Introduction

In light of rapid developments and global economic changes, combating money laundering and terrorist financing has become an urgent necessity for all financial and economic institutions. Fighting these crimes not only protects institutions from legal and financial risks but also contributes to maintaining the stability of the global financial system.

The Anti-Money Laundering and Terrorist Financing course equips participants with specialized knowledge and practical skills to understand the methods used in money laundering and terrorist financing, how to detect and combat them. Through this course, participants will learn the local and international laws and regulations governing these crimes, as well as the effective tools that enable them to protect their institutions from falling into the trap of these illegal activities.

Whether you work in the financial, legal, or security sector, this course provides you with a solid foundation to build a successful strategy in facing these global challenges.

Objectives

• To understand the concept of money laundering and terrorist financing and their main sources.
• To identify the stages of money laundering processes and the associated risks.
• To explain the negative economic and social impacts of money laundering and how to prevent them.
• To recognize high-risk countries and accounts related to money laundering.
• To identify indicators that point to money laundering and terrorist financing activities.
• To acquire knowledge on how to report money laundering and terrorist financing.
• To understand national and international efforts to combat money laundering and terrorist financing.
• To understand the penalties related to money laundering and terrorist financing laws.

Topics

Basic concepts related to money laundering, finance, and terrorism.

• Historical background of the crime of money laundering.
• The concept and sources of money laundering and terrorist financing.
• Stages of money laundering operations.
• Points of similarity and difference between money laundering and terrorist financing.
• Channels used in money laundering and terrorist financing operations.

Anti-Money Laundering/Terrorist Financing Procedures in Various Sectors

• Mechanisms and methods used for money laundering and terrorist financing.
• Saudi Arabian Monetary Authority (SAMA) instructions on anti-money laundering rules.
• The "Know Your Customer" principle (KYC).
• How to verify the customer and the validity of the information.
• Procedures for applying Customer Due Diligence (CDD).
• Checking the names listed on international sanctions lists (UN List).
• Continuous monitoring and auditing of transactions and accounts.
• Identifying politically exposed persons (PEPs).
• Classification and risk assessment of customers.
• Guidelines for identifying suspicious transactions related to money laundering.
• Procedures for reporting and filing internal reports on suspicious transactions.

Efforts to Combat Money Laundering/Terrorist Financing

• Understanding the Financial Action Task Force (FATF) and the Egmont Group.
• The 40 Recommendations on Money Laundering and Terrorist Financing.
• High-risk countries and accounts in the fight against money laundering.
• The Penal Code for money laundering crimes in Saudi Arabia.
• The national legislative and regulatory framework to combat money laundering.

Target Audience

• All employees in the banking and investment sectors.
• All employees in insurance and reinsurance companies.
• Workers in currency exchange, gold, and real estate sectors.
• Internal auditors and accountants in companies.
• Those interested in regulatory bodies within institutions and companies.
• Employees of charitable organizations and non-profit entities.
• Certified public accountants, financial managers, and accountants.
• Employees in finance companies.
• Law firms and judges.
• All individuals interested in understanding money laundering crimes.