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:
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:
Anatol Monid, Senior Director, Programs, Toronto Centre
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)
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.
Participants should have at least 3 years of experience with the target audience.