Financial Crime Prevention

An Introduction to Financial Crime

Understanding Financial Crime

• What is financial crime?
• Defining financial crime
• Understanding the psychology of the white-collar criminal

The International Agencies and Standard Setters

• The United Nations
• The International Monetary Fund (IMF)
• The World Bank
• The Organisation for Economic Co-operation and Development (OECD)
• The Financial Action Task Force (FATF)
• The Council of Europe )
• The European Parliament, Council and Commission
• Transparency International
• The Wolfsberg Group

The International Legal Models, Conventions and Standards

• The international legal models
• The European Community legislation and the European courts
• How United States law can be applied extraterritorially
• United Nations conventions
• Council of Europe Conventions
• OECD conventions
• European Union conventions and directives
• The FATF recommendations for combating money laundering and terrorist financing
• The development of insider dealing and market abuse laws ions
• Information security standards and initiatives

Practical Application of the International Standards

The Prevention and Detection of Money Laundering

• Why is money laundered? The money laundering process aundering
• Application of the FATF Recommendations
• Preventing and detecting money laundering – a risk-based approach
• Formulating a risk-based AML policy
• Formulating AML procedures
• Recognising and reporting suspicious activity and transactions
• Awareness and training
• Core obligations
• Formulating a successful awareness and training strategy
• Record keeping

The Financing of Terrorism

• What is terrorism?
• Moving terrorist funds
• The FATF Special Recommendations and the focus on terrorist financing
• International sanctions
• Proliferation financing

Electronic Crime

• The nature of electronic crime
• Global response to cybercrime: cybercrime strategies
• Cybercrime tools and techniques
• Types of e-crime
• Misuse of electronic payment products

Data and Information Security

• Information security: A risk to be managed
• Information security techniques
• Systems and control
• The planned response

Bribery and Corruption

• The purpose of international conventions on bribery and corruption
• Evaluation and rating of individual jurisdictions against the international conventions and standards
• Corruption and money laundering
• Establishing systems and controls for countering bribery and corruption

Managing, Prevention and Detecting Financial Crime Risks

Corporate Governance and the Management of Financial Crime

• The corporate governance models and requirements
• Responsibilities of directors and non-executive directors
• The role of the auditor in corporate governance
• Financial crime: a business risk to be managed
• Managing fraud risks

Market Fraud: Market Manipulation/ Misleading Statements, Insider Dealing and Market Abuse

• A fair, efficient and transparent market
• Insider dealing
• Market manipulation and misleading statements (Market abuse)
• Investigating and prosecuting market manipulation

Corporate and Business Frauds

• Defining corporate and business fraud
• Internal fraud and collusion
• Senior management fraud
• Fraudulent trading
• Procurement, purchasing and sales frauds
• Payroll, pension and expenses frauds
• External frauds against the business

Financial Sector Fraud

Investigation Prosecution and Recovery

Investigating Fraud Internally

• A planned process
• Conducting the internal investigation
• Interviewing and identifying a suspect
• Reporting the results of internal investigations