Program Glimpse

Overview

Overview

The regulatory requirements for understanding, effective implementation and monitoring of Anti Money Laundering and Countering Terror Financing is getting tougher day by day. Apart from the AML teams, the biggest challenge for compliance is for field staff to Know their customers , keep an eye on voluminous transactions of hundreds and thousands of customers and ensure reporting of relevant suspicious transactions as per guidelines. The process of AML from placement to layering and integration need clear and vivid understanding to ensure compliance to avoid slip outs resulting expensive penalties from regulators.

Training Methodology

We are expert in customized business simulation delivered through board games that fit customer requirements. Customized simulations provide great insight to participants over the subject by challenging intellectual skills combined with knowledge in a game based competitive environment.

Overview
Overview

Outcomes

  1. Deep dive into AML/CFT Compliance Process
  2. Real life understanding of AML process
  3. Compliance requirement of Regulators for AML/CFT
  4. A rule breaking approach to KYC, STR, EDD etc. based on customer profile
  5. Challenging intellectual skills and decision making in AML/CFT Monitoring & Compliance process.

COURSE OUTLINE

What is Money Laundering

  • Scope of Activities fall in ML
  • Key Professions under watch
  • Three Steps in ML: Placement, Layering and Integration

Dynamics of ML/TF

  • Beneficial Ownership
  • Complexed Transactions & Correspondent Banks
  • Connection with Politically Exposed Person (PEP)
  • Designated Non-Financial Business & Professions (DNFBP)

The Regulatory Framework

  • FATF Pre-requisites for AML/CFT/PF in UAE
  • UAE Central Bank Regulatory Requirements for Compliance with AML/CFT/PF Law
  • What does really Know Your Customer (KYC) mean
  • AML Understanding & Compliance Challenges for Banks in UAE

Sampling of AML/CFT & PF DNA

  • Dirty Money, its Transportation and Key Players
  • Vulnerable Areas and Segments
  • Inherent Risk in Various Professions & Transactions
  • Consequences of Non-Compliance and resultant Laundering
  • How the Likelihood increases when actors exploit vulnerabilities

The Realm of Money Laundering

  • Key Players, Operators, Victims & Beneficiaries
  • Placements – Money Mules, Smurfs, Electronic Transactions & Assets Placement
  • Layering – Key Players & Their Modus Operandi
  • Integration – FATF & SBP Guidelines

Reviewing Control Procedures

  • The knowledge level in AML/CFT & PF
  • Thinking beyond KYCs & STRs
  • Reviewing control checks for different types and level of threats
  • Risks & Challenges in developing robust Control System.

How Board game Works?

  • AML/CFT board game is designed in accordance with FATF recommendations for general and focused business segments.
  • Training starts with detailed presentation on explaining the dynamics of AML/CFT with examples and exercises.
  • At the start of Board Game, participants divided into teams get newly opened account details of around 30 customers from varying socio-economic background, income group, nature of work in the form of activity cards containing some basic account opening details.
  • Teams carefully read the details of customers given in activity
    1. cards and then with group discussion design KYC for each
    2. customer separately.
board-game
board-game
  • Participants simultaneously discuss and fill the customer risk profile cards, rates them, identify the type and nature of further information they need for enhanced evaluation of risks associated with each customer.
  • Teams need to classify and place the customers in three categories i.e. ‘Clean’, Under ‘Enhanced Due Diligence’ & Under ‘Watch’, based on their initial risk classification.
  • A customer once classified as clean can be reclassified based on information provided later about customer account conduct.
  • At this point a detailed presentation is given to participants to understand the placement process of AML as how the funds are placed through money mules in banking system.
  • Participants get customer’s three months bank statement for review. Teams discuss financial details provided customer by customer.
  • Teams need to create a list of ‘Suspicious Transactions’ to be reported under STR with restriction of maximum numbers of transactions that can be reported.
  • A detailed presentation is given to participants over the AML Layering process where participants understands the concept of ‘Money Mules’ and ‘Smurfs’.
  • Fresh Customer Due Diligence (CDD) process triggers where customers are finally reclassified in different categories ranging between clear to black. After this point, reclassification is prohibited, and the game operates with customers under ‘Enhanced Due Diligence’ & Under ‘Watch’
board-game
board-game
  • Teams can ask details of each, and every transaction shown in bank accounts for any customer they want to have a fresh look over customers under watch except those who are classified as clean.
  • Teams will be given information they need under enhanced due diligence process which they will review together.
  • At this point a detailed presentation will be given on AML Integration process as how the funds are integrated through various means including investments, luxury assets, industrial/commercial projects or real estate etc.
  • Integration cards will be given to teams with details of their customer investments and transactions. If the teams have already cleared those customers, they will lose the game or if they are under watch they will finally classify five of them as Money Launderers or Terror Financiers.

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TESTIMONIALS

It was more interactive, more concentrating on the practical side rather than theory. An exciting and engaging session through the board game. Smart, Collaborator and can deliver the information clearly the presenter is very well educated easy to explain the subject.

Du

We have really enjoyed the session and it is highly interactive. The Board Game methodology enable us to do the learning while doing approach.

Emirates NBD Bank

Simfotix Trainer bear a Persuasive approach in training and the company is professional in the arrangement of training till end to make it a memorable experience. Finance For Non Finance board game session is really fun to learn the concepts and apply business decisions.

Ghobash Group

Informative, engaging and we used new tools used for understanding our organization business cycle in this Finance for Non Finance Program by Simulation Bord Game.

Al Batha Group

Good work SIMFOTIX to deliver a very good session for our Top Management. The Leadership Board Game engaged our team with scenarios and exercises. Looking forward to more sessions.

SIEMENS Healthineers

Targeted The blend of Finance for Non Finance with Negotiation Skills for our entire team is a very good program by SIMFOTIX. The Card Game , Board Game and other learning tools are highly engaging. Thank you SIMFOTIX.

Oman Fiber

Property Management Board Game of Finance and Business acumen is well delivered by SIMFOTIX. Our team learned a lot because of the customization to our Property Management Business Model.

Deyaar Development

It was more interactive, more concentrating on the practical side rather than theory. An exciting and engaging session through the board game. Smart, Collaborator and can deliver the information clearly the presenter is very well educated easy to explain the subject.

Du

We have really enjoyed the session and it is highly interactive. The Board Game methodology enable us to do the learning while doing approach.

Emirates NBD Bank

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