This course is also available as a Live Webinar session. To view the available dates, please click here.
Programme Objective
Trade-Based Money Laundering (TBML) is the method through which illegal proceeds are effectively placed, layered and integrated into the international financial systems using trade. Schemes vary in complexity but typically involve misrepresentation of the price, quantity, or quality of imports or exports. A recent report from Global Financial Integrity (GFI) suggests that 80% of illicit financial flows from developing countries are made through Trade-Based Money Laundering (TBML).
In the past year, two major regulatory guidelines have been released by the MAS in Singapore and the HKMA in Hong Kong, forcing trade finance operations to take new actions to ensure they are not financing any illicit transactions.
- Understand what are Trade-Based Money Laundering/Terrorist Financing
- Understand the areas of risks in Trade-Based Money Laundering/Terrorist Financing
By the end of the workshop, you will:
- Have a practical understanding of TBML and hence be able to detect and mitigate such risks
- What are the TBML specific risks – County, Customer, Product, and Delivery Channel?
- Be able to identify potential area that Launderers use trade to move value with the intention of obscuring the true origin of funds.
Programme Outline
What is Money Laundering and Terrorist Financing?
- The elements and processes of money laundering and terrorist financing.
- Characteristics of money laundering and terrorist financing.
What is Trade Based Money Laundering (TBML)?
MAS 626 and Guidance on Prevention of Money Laundering and Countering the Financing of Terrorism
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), On-going Monitoring, Record keeping.
Trade Related Products
- Letters of Credit
- Documentary Collection
- Guarantee
Trade Risks-Based Approach (RBA)
- Dual Use d Goods (DUG)
- Pricing
- Prohibited Relationships
- Records keeping
High Risk Countries
Red Flags to look out for in Trade Finance to prevent Money Laundering and Terrorist Financing
Brief information on Trade Finance Regulations
Training Methodology
Classroom style presentations, with sharing of practical examples as well as discussions.
Closing Date for Registration
1 week before programme or until full enrolment.
Intended For
This course is targeted at Auditors, Finance Managers, and those Relationship Managers and Compliance Officers in the banking industry, that need to have an understanding of how money launders and terrorists can make use of international trade to transfer funds (remittances) legitimately.
Schedule & Fees
Testimonial
Funding
1] IBF Financial Training Scheme (FTS) – FTS Funding
Funding Period: Until 13 April 2022
This course is recognised under the Financial Training Scheme (FTS) and is eligible for FTS funding subject to all eligibility criteria being met.
In light of the economic challenges arising from COVID-19, IBF and MAS has enhanced course fee subsidies for locals attending accredited or recognised courses up to 90% under this scheme. There is a grant cap of $2000 per participant per programme.
Please refer to www.ibf.org.sg for more information.
Funding Quantum
For training programmes commencing between 1 January 2022 and 30 June 2022 (both dates inclusive):
- 80% funding support of direct training cost for Singapore Citizens below 40 years old and all Permanent Residents
- 90% funding support for all Singapore Citizens aged 40 years old and above
Eligibility Criteria
- Company-sponsored individuals from:
- Singapore-based financial Institutions regulated by MAS (licensed or exempt from licensing by MAS)
- FinTech firms certified by Singapore FinTech Association
- Singapore Citizens or Singapore Permanent Residents, physically based in Singapore
- Successful completion of the course
- Payment has to be made via corporate means (e.g. corporate cheque, corporate GIRO, corporate credit card).
If you have met the above criteria for IBF FTS Funding and wish to enrol participants, please contact cpe@isca.org.sg to register (corporate enrolment only).
Programme Facilitator(s)
This course is also available as a Live Webinar session. To view the available dates, please click here.
Programme Objective
Trade-Based Money Laundering (TBML) is the method through which illegal proceeds are effectively placed, layered and integrated into the international financial systems using trade. Schemes vary in complexity but typically involve misrepresentation of the price, quantity, or quality of imports or exports. A recent report from Global Financial Integrity (GFI) suggests that 80% of illicit financial flows from developing countries are made through Trade-Based Money Laundering (TBML).
In the past year, two major regulatory guidelines have been released by the MAS in Singapore and the HKMA in Hong Kong, forcing trade finance operations to take new actions to ensure they are not financing any illicit transactions.
- Understand what are Trade-Based Money Laundering/Terrorist Financing
- Understand the areas of risks in Trade-Based Money Laundering/Terrorist Financing
By the end of the workshop, you will:
- Have a practical understanding of TBML and hence be able to detect and mitigate such risks
- What are the TBML specific risks – County, Customer, Product, and Delivery Channel?
- Be able to identify potential area that Launderers use trade to move value with the intention of obscuring the true origin of funds.
Programme Outline
What is Money Laundering and Terrorist Financing?
- The elements and processes of money laundering and terrorist financing.
- Characteristics of money laundering and terrorist financing.
What is Trade Based Money Laundering (TBML)?
MAS 626 and Guidance on Prevention of Money Laundering and Countering the Financing of Terrorism
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), On-going Monitoring, Record keeping.
Trade Related Products
- Letters of Credit
- Documentary Collection
- Guarantee
Trade Risks-Based Approach (RBA)
- Dual Use d Goods (DUG)
- Pricing
- Prohibited Relationships
- Records keeping
High Risk Countries
Red Flags to look out for in Trade Finance to prevent Money Laundering and Terrorist Financing
Brief information on Trade Finance Regulations
Training Methodology
Classroom style presentations, with sharing of practical examples as well as discussions.
Closing Date for Registration
1 week before programme or until full enrolment.
Intended For
This course is targeted at Auditors, Finance Managers, and those Relationship Managers and Compliance Officers in the banking industry, that need to have an understanding of how money launders and terrorists can make use of international trade to transfer funds (remittances) legitimately.
Programme Facilitator(s)
