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Why Money Laundering Prevention Training Matters

·Perú

Training on money laundering prevention is essential to help organisations and professionals comply with the law and protect themselves against the misuse of their services and resources. These courses usually cover a range of key topics, such as:

  1. Introduction to money laundering: basic concepts, the history and evolution of money laundering, and its consequences for the economy and society.

  2. Rules and regulations: a review of the local and international laws and regulations governing money laundering prevention. This may include country-specific laws as well as recommendations and guidelines from international bodies such as the Financial Action Task Force (FATF).

  3. Identifying and assessing risk: how to identify and assess the (inherent) risks associated with transactions and customers. This includes techniques for recognising suspicious patterns and red flags.

  4. Due diligence and Know Your Customer (KYC): procedures for verifying customer identity, assessing their risk profile and implementing controls to prevent money laundering.

  5. Internal policies and procedures: developing and implementing effective internal policies, including procedures for detecting and reporting suspicious transactions and activities.

  6. Reporting obligations: how and when to report suspicious transactions to the competent authorities, and the documentation requirements.

  7. Case studies and simulations: practical exercises and analysis of real cases to apply theory to concrete situations.

  8. Keeping up to date and improving continuously: why it matters to stay current with changes in legislation and best practice, and how to keep improving prevention procedures.

Where to find training

  • Regulatory bodies:
    Local regulators often offer courses and workshops. That is the case of the UIF-Peru, which runs training events on the money laundering and terrorist financing (ML/TF) prevention system. These events are aimed at obligated entities, supervisory bodies, state institutions and government officials, among others. Information from the supervisory body can be found at the following link:

https://www.sbs.gob.pe/Portals/5/jer/ESTADISTICASOPERATIVAS/2024/Boletín estadístico may 2024.pdf

  • Specialist consultancies:
    Firms specialising in compliance and money laundering prevention usually offer in-person training. And of course there is us: Líderes Empresariales APLA!

  • Universities and training centres:
    Some universities and educational centres offer specific programmes in this field.

  • Others…

Points to bear in mind

  • Check the trainers' track record:
    Make sure the trainer has experience and credibility in the field.

  • Review the content:
    Make sure the course covers the relevant topics and is up to date with the latest rules. In many cases it is the sector regulations that set out the syllabus or the items to cover, as in Peru with Resolution SBS 789-2018 and the amendment introduced by Resolution SBS 1754-2024:

  • Definition of ML/TF offences.

  • Policies and procedures established by the obligated entity on the model for preventing and managing ML/TF and PF risk.

  • ML/TF and PF risks to which the obligated entity is exposed.

  • Rules in force on ML/TF prevention.

  • ML/TF typologies detected in the obligated entity's own activities or in those of other obligated entities.

  • The obligated entity's internal rules.

  • Red flags for detecting unusual and suspicious transactions.

  • Procedure for reporting unusual transactions.

  • Information on the lists that contribute to ML/TF prevention.

  • Freezing of funds or assets in cases linked to ML/TF offences.

  • Responsibilities regarding ML/TF prevention.

  • Take an active part:
    Make the most of the opportunity to ask questions and join in the internal activities.

This training is essential to ensure that everyone in an organisation is aware of best practice and of the legal requirements for preventing money laundering.

"Education is the most powerful weapon which you can use to change the world" — Nelson Mandela

At Líderes Empresariales APLA we specialise in training and advising compliance officers, and in implementing money laundering, terrorist financing and proliferation financing prevention rules for the various obligated entities. If you need help, do get in touch.

Training that is measured and documented is the kind that withstands an audit: this is how we approach in-company training.