For Immediate Release
Allied Compliance Consultants “ACC” delivered “Trade Based Money Laundering (TBML)” On-Site Training for National Bank of Fujairah during the period from November 03 – November 19, 2013.
Mr. Hossam Abd El-Rahman, ACC Chairman & Managing Director said ” We are pleased to deliver this important training on one of the latest and most challenging Money Landering Trends”.
Mr. Abd El-Rahman added: “The course covered the critical Trade Based Money Laundering areas that many Financial Institutions need to be aware of, to protect against possible financial crimes and related losses”.
The challenge according to Hossam Abd El-Rahman is the fact that; it takes only as fast as 15 days for fraudsters and Money Launderers to catch up with any new deterrent steps and then fashion out their own ways of beating any new system in place; It therefore becomes a continuous battle of wills and Innovation; one that exposes a non-equippede Financial Institution to a great risk of financial loss; sanctions and risks of reputation damage.
The course covered the following areas:
Session 1: Money Laundering & Terrorism Financing – How to mitigate the risks
- Money Laundering Vs Reverse Money Laundering
- Money Laundering & Terrorism Financing
Session 2: Introduction to Trade Based Transactions
- What is Trade based Transactions?
- The International Trade System
- Abuse of the International Trade System
- Tax Avoidance and Evasion
- Capital Flight
- Role of Financial Institutions in the Settlement of Trade Transactions
Session 3: Trade Based Money Laundering
- What is Trade Based Money Laundering?
- Basic Trade-Based Money Laundering Techniques
* Over- and Under-Shipments of Goods and Services
* Sell something for nothing
* Sell nothing for something
* Phantom Shipments
- Trade Based Money Laundering Red Flags
- Trade Based Money Laundering Scenarios
- Controls to fight Trade Based Money Laundering
Session 5: Key Findings, Challenges and Issues
- Trade Based Money Laundering Key Findings
- Trade Based Money Laundering Challenges
- Trade Based Money Laundering Issues
Closing Session: Wrap Up & ConclusionMr. Abd El-Rahman said that this course will enable the delegates to learn:
- Awareness about Money Laundering, Reverse Money Laundering and Terrorism Financing Risks,
- Fighting Money, Laundering, Reverse Money Laundering and Terrorism Financing, Fraud & Corruption
- Learning the Anti-Money Laundering & Counter Terrorism Financing best practices
- Awareness about the latest Trade Based Money Laundering / Trade Based Terrorism Financing trends
- Getting acquainted with the Trade Based Money Laundering red flags
- Ensuring an effective Customer Acceptance policy (CAP)
- Implementing an effective Customer Identification Program (CIP)
- Implementing a Bullet proof KYC program
- Getting equipped to fight Trade Based Money Laundering / Trade Based Terrorism Financing and protect your organization.
Mr. Abd El-Rahman said that he expects to deliver more training and consultancy services to the MENA Financial Institutions, which is is an area of tremendous economic growth and trade, but that growth brings the risk of increased risk of fraud, financial crimes, money laundering & terrorist financing. ACC is there to assist in protecting financial institutions and organizations from being a victim of such risks or being used to launder money or finance Terrorism.
Following is what the delegates said about the training:
“The best training session on money laundering drawing examples from real-life scenarios , encouraging doubts and questions” – Thekkedathu kochaipa Thomas
“Very good and relevant course . Good insight on the market regarding the various kinds of laundering being practiced” – Radhika Ganapathy
“The training session conducted today was excellent. Very informative and very useful for Trade Finance activities. New trends and happenings in the market were professionally explained during the session”- Joon C. Bhaskaran
“The training has been an eye opener in making me aware of various latest crimes(Financial/Non Financial) and lot of knowledge sharing has happened.”- Advaita Shankaranarayanan
About Allied Compliance Consultants “ACC”
Allied Compliance Consultants “ACC” is an international professional services firm with Global Headquarters in Britain, MENA Headquarters in Dubai, presence in 25 countries and worldwide operations.
For more information visit: www.ACC-Co.com.