AML transaction monitoring is an important control for financial institutions to identify and report indications of potential money laundering, terrorism financing or fraud activities. It is also a regulatory requirement to remain compliant with AML controls. AML transaction monitoring often is a pain point of financial institutions, as it must be efficient, effective, and regularly revised.
The infrastructure of the transaction monitoring system is often complex and includes many elements for consideration. Alert investigation must be intelligent and the analysts must be equipped with a proper guidance. Regular management reports and quality assurance must be conducted to ensure integrity.
Duration: 1h
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)
Objectives
By the end of this training, participants will be able to:
- understand the concept of transaction monitoring;
- understand the AML risk coverage requirements;
- understand indicators of risk for different financial crime typologies;
- understand regulatory and reporting expectations.
Content
This module covers the following:
- What is the role of AML transaction monitoring in financial crime prevention?
- How is effective transaction monitoring control implemented?
- What are the main principles of transaction monitoring alert investigation?
- What are the main obligations in regard to AML transaction monitoring reporting?
Target audience
- Members of the board and the executive board of a bank, a professional of the financial sector, an insurance company or a management company 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
- 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).
