Managing Stakeholders to Deliver Effective Engagement
Course Information
1 Day Course
Fee: Enquire for rates
Course Dates:
- Available for in-house only
Time: 9.15am – 5pm
Contact: [email protected]
Venue: Hotel (near MRT)
Note:
- Tea breaks and buffet lunch will be served. Car parking coupons are available upon request.
- For 3 pax and above, 10% discount across the board
Course Introduction
Trade finance-based money laundering is an attractive method to launder money, finance terrorism or proliferation due to the possibility of large cross-border transfers without raising suspicion. Moreover, paper-based processes of the global trade finance leave it open to abuses such as forging invoices or bills of lading used as proof of transactions that never took place. Trade transactions therefore allow to hide in plain sight, under the cover of legitimate trade, business through forged documentation thereby posing significant challenges in detection.
This one-day workshop will help participants develop a practical understanding of Trade-Based Money Laundering (TBML), identify specific risks in Trade Finance and enable them to detect and mitigate such risks. It also helps participants identify potential areas where money launderers use trade to move value with the intention of obscuring the true origin of funds.
Learning Outcome
- Develop a practical understanding of Trade-Based Money Laundering.
- Identify specific and oft-overlooked risks in Trade Finance
- Ability to detect and mitigate risks associated with TBML
- Identify potential areas where Money-launderers use trade to move funds and
obscure true origin of funds - Understand the potential red flags such as forged documentations, invoices or Bills of
Lading
Course Outlines
Topic 1: Overview of Trade-Based Money Laundering (TBML)
Topic 2: 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)
Topic 3: Trade Related Products
- Letters of Credit
- Documentary Collection
- Guarantee
Topic 4: Trade Risks-Based Approach (RBA)
- Dual Use of Goods (DUG)
- Pricing
- Prohibited Relationships
- Records Keeping
Topic 5: Sanctions Related Parties
- Sanctions
- Related Parties
Topic 6: Quantity Manipulation
- Short Shipment
- Over Shipment
Topic 7: KYC/AML
- Correspondent Banks
- KYC and EDD- how deep does one need to dig
- Criminal use of companies accounts and nesting of correspondent
accounts
Topic 8: Document Manipulation
- Multiple invoicing—submission to multiple banks within a given time
- Phantom shipmen
Topic 9: Red Flags
Topic 10: Brief Information on Trade Finance Regulations
Trainer's Profile
Mr. Richard Yeo
Richard has over 30 years of working experience in the banking industry, covering the areas of International Trade Finance, Funds Transfers (Remittances), Business Administration, Retail Banking and Risk Management. He has worked in various international banks and is actively involved in conducting in-house training and presentations.
Currently he is a Trade Consultant of a trading company and he was also a key management staff in a listed company. After he left an offshore bank as a Deputy General Manager and Compliance Officer in charge of Trade Finance, Settlements, Remittances, Deposits, Loans Administration, Correspondent banking as well as Accounting and Regulatory Compliance, he was a Senior Manager (Regional) in a MNC.
Richard is a registered Associate Trainer with the Institute of Banking and Finance (IBF), and a part-time Associate Lecturer with the Singapore Institute of Management (SIM) and also a part-time Tutor with Business and Management Education Limited, for the Manchester Business School MBA program conducted in Singapore.
Richard is an Associate Member of the Chartered Institute of Bankers, a graduate member of the Institute of Exports (UK) and holds a Master of Business Administration degree, jointly awarded by the University of Manchester and the University of Wales, UK.