Certification Programme - Anti Money Laundering & Counter-Terrorist Financing (AML & CTF) - Foundation Level

In developing an international financial centre, Luxembourg became aware at a very early stage of the need to prevent the use of financial circuits for unlawful purposes. While initially designed to fight money laundering linked to drug trafficking, Luxembourg legislation today criminalises all offences recommended by the Financial Action Task Force (FATF).

Moreover, measures aiming to prevent money laundering not only apply to banks, but to all professionals in the financial sector, such as insurance companies, notaries, estate agents, auditors, casinos, lawyers, tax and financial advisers, and persons selling high-value goods.

This interactive 3-day seminar combining lectures, case studies and exchanges of views and experience is offered as a solid foundation.

To learn:

• Overview of European standards and of Luxembourg AML/CTF laws and regulations

• • Stages and methods of money laundering

• To develop knowledge / create awareness of:

• • Money laundering techniques

  • Internal organisation to reduce the risk of laundering and terrorist financing

  • Key roles and responsibilities of all actors involved

• To understand the concepts of simplified, normal and enhanced due diligence

• To get acquainted with AML best practices in Luxembourg

• Definition of Money Laundering & Terrorism Financing:

  • ML steps

  • TF funding

• The fight against ML & TF at international level:

  • FATF

  • Other international bodies

  • EU directives

• The role of the financial institutions in the fight against ML & TF

• The professional obligations of the financial institutions:

• The obligation to customer due diligence measures

  • Identification of customer

  • Identification of beneficial owner

  • Identification of the relationship

  • Monitoring of the transaction

  • Enhanced & simplified due diligence

  • Reliance on third parties

• The obligation to cooperate with the authorities

  • Cooperation on demand

  • Cooperation on own initiative

  • Transmission of information

  • Prohibition against informing the customer

  • Prohibition against carrying out a suspect transaction

• Embargo & sanctions regulations in the World (UN, OFAC, EU, HMT etc.) 

• How to handle sanctions?

• Best practices for managing detailed sectoral sanctions

Commercial bankers and financial institutions employees:

• AML and Compliance Officers of banks and financial institutions

• Relationship Managers in contact with the customers, Risk Managers and Internal Auditors interested in learning more about AML

 Employees from central banks and supervisory authorities: Junior Officers dealing with these matters at supervisory level

When delivered in face to face format in the countries this course is 4-days long. 

The participants will have their newly acquired knowledge validated through a written exam and will be granted a certificate of success issued by the House of Training.