14 top videos on AML compliance: Anti-Money Laundering Training Videos

Home Blogs 14 top videos on AML compliance: Anti-Money Laundering Training Videos

14 top videos on AML compliance: Defending against financial crime

In this article, we will explore 14 top videos which will help you understand various concepts and legal requirements around AML/CFT compliance. Starting with the goAML registration requirements to submitting various regulatory reports, including REAR, FFR, PNMR, SAR, and STR, it will help you develop a sound understanding of the AML compliance requirements.

Table of Contents

Politically Exposed Person (PEP) and PEP screening requirements in UAE

This video will help you grasp the essential concepts around:

  • Who the politically exposed person is, the Definition of PEP
  • Who is covered within the definition of PEP, including the person himself and his associates
  • What action you should take once you know someone is a PEP or associated with a PEP
  • How to deal with domestic PEPs, foreign PEPs, and heads of international organizations.
  • Why PEPs are treated as high-risk customers
  • What are the deciding factors to conclude that a PEP carries high-risk
  • How to manage ML/TF risks around PEPs
  • What are the requirements for carrying out Enhanced Due Diligence (EDD) when working with Politically Exposed Persons
  • Ongoing monitoring of transactions with PEPs

Chapters:

  • 0:00 PEP Introduction
  • 0:25 Who is PEP?
  • 0:44 associated PEP
  • 0:54 3 categories of PEP
  • 1:06 Domestic PEP
  • 1:12 Foreign PEP
  • 1:18 Head of International Organization
  • 1:29 High risk
  • 1:38 Factors considered while determining PEP
  • 2:11 MLFT Risk with associated PEP
  • 2:34 KYC & EDD
  • 2:41 Treated as High risk
  • 3:15 Regarding PEP

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AML Business Risk Assessment (BRA) and how to conduct BRA

This video will help you understand the key concepts around the AML Business Risk Assessment (BRA). The AML Business Risk Assessment is also known as the Enterpiese-Wide Risk Assessment, Firm-Wide Risk Assessment, Entity-Wide Risk Assessment, or simply, ML/TF Risk Assessment.

  • The need for AML Business Risk Assessment (BRA)
  • Risk-Based Approach
  • Risk appetite
  • Risk Factors to consider while performing EWRA
  • The concept of gross risk and how to arrive at it
  • Evaluation of controls and their effectiveness
  • The concept of net risk or residual risk and how to arrive at it

Chapters:

  • 0:00 Business risk assessment introduction
  • 0:13 Overview of Business risk assessment
  • 1:05 Evaluating risk scenario
  • 1:51 Likelihood of occurrence and impact on business
  • 2:34 Inherent Risk
  • 2:57 Risk parameters analysis
  • 3:15 Business risk assessment exercise

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Role of AML Compliance Officer under UAE AML Regulations

The ultimate responsibility to comply with UAE AML regulations remains with the top management, but the AML Compliance Officer is responsible for implementing the AML/CFT program in the company, imparting training to the staff, submitting regulatory reports, and overseeing the compliance function. This video will help you understand the role of the AML Compliance Officer in the entity.

  • Key responsibilities of the AML Compliance Officer
  • AML/CFT program development and its implementation
  • Regular updates to the AML/CFT policies and procedures
  • AML training program
  • Suspicious Transactions Report (STR) and other regulatory reporting
  • AML/CFT Record Keeping

Chapters:

  • 0:00 Introduction on the role of AML Compliance Officer
  • 0:51 AML/CFT Program Management
  • 1:43 AML/CFT Training & Development
  • 2:25 ML/FT Reporting
  • 3:28 Other roles of AML Compliance Officer

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Know Your Customer Process under UAE AML Regulations

This video focuses on the Know Your Customer (KYC) requirements under the UAE AML Regulations. It helps you understand various concepts and requirements around customer identification and customer verification. The video highlights various important aspects of KYC:

  • What is Know Your Customer (KYC)
  • KYC requirements for individual customers
  • KYC requirements for corporates
  • Why maintain a standardized KYC form

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Chapters:

  • 0:00 Introduction
  • 0:50 Natural Person Information
  • 1:29 Natural Person Documents
  • 2:05 Corporate/Legal Entity Information
  • 2:57 Corporate/Legal Entity Documents
  • 3:41 Other details regarding KYC

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Sanction Screening in UAE

This video will help you understand the basic concepts around sanctions screening, what it is, what sanctions list to include as per UAE AML requirements, how to conduct sanctions screening, and more:

  • What is sanctions screening
  • UAE Local List and UNSC List
  • When to conduct sanctions check
  • The requirements around the EOCN mailing list subscription
  • Sanctions screening process
  • What to while dealing with sanctioned individuals and entities
  • Partial Name Match and Fund Freeze Report Submission with the FIU goAML portal

Chapters:

  • 0:00 Sanction Screening Introduction
  • 0:47 Subscribing to the Executive Office
  • 1:07 Sanction Screening Process
  • 1:36 Sanctions Implementation process
  • 2:36 Timely Reporting to FIU
  • 2:55 Filing reports on the goAML portal
  • 3:16 Conclusion

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Elements of an effective AML Policy and Procedures

This video will help you understand the elements of an effective AML policy and procedures. Regarding AML/CFT policy and procedures, it is important to get it approved by top management. The video touches upon the important aspects around risk identification, risk-based approach, customer onboarding, identification and reporting of suspicious transactions, other reporting requirements, record keeping, governance, and targeted financial sanctions (TFS).

