Sanctions are an integral part of the global fight against rising financial crimes including money laundering, terrorist financing, etc. It is a preventive measure implemented by international bodies by prohibiting illicit activities with an aim to protect international law and national security interests. Certified Sanctions Screening Expert is a dedicated program that addresses the requirements of compliance with the regulations.
It defends international peace and security. According to United Nations Security Council, there are at least 14 ongoing sanction regimes. These regimes focus primarily on supporting the political settlement of conflicts.
However, sanctions are not always political. These particularly restrict the individual from trade or business in certain sectors. The financial institutions must merge the economic sanction search with a risk-based approach to money laundering. Sanctions in AML are designed to penalize illegal activities, financial crimes, terrorist financing, etc.
Sanctions lead to arms embargoes. These consist of prohibitions on export, supply, or delivery, making available and transfer of military items and on the provision of technical assistance, financial services and funds, and brokering services related to military items
What is the importance of Sanction Screening?
Sanction screening is regarded as a technique that is the combination of policies, procedures, and technologies that enable the financial industry to not provide any form of services to the sanctioned parties. Sanction screening can be complex and challenging. There are a lot of cases where the sanction screening would act in a negative way. Sanction screening can generate false positives and false negatives.
So it is essential for every financial institution which implements a solution that delivers a satisfactory level of compliance. In 2019, OFAC introduced a framework for helping US firms to initiate and shape economic sanctions in different countries. Similarly, sanctions imposed by the European Union target governments of third countries. It also targets non-state entities like companies and individuals like terrorists.
Overview of Live Virtual Training on Sanctions Screening
Riskpro Learning in association with AML Custodians has launched the Live Virtual Training Certification in AML Sanctions. This program sets a standard for professionals working in AML Sanctions.
Riskpro Learning feels very proud to offer a program to the entrants that provides knowledge as well as skill sets that are essential for the sanction professionals working in the BFSI sector and also with country-specific Regulators. This Certification course offers an exhaustive set of resources for the students. It comprises a Live Training Session where the aspirants would get the knowledge of sanctions in AML.
Syllabus of Sanctions Course
The definition of the term "sanction" is an official order or threatened penalty for disobeying international laws. The primary objective of imposing sanctions is to maintain international peace and security. Sanction screening helps countries to detect financial crimes. The syllabus for International Certification Program is vast and exhaustive. Altogether there are 6 modules that cover all the aspects of the AML Sanction process.
- Various Laws enable various screening parameters which include sanctions, PEP & many others.
- Purpose of screening
- Defining PEP, Sanctions & other screening lists
- Screening data
- Defining Positive & Negative hits
- How to rule out the hits
The syllabus covers various case studies in addition to the screening methodologies.
Overall, aspirants will gain a detailed overview of AML Sanctions concepts as well as in-depth knowledge of the Sanctions process. Moreover, the aspirants would get a thorough understanding of screening and its different parameters, policies, and procedures, the risk-based approach involved, red flags associated with sanction screening, in-house technology implementation required, transaction monitoring for sanctioned parties overview, and sources of a list of software-defined management. This is a certification course that also provides a live training session. The duration of the live training course is 4 hours.
Importance of the sanctions screening certification program
Professionals working in the domains of Sanction Compliance, AML/CTF, AML Sanctions, Regulatory Compliance, Risk Management, Law firms, and Country specific Regulators would find this certification program best suited for them.
One would get a greater awareness of industry practices, problems, and solutions in this area. This certification program has a practical focus.
Riskpro Learning sets out with the mission to set an international standard for testing the knowledge of those entrusted in the Anti-Money Laundering and compliance domain. This certification program would benefit the aspirants to understand sanctions, know the different reasons related to sanctions, and understand how the sanctions list and sanction screening take place. The aspirants how the sanction governance framework takes place.
- Become a self-accelerator in screening
- Know the practical application of screening
- Knows the basics from practical experience
- Case study experience
- Aspirants will get the Certification of Completion post 4 hours of training sessions.
Study Material on Sanctions
Indiaforensic has developed study material for the International Sanctions Certification course, which is regularly updated to reflect changes in international sanctions laws and regulations. To make the logistics of distributing this study material more efficient, Indiaforensic has partnered with Amazon. The material is authored by CA Mayur Joshi and Vedant Sangit, CAME.
Participants in the Certified Sanctions Screening Expert course can order the study material from Amazon, which will handle the packaging and shipping of the material. This partnership with United States-based retail giant Amazon ensures that participants receive the study material in a timely and efficient manner, no matter where they are located in the world.
By partnering with Amazon for logistics, Indiaforensic is able to focus on developing and improving the course material, while ensuring that participants have access to the latest information on international sanctions. This collaboration also allows Indiaforensic to reach a wider audience and promote awareness of the importance of compliance with international laws and regulations.
International Certification Examination
On completion of the training programs and reading the study material participants appear for the uniform examination conducted by Indiaforensic. Those who pass the exam with at least 75% marks are then awarded the certification.