WHY IS IT IMPORTANT
According to UN experts, money originating from a criminal act, to be later subject to laundering, accounts for 2.7% of the global GDP. This equals 6-7% of the gross national product of developing countries, and ten times exceeds the European Union funds granted to countries in the third world. In response to the growing scale of illegal income and its negative impact on the international economy, an international collaborative effort was made at the end of the 20th century to fight the phenomenon of illegal profit-making and terrorism-funding. Several organisations have been formed to work on the continuous development of the efficient means and tools against money-laundering and terrorism-funding. International and domestic efforts welcome regulatory authorities and financial institutions as key participants in this endeavour. As a result of European Union regulations, the new Hungarian legislative environment that has been in force since June 2017, poses great challenges to both the participants and service providers in the financial market.
The course gives a comprehensive overview of the Hungarian and international aspects of the fight against money-laundering and terrorism-funding as well as the implementation of the financial and asset constraint measures and the legislative environment thereof. Colleagues working for financial institutions will later benefit from the profound basic knowledge acquired during the training when it comes to the practical application of constraint activities. The course therefore also covers the criminal aspects of money-laundering and terrorism-funding.
The course is particularly aimed at making sure that the participants:
• learn about the concepts and theories of the fight against money-laundering and terrorism-funding, as well as their major Hungarian and international participants and organisations;
• learn about the most important international and Hungarian standards, recommendations and regulations, inter alia Act LII of 2007 (Kit.) (effective as of 26 June 2017), Act LIII of 2017 (Pmt) and their implementing regulations, and the evolution of such legislative requirements;
• are aware of the core risks and threats concerning money-laundering and terrorism-funding;
• get a clear picture of the typical forms of money-laundering and terrorism-funding through the demonstrated case studies, and gain practical knowledge for their recognition;
• understand the international scheme of financial and property sanctions, and the legislative and supervisory requirements related to them;
• get a general picture about the relevance of money-laundering and terrorism-funding in criminal law, based on appropriate legislations and case studies;
• learn about the fundamentals of prudent business management, the tools for compliance culture in a credit institute and their benefits, and the related managerial tasks in the fight against money-laundering and terrorism-funding.
WHO IS IT RECOMMENDED TO?
The course offers up-to-date information to those who contribute to the implementation of the anti-money-laundering and anti-terrorism-funding regulations or the enforcement of financial sanctions at service providers subject to Act LIII of 2017 concerning the prevention of money-laundering and terrorism-funding. It is furthermore recommended to compliance specialists and internal auditors and to those who wish to build their career in the fight against money-laundering and terrorism-funding, and in the enforcement of financial sanctions and austerity measures.
Module 1: Domestic and international means to prevent money-laundering and terrorism-funding
Module 2: Basic expectations in the fight against money-laundering and terrorism-funding
Module 3: The expectations of the new legislative environment in terms of money-laundering and terrorism-funding
Module 4: Sanctions and restrictive measures
Module 5: Case study presentations
Module 6: Money-laundering and terrorism-funding in criminal law, based on specific cases
Module 7: Prudent business management, core parameters and means for its creation
The course is completed by an electronic exam that may also be taken from home in a certain timeframe.
After passing the exam, participants shall be granted a certificate titled 'Qualified specialist in the fight against money-laundering and terrorism-funding'.
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