The course content addresses the following topics:
- Introduction to anti-money laundering and financing of terrorism;
- Typologies of money laundering and financing of terrorism;
- Current global trends, statistics and case studies;
- International approaches, standards and requirements for AML & CFT;
- The FATF Guidelines;
- Globalization and the need for international regulation and cooperation;
- South African risk-based approach to countering money laundering;
- The FIC and the Financial Intelligence Centre Act (Act No. 38 OF 2001);
- Legislative measures and institutions aimed at combatting money laundering and terrorism;
- Vulnerabilities of financial institutions to money laundering and terrorist financing;
- Complying with AML & CFT requirements;
- Identifying suspicious transactions;
- Risk management practices;
- Continuous monitoring;
- Conducting Customer Due Diligence (CDD);
- Customer Identification Program (CIP) rules that are applicable to banks and financial institutions;
- Politically exposed person;
- Recognition, handling and reporting transactions;
- Enforcement of AML & CFT legislation;
- Sanctions;
- Complying with sanctions and freezing regulations.