The Importance of Purpose and Intended Nature of the Business Relationship within the AML/CFT Sphere

This course can be delivered to your organisation as part of our bespoke Corporate Training Solutions, at your own time and your own convenience. Contact us on kla@kpmg.com.mt or call us on +356 2563 6363 or on +356 9963 6363 for more information on how we can take care of your organisation’s training needs.

Course Description:

This course, offered by KPMG Learning Academy, will be open to all industries including banks, financial institutions, remote gaming operators, virtual financial assets service providers, company services providers, accountants and auditors. This training session will be targeted towards MLROs (including MLRO designates) and all staff members working within the AML function. The course will provide an overview of the regulatory obligations around this area which emanate from the Prevention of Money Laundering and Funding of Terrorism Regulations (“PMLFTR”), the FIAU Implementing Procedures Part I and Part II sector specific guidelines. The training session will also focus on the importance of obtaining this information in order to understand the customer and risk profile, and to carry out the appropriate level of due diligence and ongoing monitoring. We will also go through the observations highlighted by the FIAU in the Enforcement Factsheet and other Guidance Notes. Additionally we will be seeing to a number of administrative measures issued by FIAU on this area. Furthermore, we will be providing tips to consider when obtaining information and/or documentation on the purpose and intended nature of the business relationship. The course will be made interactive through a number of polls, practical examples and case studies which will be provided during the training session.

Target Audience:

MLROs (including MLRO designates) and all staff members working within the AML function across all industries including banks, financial institutions, remote gaming operators, virtual financial assets service providers, company services providers, accountants and auditors.

Learning Outcomes:

An Overview & the Regulatory Framework around this area;
The importance of obtaining information and/or documentation around the source of wealth and the source of funds including the understanding of the client’s purpose and intended nature, business/employment and the anticipated/expected level and nature of activity;
The FIAU Enforcement Factsheet, Guidance Note on Source of Wealth and administrative measures imposed on the area of the purpose and intended nature of the business relationship;
Tips to consider when obtaining information and/or documentation on this specific topic; and,
Practical Examples and Case Studies.

CPE Hours: This course qualifies for 2 hours of Structured CPE which can be classified as Professional Competency. A certificate of attendance will be provided at the end of each session.