Anti Money Laundering

by Bob Lyddon
access120 days access
cpd hours4 CPD hours

This course will enable you to:

  • Recognise, understand, and minimise the risk to your organisation and clients of money laundering
  • Understand the AML/CFT regulatory system across the world
  • Identify who is an 'obliged entity' and their main duties
  • Follow the process of normal due diligence
  • Understand the process of enhanced due diligence and what to do if a customer is 'high risk'

Anti money laundering (AML) and countering the financing of terrorism (CFT) is an increasingly important area for accountants. A thorough understanding of the regulatory system within global finance will help you minimise risk for your organisation and your clients.

This course takes an in depth look at the regulatory system within global finance designed to eliminate money laundering and to counter the financing of terrorism. It gives you everything you need to understand this complex but important subject including information on Financial Action Taskforce (FATF), obliged entities, what would be considered normal and enhanced due diligence and much more.

Aims and substance

  • Fighting financial crime
  • Regime objectives
  • Sanctions and embargoes
  • National law-making
  • National financial crime authorities
  • National regulatory bodies
  • Sources of advice

Main duties of an obliged entity

  • Obliged entities
  • Who is an obliged entity?
  • The art market and freeports
  • Internal AML/CFT organisation
  • Senior management and the MLRO
  • Due diligence
  • Simplified due diligence
  • A risk-based approach

Normal due diligence

  • Customer due diligence
  • Non-natural legal persons
  • Ultimate beneficial ownership
  • Politically exposed persons
  • Annual reviews

Enhanced due diligence

  • What does EDD consist of?
  • EDD and institutional securities custody
  • EDD and venture capitalists
  • UBOs
  • EDD and UBO
  • EDD and PEPs

Black holes

  • Validating authenticity
  • High risk countries
  • PEPs
  • Trusted third parties
  • Electronic identity
  • eID and black holes
  • Unexplained wealth order

Bob Lyddon is an experienced management consultant both privately and with PwC. Recent engagements include running the IBOS international banking alliance, designing a cross-currency notional pooling service, advising a UK association of payment providers how to access UK and international payment systems, and advising a major player in global payments as to the opportunities and threats arising from the establishment of a new regulator for the UK's payment systems.

Bob is on the faculty of trainers for the UK Association of Corporate Treasurers, and regularly contributes to industry conferences and periodicals.

With PwC, Bob managed several programmes at the time of the initial introduction of the Euro, and prior to that, in a career in international banking spanning 17 years, Bob designed the "Connector" payments network for Bank Boston, and arranged numerous syndicated loans and derivatives transactions for Chemical Bank/Manufacturers Hanover and for Lloyds Bank International.

Bob Lyddon holds a First Class degree in Modern Languages from the University of Cambridge.

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ACCA partner with to provide high quality CPD for members. As an ACCA member, you are required to complete at least 40 relevant units of CPD each year, where one unit is equal to one hour. 21 units must be verifiable; the other 19 can be non-verifiable.

Verifiable CPD
Your course counts as verifiable CPD, if you can answer "yes" to these questions:

  1. Was the learning activity relevant to your career?
  2. Can you explain how you will apply the learning in the workplace?

You select courses that meet these criteria, and as you complete each course you get a CPD certificate so you can provide ACCA with the evidence that you undertook the learning activity.