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Curriculum

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The overview of the 4 TEL modules of the AML Risk Management Program Sponsored by UBS is as follows:

  • Module A: AML/CFT Essentials (1 CPD Hour)
    This module assumes that participants already have a rudimentary understanding of the concept of money laundering and terrorist financing. It moves beyond the pure basics of what AML/CFT is to encompass the essential fundamentals of AML/CFT that every practitioner must be equipped with, to adequately service high net worth clients.

    Participants will gain a general understanding of AML laws and regulations, the various types of money laundering offences, and the severe consequences of non-c​ompliance with applicable standards. Incorporating examples of recent real-life cases, there will be learning checkpoints at regular intervals throughout the module where participants will be able to validate their understanding by applying relevant laws, regulations and compliance standards to situations commonly found in wealth management.

    This module is aligned to the IBF Standards Level 2/3 Industry Segment: Wealth Management; Job Specialisation: Relationship Management – Private Banking; Competency Unit 2: Laws and Regulations.

  • Module B: Customer Due Diligence - What is Enough? (1 CPD Hour)
    This module explores the compliance requirements of acceptance checks and onboarding of high net worth clients.

    Participants will learn about the various types of account structures prevalent in the wealth management sector and the customer due diligence processes necessary to on-board these different account ​​types. Incorporating examples of recent real-life cases, there will be learning checkpoints at regular intervals throughout the module where participants will be required to assess the adequacy of commonly applied measures used in client on-boarding for compliance with regulatory requirements, as well as identify good practices to enhance stakeholder engagement in the client acceptance process.

    This module is aligned to the IBF Standards Level 2/3 Industry Segment: Wealth Management; Job Specialisation: Relationship Management – Private Banking; Competency Unit 4: Client Acceptance and On-boarding (KYC/AML).

  • Module C: Common/Emerging Themes in AML/CFT (1 CPD Hour)
    Delving deeper into compliance and AML topics, this module explores common/emerging themes in AML/CFT in wealth management as they relate to securities markets misconduct, foreign exchange controls, local and foreign sanctions, and tax evasion.

    Participants will study predicate offences from the Securities & Futures Act such as false trading, market rigging, insider trading etc. Money laundering risks that relate to accounts managed by external managers will also be discussed, as well as recent developments in relation to tax and automatic exchange of information.

    This module is aligned to the IBF Standards Level 2 Industry Segment: Compliance; Job Specialisation: Compliance – Anti-Money Laundering; Competency Unit 2: Regulatory Advisory.

  • Module D: Learning Points from Recent AML Incidents (1 CPD Hour)
    This module explores the major learning points from recent scandals that have impacted the wealth management industry, such as 1MDB and the Panama Papers incidents

    This module is a continuation of Module C on the recent themes in AML/CFT. All practitioners within the wealth management industry, whether operating in the first, second or third lines of defence, can gain lessons gleaned from these recent money laundering debacles.

    This module is aligned to the IBF Standards Level 2 Industry Segment: Compliance; Job Specialisation: Compliance – Anti-Money Laundering; Competency Unit 1: Industry Knowledge and Awareness.
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