Chapters:

  • 0:00 Introduction
  • 0:26 Risk Identification
  • 0:50 Risk Mitigation
  • 1:05 Customer Onboarding
  • 1:30 Identification and Reporting of Suspicious Transactions
  • 2:17 Record Keeping
  • 2:39 Governance
  • 3:03 Targeted Financial Sanctions
  • 3:26 Documentation for AML CFT policy

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Staying ahead in AML compliance: Understanding when to file STRs

This video highlights the importance of knowing red flags around suspicious activities and suspicious transactions. It will help you distinguish between suspicious activities and suspicious transactions. Further, it provides information about the regulatory reporting requirement in the form of a Suspicious Transaction Report. It will help you understand when you are supposed to file STR with the goAML portal maintained by the UAE, FIU.

  • What is STR
  • Who is obligated to submit STR with goAML portal maintained by the FIU, UAE
  • The distinction between a Suspicious Activity and a Suspicious Transaction (SAR vs STR)
  • Red flags indicating a suspicious transaction
  • STR submission

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Compliance with AML Laws: Guide to Filing a Fund Freeze Report

This video highlights the important procedure around filing a Fund Freeze Report with the goAML portal. A fund Freeze Report must be filed with the FIU goAML portal when a regulated entity finds a match with the UNSC or UAE local list. It also highlights the importance of sanctions screening.

  • What is a Fund Freeze Report
  • When to file a Fund Freeze Report
  • Sanctions Screening
  • What to do when you find a confirmed match with the sanctions list
  • Timeline for filing Fund Freeze Report

Chapters

  • 0:00 Introduction
  • 0:30 UAE Cabinet Decision (74) of 2020
  • 0:59 AML Compliance framework
  • 1:24 Screening
  • 1:36 Customer Due Diligence process
  • 1:48 Confirmed match
  • 2:18 Existing Customer
  • 2:41 Filing an FFR
  • 3:03 Freezing of Funds

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Checklist for Filing STR and SAR on the goAML portal

This video will help you understand the importance of an AML/CFT program and how your policies and procedures should be defined to ensure reporting all suspicious activities and transactions to the UAE FIU.

  • Identification of suspicious activities and suspicious transactions
  • Procedures around Internal Suspicious Transactions Reoprt (STR) and Internal Suspicious Activity Report (SAR)
  • Preliminary investigation by the compliance officer
  • Decision to submit SAR or STR with the goAML portal
  • Supporting Documents around SAR or STR
  • Submission of SAR or STR on the goAML portal

Chapters:

  • 0:00 Introduction
  • 0:36 Observing the suspicion
  • 0:56 Internal SAR or STR form and its filing
  • 1:35 Collating of precise details by the compliance officer
  • 2:08 Documentation of results by the compliance officer
  • 3:02 Reporting on goAML Portal

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Money Laundering 101: Three Stages of Money Laundering

Money laundering is a global concern, with an estimated 2-5% of global GDP being laundered every year. This video will help you understand the three stages of money laundering, viz., placement, layering, and integration:

  1. Three stages of money laundering
  2. Placement
  3. Layering
  4. Integration

Chapters:

  • 0:00 Introduction to three stages of money laundering
  • 0:18 placement
  • 0:40 Layering
  • 1:10 Integration
  • 1:28 Conclusion

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Filing of Real Estate Activity Report (REAR) on goAML

Real estate agents, brokers, lawyers, and independent legal firms must report specified transactions related to real estate to FIU in the prescribed format called Real Estate Activity Report (REAR). This video will help you understand various requirements around REAR report submission.

  • REAR applicability to Real Estate Agents and Brokers
  • REAR applicability to lawyers and independent legal firms
  • Circumstances warranting submission of REAR on the goAML portal
  • REAR applies to buying and selling of freehold property only
  • Monetary threshold around REAR submission for cash and crypto transactions
  • Documents to be submitted along with REAR

Chapters:

  • 0:00 Introduction to Real Estate Activity Report filing
  • 0:46 Circular No: 05/2022
  • 1:17 Submission of REAR on the goAML platform
  • 2:02 Documents to be submitted along with the REAR
  • 2:18 Documents to be submitted for a natural person
  • 2:34 Documents to be submitted for a legal person
  • 2:51 Conclusion

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goAML Registration in the UAE

Financial Institutions, Virtual Asset Service Providers, and Designated Non-Financial Businesses and Professions (DNFBPs) must register on the goAML portal to fulfill their regulatory reporting requirements. In this video, we will look at the process of registering on the goAML portal.

