism financing;
- extend the approach with an in-depth look to Luxembourg;
- explain the relevant methods in preventing terrorism financing.
Content
- What is terrorism and terrorism financing? Defining and understanding terrorism financing
- How do terrorism organisations generate revenues? Learning through real cases all the different typologies of terrorism financing
- How do terrorism organisations move funds? Highlights on the main money transferring methods of terrorism organisations
- How can we fight against terrorism financing from a regulatory point of view? Addressing tools and methodologies to prevent terrorism financing
Target audience
- Members of the board and the executive board of a banks, professionals of the financial sector, insurance companies or management companies of a Luxembourg UCI
- Internal auditors, compliance officers or risk managers
- Distributors or transfer agents of a Luxembourg UCI
- Domiciliary agents
- Persons in charge, or front office team members of a PFS
- New joiners of financial and non-financial institutions
- Person interested in developing specific knowledge
Our lead experts
This training is coordinated by Cécile Moser and Michael Weis, Partners at PwC Luxembourg, and will be given by directors and managers who benefit from a strong professional experience in this area.
Cécile, AML Services Partner, is specialised in the financial sector of Luxembourg, with a particular focus on AML and CTF regulations and internal control environments.
She manages and performs regulatory mandated AML and CTF reviews, identifies AML and CTF control issues or deficiencies for private banks, custodians, transfer agents, investment funds and management companies.
Cécile also provides advice on AML and CTF methodology and helps to develop AML/CTF procedures in line with local laws and regulations.
Michael is lead-partner for the Forensic Services practice and of the AML taskforce.
Michael is regularly acting as engagement leader for a large variety of forensic investigations including AML investigations, remediation and prevention projects in asset management and banking.
In this context he is also responsible for high-profile AML audit missions as part of the legal audit requirements for Luxembourg banks and investment funds.
As key contact of the AML distribution due diligence service for the asset management industry, Michael is regularly involved in country risk assessments and the review of laws and regulations of country AML frameworks.
Michael is coordinating projects with the global PwC forensic network and regularly involved in large scale international projects of PwC for investigations and FTS related work. Michael is part of the Global Forensic Network WG on L&D. as CFE (Certified Fraud Examiner).
Michael is recognised in Luxembourg and abroad as a subject matter expert on AML and forensic matters as a key member of the local industry working groups on fraud at the Institute of Internal Auditors (IIA) and the Institut Luxembourgeois des Administrateurs (ILA) for directors. Michael regularly facilitates workshops and trainings on AML and fraud, both in Luxembourg and internationally, in the asset management and banking sector. Michael is also an active member of the Local Compliance Officer Association (ALCO).
