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Money Laundering

A senior MEP remarked in October 2003 that another Enron could happen anywhere. “If somebody wanted to commit fraud”, he said, “they would”. Given the subsequent scandal at Parmalat, it was a prophetic observation.

For many years corporate ethics has been an important but not a critical business issue. But the recent tide of cases involving poor corporate governance by large multi-national companies has catapulted the question of corporate ethics to the epicentre of business survival. So far public awareness of financial misappropriation has largely been confined to US or continental European based organisations. But the question on everyone’s lips is not if, but when will the same brush tar a UK company.

There may be a good deal of fear and crossing of fingers in UK plc boardrooms over the question “could it happen to us”? The issue is not that businesses are riddled with bad apples. For too many board members, it is more a question of ignorance or “what don’t I know about the finances” that poses a much more serious problem. If you are aware that something is going wrong, at least you can begin taking action. If you do not even know which questions to ask, how can you hope to receive the answers you need? Most executive managers and boards defer to the finance director on matters of financial probity. This is dangerous and exposes everyone to needless risk. It is this lack of knowledge – whether amongst board members or business managers – of the impact and implication of key decisions on financial performance that is at the root of poor business ethics and poor governance. This problem is a ticking bomb.

Intellexis offers an Anti-Money Laundering: Regulatory Compliance and Deterrence course.

This course aims to equip delegates with the knowledge and techniques that they need to remain compliant with the laws and regulations to deter money laundering.

Money Laundering is now regarded as one of the key risks and concerns of financial institutions and other businesses in the UK and internationally. The course will examine the linkages between drug trafficking, organised crime and terrorism with the international, governmental responses, EU Money Laundering Directives and relevant aspects of UK laws (Proceeds of Crime Act 2002, Money Laundering Regulations 2003, Terrorism Act 2000, Anti-Terrorism Crime and Security Act 2001).

Emphasis is placed on the necessary policies, procedures and controls, as well as practical application of techniques to “manage down” the risks faced by organisations and staff when dealing with client assets and funds. The course will be highly participative.

By the end of the course, delegates will: -

	Be up to date with the recent changes in the relevant laws and regulations that impact on them and their organisations,
	Be able to apply acquired knowledge and skills to deter money laundering,
	Understand simple and complex account structures from an anti-money laundering perspective,
	Be able apply internal anti-money laundering policies, due diligence and other and procedures effectively,
	Be alert to the warning signals (“red flags”),
	Know how to recognise and report suspicious activities and transactions,
	Apply monitoring techniques and maintain appropriate records.

Topics Covered:·

	International context
	Legal and regulatory framework, offences and penalties
	Identity verification and full due diligence (“KYC”)
	Use of exemptions, regulated introducers and intermediaries
	Recognising and reporting suspicious activity and transactions
	Monitoring account/relationship activity
	In-depth examination of simple and complex financial structures and inherent money laundering risks (offshore and onshore)
	Tension management between client privacy, transparency, international regulation and the competitive environment, including tax evasion /avoidance and fraud