AML regulators are more and more focused on controls’ effectiveness and having fine-tuned transactions monitoring. In addition, a payment filtering tool is essential in avoiding any money laundering or sanctions breach.
As a result, the AML/CTF programmes of financial institutions are imperative to be up to date with local and international regulations in constant evolution. Therefore, parties involved shall continuously update their international sanctions procedures and payment screening systems, likewise their transactions monitoring scenarios.
As part of this course, PwC's Academy addresses in a comprehensive and practical way the questions participants are confronted with in the light of their professional duties as well as the evolution of AML and counter-terrorism financing.
Duration: 2h
Language: Available in English, French, and German. The supporting material is only available in English.
Number of participants: up to 15
Available under intra-company course (i.e. dedicated session on demand)
Dedicated sessions are also available in a 2-hour format for specialists and in a 1-hour format for board members and C-suite executives.
Objectives
By the end of this training, participants will be able to:
- understand the differences between international sanctions, payments screening and transaction monitoring
- define the needs of control for payments;
- target the risk indicators for different financial crime typologies
- explain regulatory and reporting expectations
Content
This module covers the following:
- What is the role of AML transaction monitoring in financial crime prevention?
- How are effective international sanctions controls implemented?
- What are the main principles of transaction monitoring and payments screening alerts investigation?
- What are the main obligations in regard to AML transaction monitoring and international sanctions reporting?
Target audience
- Members of the board and the executive board of banks, Professionals of the Financial Sector (PFS), insurance/ reinsurance/captive 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
- Professionals of the (re)insurance sector
- New joiners of financial and non financial institutions
- Persons interested in developing specific knowledge
Our lead experts
This training is coordinated by Michael Weis, Partner at PwC Luxembourg. The training will be given by directors and managers who benefit from a strong professional experience in this area.
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).
Other modules
You may be also be interested in the following related modules. These are deliverable on demand:
