Anti Money Laundering 2019 | People Learning | 3 June 2019 | People & Co. Ltd, Suite 4, Paolo Court (13), Giuseppe Cali Street, Ta' Xbiex, XBX 1423, by appointment, Malta
Venue
People & Co. Ltd
People & Co. Ltd, Suite 4, Paolo Court (13), Giuseppe Cali Street, Ta' Xbiex, XBX 1423, by appointment, Malta
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| Event Date |
Mon Jun 3 CEST - Thu Jun 6 CEST (over 5 years ago)
In your timezone (EST): Mon Jun 3 2:00am - Thu Jun 6 11:00am |
| Location |
People & Co. Ltd
Suite 4, Paolo Court (13), Giuseppe Cali Street, Ta' Xbiex, XBX 1423, by appointment, Malta |
Details
Who is it for?
This is an introductory course for all levels of employees working in money laundering prevention position, specifically targeting those working in compliance in financial sector and the legal profession.
Why Should You Attend?
No one is sure when the practice of laundering money first started, but according to the International Monetary Fund, "the aggregate size of money laundering in the world could be somewhere between 2 and 5 percent of the world's gross domestic product. Using 1996 statistics, these percentages would indicate that money laundering ranged between US Dollar (USD) 590 billion and USD 1.5 trillion. The lower figure (USD 590 billion) is roughly equivalent to the value of the total output of an economy the size of Spain.
Local Directors and Key Officials are personally responsible for the Internal Controls of their business so must be aware of Anti-Money Laundering (AML) obligations and procedures. AML is an international issue and taken very seriously by Regulators. Failure to ensure adequate controls, or to provide essential training to relevant staff, may be an offense - even when no Money Laundering is suspected.
The legal framework in the EU and local law has developed rapidly over the last decade. This development saw the inclusion of the fight against the funding of terrorism within the AML ambit following the September 11th 2001 tragic events. The penalties for not observing the applicable AML legislation are onerous and keep becoming more onerous. Merely not having the right controls in place could lead to significant penalties too under recent changes in the law.
So it is important to understand your obligations under the law and what structures should be in place to avoid:
• Being fined large amounts of money.
• The bank closing bank accounts.
• The business being victimised by criminals.
• Destroying the reputation of the business.
While the list of subject persons is long the sector of Financial Services and I-Gaming are particularly vulnerable to abuse.