Anti-Money Laundering

Anti-Money Laundering

PD19200281

Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) crimes are very costly and affect us either directly or indirectly. They threaten financial and non-financial institutions. They can easily ruin the soundness of a country’s public and private sector. Professional accountants are considered “gatekeepers” of the financial system and as such they have a huge responsibility to detect and deter money laundering and terrorism financing activities.

In Canada, Anti-Money Laundering requirements are detailed in The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). Under this Act, accountants and practicing Accounting Firms are reporting entities. What this means is that accountants have specific regulatory responsibilities when they engage in certain activities on behalf of individual or entity.

Accountants are susceptible to money laundering risks by the nature of services that they provide. As such, there is need to sensitize them on their AML/CFT roles, responsibilities and consequences of non-compliance. This will be hands on and a practical course that will give participants an understanding of money laundering and terrorism financing and the degree of vulnerabilities of the accountants and practicing accounting firms.

Canadian’s Anti-Money Laundering regulatory framework including The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) requirements will be discussed. Practical case studies where accountants have unknowingly been exposed in money laundering and terrorism financing transactions will be discussed.

LEARNING OUTCOMES

  • Introduction to Money Laundering
  • Stages of Money Laundering
  • How money is laundered and the vulnerabilities of the accountants
  • Case Study one

Canada’s Anti- Money Laundering Regulatory Framework.

  • Financial Action Task Force (FATF),
  • The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA)
  • The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
  • Reporting entities under FINTRAC
  • Information collected by FINTRAC and whom it’s shared with
  • Making Reports to FINTRAC
  • Penalties and fines for non-compliance

Accountants Roles and Responsibilities under AML Act

  • Responsibilities when engaged in potential money laundering activity
  • Suspicious transactions and Activities examples and reporting
  • ClientIdentification and Due Diligence
  • Enhanced Due Diligence
  • Impact of new technology on Money Laundering and Terrorism Financing
  • Suspicious Activities and Transactions detection and reporting / Indicators of possible Money Laundering and Terrorism Financing

Crafting effective Anti-Money Laundering programs

  • Anti-money Laundering Compliance Officer Responsibilities
  • Risk Assessment
  • Anti-Money Laundering Policies and procedures
  • Anti-Money Laundering Training programs
  • Independent AML/CFT programs audit
  • Case Study 2
Course Leader/s
Sam Kiragu, CPA (K)

Time:  1:00 pm - 5:00 pm 
½ Passport Day - 4 Hours
When
11/19/2019 - 11/19/2019
Where
Halifax Convention Centre 1650 Argyle Street Halifax, NS