DFSA Regulations – AML Awareness for DFSA Regulated Firms
What you’ll learn:
Financial services rules and regulations apply to all firms regulated by the DFSA. These rules and guidelines are intended to safeguard customers when they transact with an authorized firm and purchase a financial good or service, to stop the potential threats to financial stability from materializing and hurting the real economy, and to protect the integrity of the financial markets.
Prudential and conduct of business, anti-money laundering and countering the financing of terrorism legislations are all part of the DFSA financial services regulations.
Training Fee
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Live Sessions
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Printed Study Materials
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Coffee, Snacks & Lunch
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Certificate of Attendance
To fulfill their Continuing Professional Development (CPD) obligations, the DFSA mandates that all Senior Executive Officers, Compliance Officers, and MLROs of Authorized Firms complete a least 15 hours of obligatory training every 12 months.
The purpose of this 5 CPD hours course is to provide an understanding about all the regulatory subjects imposed by the DFSA with regard to Anti-Money Laundering and Combating Terrorism Financing, and it was specifically developed for Authorized Individuals of DFSA-regulated enterprises.
This comprehensive course provides a full awareness of the critical aspects of financial security and regulatory compliance. Participants will gain a comprehensive understanding of money laundering, its stages, and the red flags to watch out for. The course covers essential components such as AML programs, risk assessment, and the criteria defining high-risk entities, products, and locations. Moreover, it examines international perspectives, including the role of the Financial Action Task Force (FATF), global sanctions, and the Office of Foreign Assets Control (OFAC). With a focus on practical implementation, participants will learn about risk-based approaches, customer due diligence, and the responsibilities of a Money Laundering Reporting Officer (MLRO). The course also explores reporting procedures, general compliance requirements, and regulatory oversight, making it an indispensable resource for professionals navigating the complex landscape of AML and terrorism financing regulation in the UAE.
By the end of the programme, participants will:
• Understand the Fundamentals of AML and CFT: Define money laundering and its various stages to establish a strong foundational understanding of the concept.
• Recognize Red Flags: Identify and analyze the key indicators or red flags of money laundering in financial transactions and activities.
• Implement AML Programs: Explore the components and requirements of effective Anti-Money Laundering (AML) programs in financial institutions.
• Assess and Control AML Risks: Develop the ability to assess and manage AML risks associated with high-risk individuals, products, services, and geographic locations.
• Recognize Suspicious Activity: Learn how to recognize and report unusual or suspicious financial activities in accordance with international standards and regulations.
• Comprehend Global Frameworks: Understand the role of international organizations like the Financial Action Task Force (FATF) and global sanctions in AML efforts.
• OFAC Implementation: Explore the role of the Office of Foreign Assets Control (OFAC) and how to implement an OFAC program effectively, with a focus on UAE-specific regulations.
• Apply Risk-Based Approach: Gain insights into the risk-based approach to AML, including business risk assessment, customer risk assessment, and customer due diligence.
• AML Compliance and Reporting: Learn about the requirements for compliance, reporting obligations, and the role of the Money Laundering Reporting Officer (MLRO).
• Specialized Topics: Dig into specialized areas such as correspondent banking, electronic fund transfers, designated non-financial businesses and professions (DNFBPs) registration, and transitional rules.
