THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
Anti-Money Laundering: Key Policy Considerations, Audit & Risk Assessments – Recording
Date: 7th July 2022
Time: 4:00pm – 6:00 pm
Venue: Online
Overview
Money laundering is the illegal process of making large amounts of money generated by criminal activity, such as drug trafficking or terrorist funding, appear to have come from a legitimate source. The money from the criminal activity is considered dirty, and the process “launders” it to make it look clean.
Most financial companies today have anti-money-laundering (AML) policies in place to detect, prevent and monitor potentially fraudulent activities. Anti-money laundering policies typically require most entities that complete financial transactions to keep thorough records of their clients’ accounts and activities. If they come across any information that appears to be suspicious, they are required to report it to the government for further investigation.
The use of ethical hacking, best described as “penetrating an organizations systems and networks using the same knowledge and tools as a malicious hacker, but in a legitimate and ethical manner” to test for any vulnerabilities, is a new tool for detecting money laundering. Regulation 21 of the Money Laundering Regulations 2017 necessitates establishing an independent audit function when suitable for the size and type of the organization. As a result, the firm’s first barrier is determining if they are of sufficient size and character to require one.
The Institute has organized a two hour webinar to focus on the following topical areas;
- Development of Anti-Money Laundering Policy
- Indications of Possible Money Laundering
- Creating an effective AMR audit review program
- How to conduct Anti-money Laundering risk assessment
- Professional Accountants’ roles, obligations, and risk assessment regarding AML
Continuous Professional Development Units (CPD Units):
Members of ICPAK and reciprocating professional bodies will be awarded 2 CPD Units upon successfully attending each of the sessions.
Cost:
Charges for the training will be Kes 1,000/= which will cover workshop fees, materials, and e-certificates of attendance.
Online Booking:
We call on Seminar participants to note that booking for is available only online at www.icpak.com/events and will close two hours before the training session. Delegates are reminded to note that online booking for training sessions is mandatory. This is available either online at www.icpak.com/events or on the ICPAK Live – A smart phone-based application that is available from google store.
National Industrial Training Authority (NITA) Reimbursement:
The Institute is registered as a trainer with National Industrial Training Authority. The Institute’s registration number is DIT/TRN/47. Participants who are registered levy contributors should apply to NITA for reimbursement of their fees. Please note that this is applicable for Kenyan citizens only and subject to NITA regulations. Remember that to qualify you should apply to NITA for approval prior to the date of the conference. Further details can be obtained from their website (www.nita.go.ke)