Course Outline:

Module 1: Overview of AML/CFT Legal Framework

• Introduction to AML/CFT laws and regulations applicable to SACCOs
• Recent updates in local and international AML/CFT regulations
• Key regulatory bodies and their roles in overseeing compliance
• Impact of regulatory changes on SACCO operations
• Case studies of regulatory enforcement actions in the financial sector

Module 2: Interpreting New Regulatory Requirements

• Detailed analysis of recent amendments and updates in AML/CFT regulations
• Understanding regulatory expectations for SACCOs in compliance
• Practical implications of new requirements on day-to-day operations
• Case scenarios illustrating the application of new regulatory provisions
• Strategies for interpreting and implementing complex regulatory changes

Module 3: Updating Policies and Procedures

• Reviewing and revising existing AML/CFT policies and procedures
• Developing frameworks for adapting to regulatory updates
• Integrating new compliance requirements into operational practices
• Ensuring consistency and alignment with updated regulatory standards
• Training staff on revised policies and procedures

Module 4: Implementing Enhanced Compliance Controls

• Designing and implementing enhanced AML/CFT controls and measures
• Role of technology in strengthening compliance and monitoring efforts
• Conducting risk assessments in light of new regulatory requirements
• Enhancing due diligence processes for customer onboarding and transactions
• Monitoring and reporting suspicious activities effectively

Module 5: Proactive Compliance Strategies and Audits

• Proactively preparing for regulatory inspections and audits
• Conducting internal audits to assess compliance with updated regulations
• Role of internal audit and compliance functions in maintaining readiness
• Developing strategies for continuous improvement in compliance practices
• Case studies on successful compliance strategies and lessons learned