Not a day goes by when financial and non-financial media do not make reference to the intention of politicians, economists and law makers to strengthen the current measures against money laundering (AML) and terrorism financing. More and more sanctions are imposed for the non-respect of AML and terrorism financing duties by financial supervisory authorities and by judges.
An efficient participation in the fight against money laundering and terrorism financing implies a good knowledge of the existing laws and regulations but also of the permanent professional duties. Faced with increasing regulatory duties, the management and the employees are often overwhelmed and cannot meet said duties if they have not been clearly defined.
As part of this course, PwC's Academy offers to highlight your company's requirements regarding this topic and to address in a comprehensive way the questions members of the board and executive committee are confronted with in the light of mandatory professional duties and the "progressive" evolution of AML regulations.
This module is part of our 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:
- understand the legal and regulatory requirements in the area of AML/CFT;
- grasp the latest international, European, and Luxembourg legal and regulatory changes, including the latest CSSF and FIU circulars, regulations, and annual reports;
- comprehend their responsibilities as expected by Luxembourg AML/CFT regulations.
The course will use a pragmatic approach to elaborate duties based on your organisation's activities and size.
Content
- AML/CTF in its context - FATF, EU Luxembourg
- Counter proliferation financing
- Luxembourg’s regulatory AML/CTF response – an update
- AML/CTF governance
- Role of BoD, RR and RC
- Role of IFM
- Role of an investment fund
- AML/CTF - key concepts and ground rules
- AML and tax
- AML/CTF hot topics
- Risk appetite, risk assessment and risk based approach
- AML on assets
- AML/CTF distribution oversight
- Transaction monitoring
- Cooperation with authorities
Target audience
Members of executive committee and board of banks, professionals of the financial sector, insurance companies, or management companies of a Luxembourg UCI.
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).
