Course Outline:

Module 1: Understanding AML/CFT Regulations

• Overview of global and local AML/CFT laws
• Regulatory authorities and their roles
• Key requirements for SACCOs under AML/CFT regulations
• Risks associated with money laundering and terrorism financing
• Impact of non-compliance on SACCOs

Module 2: Risk Assessment and Mitigation Strategies

• Conducting AML/CFT risk assessments
• Identifying high-risk customers and transactions
• Developing risk-based policies and procedures
• Implementing internal controls to mitigate AML/CFT risks
• Monitoring and reviewing AML/CFT programs

Module 3: Customer Due Diligence (CDD) Procedures

• Types and levels of customer due diligence
• Enhanced due diligence for higher-risk customers
• Ongoing monitoring of customer transactions and behavior
• Know Your Customer (KYC) requirements for SACCOs
• Documenting and updating customer information

Module 4: Reporting and Investigation of Suspicious Activities

• Recognizing red flags and suspicious transactions
• Reporting obligations under AML/CFT regulations
• Internal processes for handling suspicious activity reports (SARs)
• Collaboration with law enforcement and regulatory bodies
• Conducting effective investigations and documenting findings

Module 5: AML/CFT Compliance Program Enhancement

• Evaluating the effectiveness of the SACCO's AML/CFT program
• Continuous improvement and updates to compliance policies
• Training and awareness programs for SACCO staff
• Using technology to enhance AML/CFT compliance
• Role of senior management and the board in AML/CFT oversight