Anti Money Laundering & Counter-Terrorist Financing (AML & CTF) - Foundation Level

In developing an international financial centre, Luxembourg became aware at a very early stage of the need to prevent the use of financial circuits for unlawful purposes. While initially designed to fight money laundering linked to drug trafficking, Luxembourg legislation today criminalises all offences recommended by the Financial Action Task Force (FATF).

Moreover, measures aiming to prevent money laundering not only apply to banks, but to all professionals in the financial sector, such as insurance companies, notaries, estate agents, auditors, casinos, lawyers, tax and financial advisers, and persons selling high-value goods.

This interactive seminar, which combines lectures, case studies and exchanges of views and experience, is offered as a solid foundation.

The programme is based on European standards and Luxembourg AML/CFT laws and regulations. At the end of the course, participants will

• be able to identify the various component of financial crime (e.g., ML, FT, Proliferation, ... etc.) and the bodies tasked with shaping the global applicable regulatory frameworks
• have acquired a detailed understanding of the mandatory arrangements, systems, and controls to fight financial crime: Internal controls and effective AML/CFT program
• understand the ‘risk-based-approach and the due diligence process
• comprehend Competent Authorities approach in the fight against financial crime
• have gained further knowledge via practical examples and case studies

• Financial crime: definitions and scope
• The fight against ML & TF at international level:
• FATF
• Supranational and international bodies
• Other various stakeholders
• EU and Luxembourg regulatory frameworks
• The role of the financial institutions 
• Risk based approach and the business wide risk assessment
• AML/CFT program: implementing effective internal controls and setting out an appropriate governance structure to fight financial crime
• Sanction regime
• Customer Due Diligence and risk assessment: simplified, standard, and enhanced Due Diligence
• PEP regime
• Reporting to and cooperating with National Competent Authorities
• Cooperation with and reliance on third parties
• Practical examples throughout the programme and Case studies

• Junior AML and Compliance Officers of banks and financial institutions
• Relationship Managers in contact with the customers, Risk Managers and Internal Auditors
• Banks and financial institutions senior management or board members responsible for internal controls
• Junior Officers dealing with these matters at a supervisory level

An exam can be organised for this course. For more details, please see our training "Certification Programme: Anti Money Laundering & Counter-Terrorist Financing (AML & CTF) - Foundation Level"