International sanctions, payments screening and transactions monitoring

• Members of the board and the executive board of banks, PFS, insurance/ reinsurance/captive companies or management companies of a Luxembourg UCI
• Internal auditors, compliance officers or risk managers
• Distributors or transfer agents of a Luxembourg UCI
• Domiciliary agents
• Persons in charge, or front office team members of a PFS
• Professionals of the (re)insurance sector
• New joiners of financial and non financial institutions
• Persons interested in developing specific knowledge

AML regulators are more and more focused on controls’ effectiveness and having fine-tuned transactions monitoring. In addition, a payment filtering tool is essential in avoiding any money laundering or sanctions breach.

As a result, the AML/CTF programmes of financial institutions are imperative to be up to date with local and international regulations in constant evolution. Therefore, parties involved shall continuously update their international sanctions procedures and payment screening systems, likewise their transactions monitoring scenarios.

As part of this course, PwC Academy addresses in a comprehensive and practical way the questions participants are confronted with in the light of their professional duties as well as the evolution of AML and counter-terrorism financing.

By the end of this training, participants will be able to:

• understand the differences between international sanctions, payments screening and transaction monitoring
• define the needs of control for payments
• target the risk indicators for different financial crime typologies
• explain regulatory and reporting expectations

This module covers the following:

• What is the role of AML transaction monitoring in financial crime prevention?
• How are effective international sanctions controls implemented?
• What are the main principles of transaction monitoring and payments screening alerts investigation?
• What are the main obligations in regard to AML transaction monitoring and international sanctions reporting?

This training is coordinated by Michael Weis, Partner at PwC Luxembourg and will be given by directors and managers who benefit from a strong professional experience in this area.

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.