Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT)

Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT)

AML & CFT involve a set of basic compliance regulations for businesses to prevent money laundering and the financing of terror groups. AML & CFT are of the essence to a country’s regulatory bodies in their quest to protect the soundness of their financial system. The soundness of a country’s financial system impacts international capital flows and foreign direct investment in that country. 

Regional organizations such as the Financial Action Task Force (FATF), International Monetary Fund (IMF), United Nations (UN), and European Union (EU) layout recommendations for adherence to AML & CFT framework.

Course goals:

The learning outcomes of the course will allow participants to:

  • Understand the process of layering & money laundering;
  • Understand the AML & CFT framework & obligations;
  • Understand the recommendations from the Regional Organizations;
  • Understand the sanctions & penalties for non-compliance: and
  • Devise internal procedures to comply with the requirements of AML & CFT.

Duration of course:

Expected to be delivered and completed within 68 minutes.

Foreign Account Tax Compliance Act (FATCA)

Foreign Account Tax Compliance Act (FATCA)

The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the Hiring Incentives to Restore Employment (HIRE) Act, generally requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on with-holdable payments. FATCA is an important development in U.S. efforts to combat tax evasion by U.S. persons holding accounts and other financial assets offshore. 

FATCA requires certain foreign financial institutions to report directly to the IRS information about financial accounts held by U.S. taxpayers or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. The reporting institutions will include not only banks, but also other financial institutions, such as investment entities, brokers, and certain insurance companies. Some non-financial foreign entities will also have to report certain of their U.S. owners.

Course goals:

The learning outcomes of the course will allow participants to:

  • Have a deeper understanding of the filing requisites of FATCA;
  • Have a guide for future FATCA classification and reporting exercises;
  • Devise better on-boarding process of clients in line with FATCA; and
  • Devise better ongoing monitoring process of clients in line with FATCA.

Duration of course:

Expected to be delivered and completed within 51 minutes.

Common Reporting Standard (CRS)

Common Reporting Standard (CRS)

The Common Reporting Standard (CRS) is a global standard for the automatic exchange of financial account information. It was developed by the Organisation for Economic Cooperation and Development (OECD). CRS calls on jurisdictions to obtain information from their financial institutions and to automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions. 

Its purpose is to combat tax evasion and to improve transparency. The idea was based on the US FATCA implementation agreements and its legal basis is the Convention on Mutual Administrative Assistance in Tax Matters. More than 100 countries have committed to CRS, including all EU member states and major financial centers around the world. Many African jurisdictions will be exchanged for the first time this year.

Course goals:

The learning outcomes of the course will allow participants to:

  • Have a deeper understanding of the filing requisites of CRS;
  • Have a guide for future CRS classification and reporting exercises;
  • Devise better on-boarding process of clients in line with CRS; and
  • Devise a better ongoing monitoring process of clients in line with CRS.

Duration of course:

Expected to be delivered and completed within 62 minutes.

General Data Protection Regulation (GDPR)

General Data Protection Regulation (GDPR)

In May 2016, the European Union (EU) published the EU General Data Protection Regulation (GDPR). This legal framework revolutionizes the way that personal data are used and handled. It is a far-reaching legal instrument that will have a significant impact on all companies involved in the processing of personal data, including many outside the EU. 

It imposes obligations onto controllers and processors of personal data, so long as they collect and process personal data related to people in the EU. This course will provide an overview of the GDPR. Since the Regulation applies regardless of where websites are based, it must be heeded by all sites that attract European visitors, even if they don’t specifically market goods or services to EU residents.

Course goals:

The learning outcomes of the course will allow participants to:

  • Understand the applicability of the GDPR;
  • Be aware of penalties applicable for non-compliance;
  • Understand the different roles under the GDPR;
  • Get a broad knowledge of the GDPR requirements; and
  • Devise procedures to comply with the requirements of GDPR.

Duration of course:

Expected to be delivered and completed within 30 minutes.