Financial Inclusion Training for Anti-Money Laundering (AML) Specialists: Training Course for National Regulators

Program Description

Mode of Delivery: Online course consisting of 3 modules, comprising written material, video presentations and supported by a variety of source reference documents.

Estimated time commitment and effort: Overall, the participants should expect to spend about 3 hours going through written content, watching course videos and completing quizzes. There will be some prescribed and optional reading i.e., resources for each module which may require additional 2-4 hours of study time.

Participants who take this course will obtain:

An understanding of what financial inclusion is and why it is important, especially for disadvantaged groups.
A broad understanding of how financial inclusion can be achieved through proper implementation of the risk- based approach, and what the AML regulatory community can do to ensure that women, financially disadvantaged, or displaced persons have access to basic financial services that fit their needs.
Understanding how to support and engage the private sector in the adoption of inclusive anti-financial crime compliance practices.
Understanding how to prepare for and engage with the Financial Action Task Force (FATF) or FSRB/IMF/WB assessors in the mutual evaluation process on combining effective AML/CFT measures with financial measures addressing the financial excluded.

Program Agenda

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Module 1: Introduction to the FATF Standards and Financial Inclusion

This module will focus on the fundamental expectations of the Financial Action Task Force (FATF), the definitions of key elements of the FATF standards and how they impact financial inclusion. It will also set out what is meant by Financial Inclusion, including a general overview of various groups in society who need, but are often denied, access to formal and regulated financial services. These will include minorities, disadvantaged groups, women, and refugees (forcibly displaced persons).

Module 2: Financial Inclusion in National Risk Assessments (NRA), Supervisory Regulation and Practices

This module will set out the key requirements of the FATF with respect to the Risk Based Approach (RBA) as it applies to the NRA and the AML/CFT supervisory program. It will explore the FATF requirements as set out in Recommendation 1 related to risk assessments, and the expectations placed on AML supervisors in understanding ML/TF risk in the sectors they supervise. It will also address how AML supervisors can lever the assistance of sector and financial inclusion regulators both in terms of resource and knowledge to collectively raise the level of understanding of ML/TF risk.

Module 3: The Mutual Evaluation (ME) process: regulatory considerations

This module will set out the FATF/FSRB process for conducting the ME and assessment of FATF recommendations in context of financial inclusion. The key document for study will be the FATF Methodology, although it will not be necessary to read this entire document. Instead, the course will focus on certain key elements which will be identified in the detailed course material. The process will address an all-government approach to cooperation as well as a national coordinating body or committee whose job is to prepare all departments and agencies for the ME.

ME is one event in 7-8 years for each jurisdiction. It should foster continuous improvement and offer a useful opportunity to ensure AML/CFT activities are aligned to policy areas.

Please watch our webinar and podcast on The Role of AML Regulators in Financial Inclusion:

Ensuring everyone has access to financial services is paramount to sustainable economic development.

In this webinar, the speakers discussed:

the role of financial regulators and supervisors as facilitators of financial inclusion;
the importance of access for disadvantaged people, and
risk-based approach to anti-money laundering (AML).

Opening Remarks:

Anatol Monid, Senior Director, Programs, Toronto Centre

Panelists:

Mercy Buku, Program Leader, Toronto Centre

Richa Goyal, Program Director, Toronto Centre

Robin Newnham, Head of Policy Analysis and Guidance, Alliance for Financial Inclusion (AFI)

Moderator:

Maria Sofia Reiser, Research Analyst, Royal United Services Institute (RUSI)

The training will be available from February 28, 2023 until December 2024. Participants can register online and take the training at their own pace.

Who Should Attend

Target audience:

Government policy makers who are responsible for making, administering, or enforcing AML/CFT laws and regulations that implement the requirements of the Financial Action Task Force (FATF) Standards
Public service management responsible for the national relationship with the FATF/FSRB.
AML/CFT supervisors including the Financial Intelligence Unit (FIU) who are responsible for enforcing AML/CFT laws.
Financial Sector supervisors in the banking, investment, financial intermediary, insurance, payment systems, money remitting sectors.
Designated Non-Financial Businesses and Professions (DNFBP) sector supervisors (public and self-regulatory organization (SRO)) in the gaming, real estate agent, precious metals & stones, legal professionals, trust and company service provider sectors. Virtual Asset Service Provider (VASP) sector supervisors in the virtual asset service sectors.
Telecom service providers (TSP) and their supervisors for their role in provision of digital financial products and services. Note, the FATF standards do not apply to the telecom sector per se, unless the TSP is a Virtual Asset Service Provider (VASP1) as defined by the FATF.

Participants should have at least 3 years of experience with the target audience.