Trade Finance-Based Money Laundering (AML & CFT)
Course Information
1 Day Course
Fee: $780 (bef. GST)
Course Dates:
- Enquire for course dates
Time: 9.15am – 5pm
Contact: [email protected]
Venue: Hotel (near MRT)
Note:
- Tea breaks and buffet lunch will be served. Car park coupons are available upon request.
- For 3 pax and above, 10% discount across the board
Refer A Friend
Get a $15 NTUC voucher for every successful referral! T&Cs apply & while stocks last!
- Rewards are issued only after their referral has completed the course.
- Referred individuals must not have attended our courses in the last 12 months.
- Referrals from the same company or organization as the referrer are not valid.
Course Introduction
Trade finance-based money laundering is an attractive method to launder money, finance terrorism or proliferation due to the possibility of large cross-border transfers without raising suspicion. Moreover, paper-based processes of the global trade finance leave it open to abuses such as forging invoices or bills of lading used as proof of transactions that never took place. Trade transactions therefore allow to hide in plain sight, under the cover of legitimate trade, business through forged documentation thereby posing significant challenges in detection.
This one-day workshop will help participants develop a practical understanding of TradeBased Money Laundering (TBML), identify specific risks in Trade Finance and enable them to
detect and mitigate such risks. It also helps participants identify potential areas where money
launderers use trade to move value with the intention of obscuring the true origin of funds.
Learning Outcome
- Develop a practical understanding of Trade-Based Money Laundering.
- Identify specific and oft-overlooked risks in Trade Finance
- Ability to detect and mitigate risks associated with TBML
- Identify potential areas where Money-launderers use trade to move funds and
obscure true origin of funds - Understand the potential red flags such as forged documentations, invoices or Bills of
Lading
Course Outlines
- Topic 1. Overview of Trade-Based Money Laundering (TBML)
- Topic 2. Who is the Customer in a trade transaction?
- Know your Customer (KYC)
- Know your Customer’s customers (KYCC)
- On Boarding
- Reviewing Customers
- Customer Due Diligence (CDD)
- Topic 3. Trade Related Products
- Letters of Credit
- Documentary Collection
- Guarantee
- Topic 4. Trade Risks-Based Approach (RBA)
- Dual Use of Goods (DUG)
- Pricing
- Prohibited Relationships
- Records Keeping
- Topic 5. High Risk Countries
- Sanctions
- Related Parties
- Topic 6. Quantity Manipulation
- Short Shipment
- Over Shipment
- Topic 7. KYC/AML
- Correspondent Banks
- KYC and EDD- how deep does one need to dig
- Criminal use of companies accounts and nesting of correspondent
accounts
- Topic 8. Document Manipulation
- Multiple invoicing—submission to multiple banks within a given time
- Phantom shipment
- Topic 9. Red Flags
- Topic 10. Brief Information on Trade Finance Regulations
- MAS 626
Trainer Profile
- Mr. Richard Yeo
Richard has over 30 years of working experience in the banking industry, covering the areas of International Trade Finance, Funds Transfers (Remittances), Business Administration, Retail Banking and Risk Management. He has worked in various international banks and is actively involved in conducting in-house training and presentations.
Currently he is a Trade Consultant of a trading company and he was also a key management staff in a listed company. After he left an offshore bank as a Deputy General Manager and Compliance Officer in charge of Trade Finance, Settlements, Remittances, Deposits, Loans Administration, Correspondent banking as well as Accounting and Regulatory Compliance, he was a Senior Manager (Regional) in a MNC.
Richard is a registered Associate Trainer with the Institute of Banking and Finance (IBF), and a part-time Associate Lecturer with the Singapore Institute of Management (SIM) and also a part-time Tutor with Business and Management Education Limited, for the Manchester Business School MBA program conducted in Singapore.
Richard is an Associate Member of the Chartered Institute of Bankers, a graduate member of the Institute of Exports (UK) and holds a Master of Business Administration degree, jointly awarded by the University of Manchester and the University of Wales, UK.