AML Compliance Training Program for Financial Institutions

Project name     

 AML Compliance Training Program for FIs

Timeline

 23.11.2021 - 18.02.2022

Goal

The overall objective of the project is to increase the resilience of banking and non-banking financial institutions in Moldova against fraudulent ML/ TF practices by aligning their internal practices with the EU regulation and international best practices.

The specific objective was to organized a comprehensive program in AML and CTF risk mitigation for compliance officers and specialists and as a result strengthen the AML and CTF compliance capacities of banks and non-banking financial institutions.

Activities undertaken

Module 1: Risks and methods of Money Laundering (ML) and Terrorist Financing (TF)

Module 2: The international standards for AML and CTF (Financial Action Task Force (FATF), EU Directives, Basel Committee, Wolfsberg Group etc.) and the local legal framework. Applied sanctions for legislation breaches

Module 3: AML/CTF Compliance Program 

Module 4: Principles of know your customer/know your employee (KYC/KYE) 

Module 5: Compliance with the international sanctioning regime and trade embargoes 

Module 6: Conducting and supporting an investigation process 

Module 7: Risk assessments for Money Laundering, Terrorist Financing, Sanctions 

Module 8: Risk appetite framework