If you would like more information about attending a public training course for banks, insurance companies and other financial institutions covered by the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) please send an email to email@moneylaundering.com.au. For information about our tailored in-house training courses please click here. An outline of the aims and outcomes of our full day course is set out below. Anti-Money Laundering and Counter-Financing of Terrorism for Financial Institutions (FULL DAY) This practical FULL DAY course, delivered by an internationally experienced anti-money laundering consultant and trainer, including a former ASC and UK FSA regulator and lawyer, will review the latest amendments to Australia's anti-money laundering and counter-financing of terrorism laws and rules thereunder.  Most importantly, the course will explain the practical effect that the law and rules will have on your business and will examine: the current laws and rules; the FATF 40 recommendations and 9 special recommendations; Australian law enforcement AML & CTF directions and releases; implementing on practical basis the risk-based approach to Customer Due Diligence (or Know Your Customer); implementing a risk-based approach to AML & CTF across your business, your product range, your customers and the countries in which you do business; and reporting suspicious transactions and threshold transactions and how to best avoid the 'tipping-off' offence. This course will keep you up to speed with the latest developments and requirements and will use case studies from Australia, Europe and the US to relate the benefits of good AML & CFT operations.  Throughout the day key differences between the Australian AML & CTF regime and those of Europe and the USA will be highlighted. Who should attend? MLROs Compliance staff Managing Directors Executive and Non-Executive Directors Training department staff In-house lawyers Risk Officers Internal auditors Transfer agency staff Documentation staff Marketing staff Dealers Intermediaries/Distributors All client-facing personnel In addition to credit and financial institutions, stockbrokers, finance companies, insurance companies, intermediaries/distributors (including funds) and transfer agents, Bureaux de Change and Money Transmission Businesses should also attend this course. "A very well presented course. A complex area that was approached logically. Obviously presenter knew the area extremely well and did not have to hide behind jargon or legislation. His ability to debate the issues was good also. The course was brought to life with real life examples." Attendee from a Financial Services Regulator "The training manual has become our in-house precedent - it is the most referred to document in the office!" Attendee from a Funds Company "…thorough and comprehensive … delivered in a very good practical and interactive way" Attendee from an Insurance Company   The format of the day will cover the following topics: Session  Content  1  Setting the day's objectives & outlining the public policy context  2  Key legal requirements - The practical effect of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) on Australian financial services businesses (operational effect of AML/CTF Act covered in Session 5).   3  Identifying and reporting suspicious activity - covering the elements of becoming ‘suspicious’, local and international case studies, what happens after you make a suspicious activity report, avoiding the tipping-off offence, transacting business after a report is filed, ‘tipping-off’ and sharing information with 3rd parties and group entities without ‘tipping-off’. The trainer will provide sanitised examples of potentially suspicious activities encountered during his work for international clients.  4  Operational requirements and how to implement your legal requirements - practical information on implementing AML & CTF obligations into your business. Key aspects of the new rules (made under the AML/CTF Act) will be reviewed.  This session covers verification of identity, exemptions, letters of assurance/introduction certificates, Customer Due Diligence (CDD – replacing KYC/KYB responsibilities), record-keeping, the role of the MLRO and case studies.  5  How to risk assess your business and help demonstrate your compliance - the AML/CTF Act 2006 and rules thereunder require firms to adopt a ‘risk-based approach’ to AML & CTF.  This session will explain how to risk assess your business, your clients, your products, your distributors and your geographies in order to identify the areas where you may be exposed to money launderers and financers of terrorism. Attendees will receive: (i) an AML/CTF template policy & documentation to help continue development of your internal controls and procedures; and (ii) risk profile templates.  6  Training - best practice approach to effective training; how and when to deliver training and tips for keeping staff interested when you train them!  7  Enforcement - a look at Australian regulator's powers, local prosecutions and sanctions.  This session will also examine key regulatory sanctions in the UK & the USA to help attendees identify what to do to avoid similar regulatory sanctions here in Australia.  8  Closing remarks