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 and will be given by directors and managers who benefit from a strong professional experience in this area.
Michael, Financial Crime Leader and Partner in the forensic services, gained extensive knowledge in the investment management and banking industries.
As a key member of the internal controls practice of PwC, Michael specialises in the review of internal controls in the context of SAS 70 reviews and controls reports. He is the manager of various high-profile client assignments on internal controls reports and on Anti-Money-Laundering (AML) in the investment management industry.
Within PwC, Michael takes a key role in the AML taskforce and on internal controls work for the prevention of financial crime. He is coordinating the PwC’s Academy's “Fight against financial crime” leading training programmes that regularly involve international subject matter experts (e.g. transparency international, UN Security Council, FATF, SCPC, FSA, CSSF etc.).
Through his professional qualifications he specialises in compliance related topics such as internal controls frameworks, fraud prevention/investigation and AML.
