Understand the role of beneficial
ownership in AML/CFT compliance. Learn to identify beneficial owners in complex
structures, such as multi-layered companies and trusts, while tackling
challenges like nominee shareholders.
Learning Objectives:
- Understand the concept of beneficial ownership and its importance in AML/CFT compliance.
- Learn how to identify and verify beneficial owners in complex corporate structures, including multi-layered companies, trusts, and offshore entities.
- Explore global regulatory frameworks and obligations for identifying beneficial owners (FATF, EU, OFAC, etc.).
- Develop skills for conducting due diligence on legal entities and high-risk customers.
- Understand how to detect and address challenges such as nominee arrangements, shell companies, and hidden ownership.
- Learn how to maintain records of beneficial ownership information and comply with regulatory requirements.
- Master the process of reporting suspicious activities related to undisclosed or obscured beneficial ownership.
Course Outline:
Introduction to Beneficial Ownership:
- Definition and importance of beneficial ownership in financial crime prevention.
- Overview of global regulatory frameworks and compliance obligations.
Complex Corporate Structures and Ownership:
- Understanding corporate hierarchies, trusts, partnerships, and holding companies.
- Identifying beneficial ownership through multiple layers of corporate entities.
Challenges in Identifying Beneficial Owners:
- Common obstacles such as nominee shareholders, shell companies, and offshore jurisdictions.
- Techniques to uncover hidden ownership and control in complex structures.
Conducting Due Diligence on Beneficial Owners:
- Applying customer due diligence (CDD) and enhanced due diligence (EDD) on high-risk entities.
- Screening for sanctions and politically exposed persons (PEPs) in corporate ownership structures.
Regulatory Compliance and Record-Keeping:
- Maintaining accurate beneficial ownership records and compliance with legal requirements.
- Reporting obligations for suspicious ownership structures.
Best Practices for Identifying Beneficial Owners:
- Using technology, data sources, and risk-based approaches to enhance beneficial ownership identification.
- Case studies on complex corporate structures and beneficial ownership identification.
Case Studies and Real-World Examples:
- Real-world examples of beneficial ownership challenges and best practices for resolving them.
- Lessons learned from regulatory enforcement actions related to hidden ownership.
Duration:
2 Days (including case studies and practical exercises).
Level: Intermediate to Advanced
- Suitable for compliance officers, risk managers, AML officers, and legal professionals working in financial services and corporate governance.
Prerequisite:
Basic knowledge of AML/CFT principles and corporate structures.
Category:
- AML/CFT Compliance
- Corporate Governance/Financial Crime.
