The Need For This Course
The United Nations organization defines money laundering as a process which disguises illegal profits without compromising the criminals who wish to benefit from the proceeds. It is a dynamic three-stage process that requires:
Moving the funds from direct association with the crime;
Disguising the trail to foil pursuit; and
Making the money available to the criminal once again with the occupational and geographic origin hidden from view.
The heinous crime underlying money laundering had made international community against the crime imperative.
The Nigerian Government had joined the global initiatives against Money Laundering. This was quite evident in the enactment of the FRN Money Laundering (prohibition) Act 2011 as amended. This law centers principally on the roles of financial institutions (Microfinance Banks inclusive) as facilitators of the transfers of such moneys of illicit origin and provides for various punishments under the act. The monetary authorities do not take infractions on the provisions of the law lightly.
It is against this backdrop that this 1-day training on Anti-money Laundering and combating the financing of Terrorism (AML/CFT) was designed.
At the end of this course, participants will be able to:
- Demonstrate a general understanding of the Money Laundering (Prohibition) Act, 2011;
- Identify and master the various provisions of the Act that are relevant to MFB operations;
- Identify reasons why they should conduct Customer Due Diligence;
- Apply Know Your Customer Principles effectively;
- Give necessary reports to Financial Intelligence Units under the Economic and Financial Crimes Commission; and
- Comply with the regulatory requirement in respect of AML/CFT.
TARGET AUDIENCE: Staff of Microfinance Banks
METHODOLOGY: Interactive Lecture, Discussion, Experiential Learning
DURATION: 2 Days
COURSE FEE: Negotiable
DATES: Client’s Decision
Available as open programme and in-plant
Course Code: (MFB/2022/07)