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Understanding AML, CFT, and CPF: A Risk-Based Approach

Location

Hybrid

Course Start Date

21-06-2024

Course description

Date: 21st June 2024
Time: 9:00 - 12:00 
Location: Hybrid 
Price: €30 incl VAT
Payment: Online payment or bank transfer

 

 

 

 

 

A Theoretical & Practical Insight

This course provides an in-depth understanding of the implications of the Financial Action Task Force methodology of assessment for assessing compliance with the FATF Recommendations and the effectiveness of AML/CFT systems.

A focus is placed on the risk-based approach and the importance of adhering to this risk-based approach. This course explains how should this risk-based approach be adopted by delving into Malta’s 2023 National Risk Assessment on Money Laundering, Terrorism Financing and Proliferation Financing and related targeted financial sanctions risks.

Key Topics

  1. Introduction to AML, CFT, and CPF
    • Definitions and key concepts
    • The role of the Financial Action Task Force (FATF) as the global standard-setter
  2. Country Risk Assessment
    • Understanding a country’s risks and context
    • Evaluating the nature and extent of ML and TF risks
    • Analyzing the country’s structural elements and contextual factors
  3. Risk-Based Approach
    • Importance of risk assessment in AML/CFT measures
    • Materiality and its impact on AML/CFT/CPF evaluations
    • Adopting a risk-sensitive application of AML/CFT measures
  4. Structural and Contextual Elements
    • Identifying structural elements necessary for a robust AML/CFT/CPF regime
    • Assessing political and institutional stability, rule of law, transparency, and corruption levels
  5. Mitigating Risks and Measures
    • Understanding different types of risks: customer, product/service/transaction, geographical, interface, and others
    • Evaluating existing mitigating measures and identifying additional measures required
  6. Utilizing the National Risk Assessment (NRA)
    • Overview of the 2023 NRA methodology, stakeholders, and process
    • Insights from EU Supranational Risk Assessment, MONEYVAL, European Banking Authority, and FIAU strategic analysis
    • Practical applications of NRA in assessing and mitigating ML/TF risks within entities

Learning Objectives

By the end of this course, participants will:

  • Gain a thorough understanding of AML, CFT, and CPF concepts and the importance of a risk-based approach.
  • Be able to assess a country’s ML and TF risks, considering structural and contextual elements.
  • Learn how to implement and evaluate mitigating measures to address identified risks.
  • Understand the significance of the NRA and its practical applications in improving AML/CFT/CPF frameworks.

Importance of the Course

  • Legal Obligation: Compliance with national and international AML/CFT/CPF standards.
  • Business Strategy: Reconsideration of business models and strategies based on risk assessments.
  • Internal Controls: Assisting in internal remediation exercises and implementation of new controls.
  • Focused Resource Allocation: Enabling the effective targeting of resources based on assessed risks.

 

Target Audience

This course is designed for professionals in the financial sector, compliance officers, risk managers, and regulatory authorities who are involved in AML/CFT/CPF activities and need to understand and implement a risk-based approach effectively.

Tutor

More info 

 

Course Details            

The course will be conducted in-person at the PKF Academy, situated on Level 2, Mannarino Road, Birkirkara: view on Google Maps. If you are unable to attend in person, we kindly request you to email us at academy@pkfmalta.com.

Upon completing the course, students will be awarded a certificate of attendance.

Cancellation of Courses by PKF Academy:

For each course, there will be a minimum level of attendees. If this minimum is not achieved PKF Academy reserves the right to either

i) cancel the course
ii) postpone it to a later date or
iii) it might decide to still hold the course in agreement with the trainer.

The attendees will be informed about such cancellations before course commencement. In the case of course cancellation from PKF's side, the full participation fee shall be paid back to the fully paid-up registrants.

 

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We're here to help!

If you have any questions or need further assistance, feel free to reach out to us at academy@pkfmalta.com or call us at 21484373. 

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