  • What is goAML portal
  • The objective behind UAE FIU’s goAML portal
  • Entities required to register on the goAML portal
  • The two-stage process of goAML Registration
  • SACM Registration – First Stage of goAML Registration
  • Second Stage of goAML Registration
  • Documents required for goAML Registration
  • Regulatory Reporting on goAML Portal

Chapters:

  • 0:00 Introduction to goAML Registration
  • 0:39 Objectives of goAML platform
  • 1:04 Entities to detect and report suspicious transactions
  • 1:26 SACM Registration on goAML portal
  • 1:48 goAML Registration using Google Authenticator
  • 2:23 Documents needed for goAML Registration
  • 3:00 AML-related reports to be Submitted after approval
  • 3:30 Conclusions

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Defeating Financial Crime: Inside the AML Training Program

The video provides essential insights into the coverage of the AML training program. In order to succeed in fighting financial crimes, the reporting entity must get support from the top management and the employees. The employees must know various typologies and red flags to counter money laundering and terrorist financing. In this video, we will look at the critical topics that must be included in the AML training program of the entity.

  • What is ML/TF, typologies, red flags, case studies
  • AML/CFT laws and regulations in the UAE
  • International organisations – FATF, UNSC, MENAFATF, etc.
  • Enterprise-wide Risk Assessment
  • AML/CFT Policy, Procedures, and Controls
  • KYC, CDD, EDD, Customer Risk Assessment
  • Transaction Monitoring
  • Regulatory reporting requirements
  • Governance Structure
  • Sanctions compliance
  • Record-keeping requirements
Defeating Financial Crime Inside the AML Training Program

Chapters:

  • 0:00 Introduction on Defeating Financial Crime
  • 0:43 Aspects of AML training program
  • 0:53 ML/FT Concepts
  • 1:01 AML regulations in UAE
  • 1:08 International efforts to fight ML/FT
  • 1:16 goAML Registration
  • 1:21 Business Risk Assessment
  • 1:30 Customer Onboarding
  • 1:40 Enhanced Due Diligence
  • 1:50 Ongoing Monitoring
  • 1:59 Suspicious transactions
  • 2:15 Record Keeping
  • 2:23 Roles and responsibility of the compliance officer
  • 2:30 AML Compliance program and governance
  • 2:45 TFS Implementation
  • 2:54 Reporting with FIU
  • 3:04 Ultimate Beneficial Owner
  • 3:14 Conclusion

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Mitigating high MLFT risk with Enhanced Due Diligence

This video focuses on the Enhanced Due Diligence (EDD) which is an advanced/ extended form of Customer Due Diligence, wherein additional checks are required to be done to manage the increased financial crime risks. The regulated entities (Financial Institutions, DNFBPs and Virtual Asset Service Providers) are required to undertake robust and rigorous version of CDD when it involves high risks customers. This video will help you understand what is EDD, situations when EDD is to be performed and measures to be applied. Following measures can be adopted to be performed as part of EDD.

  • Entities must increase the scrutiny around customer identities to ensure that customers are what they say they are.
  • Entities must get more information on the customer’s business, products, or services and conduct detailed inquiries about the purpose of the business relationship.
  • Entities must determine the legitimacy of the customer’s source of funds and wealth.
  • A thorough background search on the customers must be performed through public and private databases, internet research, social media, and adverse media checks to understand the customer’s connections with financial crimes.
  • The customer profile must be subject to increased monitoring.
  • The regulated entities must get senior management approval before establishing any business relationship or transaction with high-risk customers.
  • Asking the customer to make the first payment from the bank account in its name, ensuring the third-party funds are not used in the proposed business relationship or transaction.
Mitigating high MLFT risk with Enhanced Due Diligence

Chapters:

  • 0:00 Introduction on Enhanced due diligence
  • 0:31 Meaning of EDD
  • 0:58 Performing the KYC process
  • 1:22 High-risk customers
  • 1:36 High-risk countries
  • 1:43 Doubt about the appropriateness
  • 1:50 Red flag indicators
  • 2:01 Increase scrutiny around customer identities
  • 2:25 Getting more information on customer’s business
  • 2:39 Thorough background check
  • 2:51 Detailed analysis and frequent monitoring
  • 3:01 Management approval
  • 3:10 Insist 1st payment from bank account
  • 3:21 Short brief on EDD

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About the Author

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Pathik Shah

FCA, CAMS, CISA, CS, DISA (ICAI), FAFP (ICAI)

Pathik is a Chartered Accountant with more than 25 years of experience in compliance management, Anti-Money Laundering, tax consultancy, risk management, accounting, system audits, IT consultancy, and digital marketing.

He has extensive knowledge of local and international Anti-Money Laundering rules and regulations. He helps companies with end-to-end AML compliance services, from understanding the AML business-specific risk to implementing the robust AML Compliance framework.