AML/CTF blended training for boards of directors (investment funds and IFMs)

Money laundering, terrorism financing and proliferation financing pose significant challenges with a substantial societal cost.

Headlines about scandals involving European financial institutions, the war in Ukraine and the support of Russian oligarchs in this conflict have only underscored the gravity of the issue.

The United Nations estimates that between 2 and 5% of the global GDP is laundered annually. Anti-Money Laundering (AML)/Counter Terrorism Financing (CTF) and Counter Proliferation Financing (CPF) are topics of the highest importance for the financial sector, facing an increased risk of being exploited by criminals.

In Luxembourg, it is the responsibility of the board of directors of investment funds and investment fund managers (IFMs) to ensure the compliance of their company or vehicles with applicable rules.

Our blended programme has been designed to meet the needs of this audience. It is divided into two parts: a digital session and a subsequent live session (up to 15 participants) delivered by our most seasoned AML experts. Participants will first complete the digital session via PwC Academy's eLearning platform then join their dedicated live session.

Our blended programme will allow participants:

• To walk through important concepts pertaining to AML/CTF given participants' role, in a convenient and agile way.
  • We will cover in particular:
    • the legal and regulatory requirements in the area of AML/CTF/CPF;
    • the latest changes in the international, European and Luxembourg legal and regulatory frameworks;
    • the changes and the latest CSSF and FIU circulars, regulations and annual reports;
    • the professional obligations and responsibilities of board members as expected by Luxembourg AML/CTF/CPF regulations;
    • the legislative changes brought by the EU AML Package.
• To prepare participants for the live session where we will interact around those important topics and their latest developments.

1. Digital session

Content

Key concepts pertaining to AML/CTF.
Legal and regulatory framework in Luxembourg and beyond.
Obligations and responsibilities of board members.

Implementation

The digital solution is to be completed prior the live session.
A comprehensive reference material can be downloaded along with the video transcripts to support learning and daily practice.

Designed for success

Developed with the best PwC’s AML experts.
List the latest obligations with regards to the AML requirements.
Updated with latest AML regulatory requirements.

Premium learning experience

High quality and engaging videos.
Seasoned experts of the PwC AML taskforce being professionals specialised in asset management and alternatives.

The digital solution embeds content entirely created by PwC experts and delivered through

2. Live session

This 30 minutes long Q&A live session will be an interactive webinar discussion around:

• participants' practical questions further to the digital session;
• the Luxembourg market insights;
• the practical applications of various points relevant for participants' type of IFMs or investment funds;
• the activities of the Luxembourg regulator;
• the details of the FATF report on Luxembourg;
• the expectations with regards to the forthcoming EU AML package.

This training has been designed by Birgit Goldak, Michael Weis, Cécile Moser and Camille Perez, Partners at PwC Luxembourg.

Birgit coordinates AML services delivery with dedicated partners and their team, each specialised in a specific field of this broad and complex topic.
Birgit is specialised in the field of asset management and the various investment vehicles including alternative funds. As a recognised subject matter expert, she regularly provides dedicated training to the professionals of the asset management industry and is a keynote speaker on AML/CTF matters. She is a seasoned Boards of Directors trainer and has more than 20 years of international work experience in Luxembourg, UK, Canada and Germany.

Michael leads PwC’s Forensic Services practice and AML taskforce, overseeing investigations, remediation projects, and high-profile AML audits for banks and investment funds. He is the key contact for AML distribution due diligence in asset management and works closely with PwC’s global forensic network on international projects. As certified fraud examiner, Michael is recognized as an AML and forensic expert and actively contributes to industry working groups on fraud at the Institute of Internal Auditors (IIA) and the Institut Luxembourgeois des Administrateurs (ILA). He regularly conducts workshops and training on AML and fraud in Luxembourg and abroad.

Cécile, AML Services Partner, is specialised in the financial sector of Luxembourg, with a particular focus on AML and CTF regulations and internal control environments.
She manages and performs regulatory mandated AML and CTF reviews, identifies AML and CTF control issues or deficiencies for private banks, custodians, transfer agents, investment funds and management companies.
Cécile also provides advice on AML and CTF methodology and helps to develop AML/CTF procedures in line with local laws and regulations.

Camille is part of the financial services tax practice. During his professional career in France and Luxembourg, he has worked on tax consulting and compliance projects for banking, asset management and private equity clients for more than 15 years, getting a deep technical knowledge of the financial sector.
He is a core member of PwC Luxembourg’s tax transparency expert team (including Directive on Administrative Cooperation (“DAC”) version 1 to 8, AML tax, FATCA and QI) and has gained an extensive expertise in this field that he follows since 2011. He regularly facilitates tax transparency workshops (including on DAC6), for clients and more generally advises financial industry clients on how to comply with those EU/US tax related directives.