AML Awareness for DFSA Regulated Firms
Introduction
• Definition of Money Laundering
• Stages of Money Laundering
• The various red flags of money laundering
• AML Programs
• Customers using personal accounts to run businesses
• Assessing and Controlling AML Risks
• The criteria that constitutes a high-risk person, product or service, and geographic location
• High Risk Persons and Entities
• High Risk Products and Services
• High Risk Geographic Locations
• Recognizing and Reporting Unusual / Suspicious Activity
• Financial Action Task Force (FATF)
• Global Sanctions
• Office of Foreign Assets Control (OFAC)
• The role of OFAC and how an OFAC program should be implemented at the institution
UAE National Committee
UAE’S List of Terrorist Individuals & Entities
UAE AML Executive Office
Applying a Risk-Based Approach
• The Risk-Based Approach
Business Risk Assessment
• Assessing Business AML Risks
• AML Systems and Controls
Customer Risk Assessment
• Guidance
• Assessing Customer AML Risks
Customer Due Diligence
• Requirement to Undertake Customer Due Diligence
• Timing of Customer Due Diligence
• Customer Due Diligence Requirements
• Enhanced Customer Due Diligence
• Simplified Customer Due diligence
• Ongoing Customer Due Diligence
• Failure to Conduct or Complete Customer Due Diligence
Reliance and Outsourcing
• Reliance on a Third Party
• Outsourcing
• Money Service Providers
Correspondent Banking, Electronic Fund Transfers and Audit
• Application
• Correspondent Banking
• Electronic fund transfers
• Audit
Sanctions and Other International Obligations
• Relevant United Nations Resolutions and Sanctions
• Government, Regulatory and International Findings
Money Laundering Reporting Officer
• Appointment of a MLRO
• Qualities of a MLRO
• Responsibilities of a MLRO
AML Training and Awareness
Suspicious Activity Reports
• Application and Definitions
• Internal Reporting Requirements
• Suspicious Activity Report
• Tipping-Off
• Freezing assets
General Requirements
• Groups, Branches and Subsidiaries
• Group Policies
• Notifications
• Record Keeping
• Annual AML Return
• Communication with the DFSA
• Employee Disclosures
• Decision Making procedures
Designated Non-Financial Businesses and Professions (DNFBPs) Registration and Supervision
• Guidance
• Registration and Notifications
• Request to Withdraw Registration
• Disclosure of Regulatory Status
• Whistleblowing
Transitional Rules
• Application
• General
• Specific Relief — Ancillary Service Provider and DNFBPs
Conclusions and Closure
The programme is designed to provide participants with a better understanding of the various DFSA rules and regulations on AML and CFT. The use of interactive case studies will help participants to think critically about scenarios that will be relevant to their respective roles and organisations.
By the end of the course, participants will have developed the confidence to comprehend what are the rules and regulations applicable to them in their day to day transacting.
The course is addressed to:
This course is beneficial to all Senior Executive Officers, Compliance Officers and MLROs of DFSA Regulated Firms.
Nadine Ghosn Eid is the Founder of BeyondComply, a compliance consultancy and training firm established to help financial services companies understand and overcome the challenges arising from compliance, regulation, and market developments.
Nadine is a Member of the Advisory Council of AGRC (Association of Governance, Risk, and Compliance).
She is also a Certified Anti-Money Laundering Specialist (CAMS) based in Beirut who’s been a Speaker in various Global Compliance and Financial Crime Prevention Conferences, and has more than 28 years of Banking Experience with a focus on Compliance, Treasury, Capital Markets and Private Banking, in addition to 18 years of concentration in the Cards and Payments Industry.
Nadine serves as a Professional Consultant in Anti-Money Laundering, Governance Risk & Compliance, Regulatory Compliance, Data Protection, Virtual Assets Regulation, and Cards Industry Rules and Regulations.
She is also certified as a Trainer by the European Institute of Management and Finance (EIMF), an EU GDPR Foundation and Practitioner by The Knowledge Academy UK, and in Financial Derivatives, Securities, and FSA Regulations by the UK’s Chartered Institute for Securities & Investments (CISI).
Nadine currently holds also the position of Director of Compliance & Regulatory Affairs at areeba, a Leading Regional Financial Technology company specialized in the payment cards and electronic services and in offering issuing and acquiring services to banks, other financial institutions, merchants and retailers.
Prior to areeba, Nadine worked for 14 years with CSCBank sal, a regional leader in the card and electronic payment processing industry, of which the last three years have been also as Head of Compliance.
Nadine holds a Master’s Degree in Money and Banking from The American University of Beirut.
She has an extended financial experience in the Middle Eastern, African, American, and European markets. She is fluent in English, French and Arabic, and is no stranger to EU and US legislations, having worked for multiple banks that do business in European and American markets.