Financial Crime and Money Laundering in Financial Markets

What is it about?

Financial crime does not respect borders. In an increasingly interconnected world, the harm done by fraud, money laundering, the financing of terrorism, and tax evasion is not confined to a single jurisdiction but occurs on a global basis, impacting the integrity and stability of the international financial system. Financial crime erodes trust in financial institutions and markets, in the rule of law, and in meritocracy. Inflows and outflows from financial crime can result in destabilizing hot money. Ineffective revenue collection, broad governance weaknesses, reputational risks for international financial centers, and loss of correspondent banking relationships may also result from financial crime. And if criminals can successfully introduce illicit proceeds into legitimate economies, it may create incentives for further criminal offences. The fight to combat financial crime, particularly money laundering, is global and high on the agenda of international and domestic policymakers and regulators.

The objective of the workshop is to provide an overview of the regulatory framework in South Africa and internationally for combating financial crime, particularly money laundering, in financial markets. The workshop will focus on the risk-based approach to identify, evaluate, manage, report, and monitor money laundering / terrorist financing risks. Topics to be discussed include:

The financial crime landscape in financial markets and the importance of combatting financial crime
What money laundering involves and the international standards that exist with regard to anti-money laundering and combating financing of terrorism
The FATF Recommendations as internationally-endorsed global standards against money laundering and terrorist financing
The South African legislative framework regarding anti-money laundering and combating financing of terrorism
Components of an effective financial crime risk management framework including governance, identification, assessment, measurement, management, monitoring, and reporting

The workshop is at an intermediate-level and assumes some knowledge of financial markets and the financial sector. It is aimed at the financial market participants, but not limited to:

Operational managers
Risk managers
Compliance officers
Board members
Regulators and supervisors

Outline

Financial crime types, definitions, and terminology
Financial crime and money laundering typologies and red flags
The importance of combating financial crime and money laundering
Guidelines for the implementation of international best practice / standards including the FATF recommendations
The facts and impact of greylisting
Implementation of the South African legislative framework for combatting financial crime including:
- Outline of the Acts
- The role players

- The role, functions and powers of the Financial Intelligence Centre
- The role, functions, and powers of supervisory bodies
- The role of accountable institutions
- Suspicious transactions reporting and ad-hoc investigations
The global response to tackling concealment of beneficial ownership of legal persons and legal arrangements
Key components of a financial crime risk management framework
Nature, implications, and methods of controlling the risk of financial crime and money laundering

Ingrid Goodspeed

Ingrid Goodspeed has over 30 years banking and financial market experience in the areas of risk management, compliance, investment analysis, treasury, economic research, internal audit, information technology and management information. And 6 years in South Africa’s National Treasury as a financial sector policymaker.

Ingrid is a Chartered Director (SA) and has an LLB, MBL (cum laude), BCom Honours (Economics) and BCom (Economics and Accounting) degrees from the University of South Africa. She is Fellow of the South African Institute of Financial Markets (SAIFM) and has served as a Governor on the board of the SAIFM for more than 10 years.

Ingrid has been training part-time for several years. She lectured risk management for University of Johannesburg’s Programme in Advanced Banking Law; risk management, investment theory and anti-money laundering for the South African Reserve Bank College; risk management for GIBS Business School and business economics and strategic and financial decision-making for De Montfort University’s MBA qualification, where she was also an MBA dissertation supervisor.

Ingrid has published a number of books and articles.

Methodology

The workshop will be offered online whereby a delegate whose attendance has been confirmed in writing will receive by email –

a copy of the power point slides to be used in the workshop
a link to join the online workshop at the set time

CPD

CPD for FAIS purposes
This workshop provides verifiable CPD points in terms of the Determination of Fit and Proper Requirements for Financial Services Providers, BN 194 of 2017, provided that the content is appropriate for your role within the company. A certificate of attendance will be issued that could be submitted to your company’s compliance officer. The number of verifiable CPD hours will be up to 6 hours.

CPD for SAIFM members’ purposes
This workshop provides verifiable CPD points in terms of the CPD policy of SAIFM provided that the content is appropriate for your current or future role within the company. A certificate of attendance will be issued, which should be retained and submitted should you be selected for a SAIFM member CPD audit. The number of verifiable CPD hours will be up to 6 hours.

Queries

All bookings and enquiries can be directed to Melissa Joao: melissa@saifm.co.za / 011 802 4768

DATE 18 February 2025

TIME 09H00 – 15H30

COST
SAIFM Full members pay R5051.95 per person (Inc. VAT)
SAIFM Affiliate members pay R5531.50 per person (Inc. VAT)

KINDLY NOTE: Closing date for bookings and receipt of payment is 17 January 2025.

Please click here to view the workshop delegate terms and conditions.