ERREMME BUSINESS ADVISORS

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Erremme’s AML / Financial Crime Risk Training… the key take aways

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When financial criminals launder money, they use it for a number of illegal activities. Drug traffickers, human traffickers, terrorists, etc., use this dirty money to expand their activities. Thus, it affects the social structure of the country.

It requires the government to take more effective steps to combat this crime. Unless every business organisation contributes to the government’s plan to combat these crimes, the country cannot be saved from this type of criminality. And for every organisation to join this effort, employees must be well-trained and well-equipped to fight ML/FT.

Training on AML develops employees’ knowledge about money laundering and the measures required to fight against it. They learn about the working of international, national, and corporate AML compliance strategies. The organisation and its staff understand how they can contribute better to prevent financial crimes.

To safeguard the business and their reputation companies need skillful and knowledgeable employees to implement a robust AML framework to safeguard the business from being exploited by money launderers. With this in mind Erremme Business Advisors has organised an intense three session training course for its employees between September and October 2023.

Describing her experience during this inhouse training course, Angelise Saliba said, “Training was held online and was split in 3 sessions of 90 minutes each. These interactive sessions were divided into breakout groups to help discuss and express further our ideas on the topics provided. We have discussed various types of financial crimes, the risk they entail and also the controls we put in place to mitigate such risks.  Further discussions were made on onboarding lifecycle, risk indicators to identify and various factors to consider to define risk appetite. Through case study scenarios we have discussed how to assess the risks throughout the CDD process and how to handle each scenario based on the risk appetite.”

Stefan Micallef commented, “This was indeed an opportunity to brainstorm and think on possible ways to optimise our processes in relation to potential risks pertaining to AML and financial crime. The breakout sessions and varied case studies were effective in sharing our ideas on the subject matter.”

Speaking of the key take away from these sessions, Luana Demicoli said, “This training course has definitely helped me gain more knowledge on how to use due diligence measures to mitigate any risk arising from clients before being onboarded.”

Shirley Caruana also described her personal experience during this training course, “We had three online training sessions which were very intriguing. During these sessions we discussed the importance of the KYC and effective customer due diligence when it comes to client- onboarding and also for ongoing clients,  identifying risks of money laundering for each different case and applying effective controls to mitigate any risks there might be.

We were also split into smaller groups in order to discuss some case studies and even other situations related to our market and cases we encounter. Then we used to discuss the different perspectives with the full team.
These sessions were very helpful and made us realise more the importance of team work.”

 

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