AML/CFT Advanced Level Training Module: Dealing with Suspicious and Other Transactions

To increase the qualifications of employees of banks and other financial institutions by educating and introducing them to the theoretical and practical aspects of the reporting process, suspicious and other transactions.

• Employees of banks and other financial institutions who report suspicious and other types of transactions;
• Specialists whose direct job duties are related to these issues.

• Orientate in information about the types of reporting systems in Latvia and the world, regulatory framework, specifics of operation; Theoretically and practically distinguish unusual and suspicious transactions, their stages, reporting them to the Financial Intelligence Service;
• Argue your actions to the supervisory authority about what was reported or not reported to the Financial Intelligence Service;
• Find out about the procedure for reporting unusual or suspicious transactions;
• Know the statistics on the number of reports, the effectiveness of reporting both in the country as a whole and by individual signs of unusual and suspicious transactions;
• Understand and evaluate new, unusual and suspicious signs;
• Give an advice to your work colleagues and advise the management.

Attended AML/CFT basic level course or acquired knowledge and skills in the scope of these studies.

Handouts on the subject covered in the course.

At the end of the training, a test is taken on the topics discussed within the course and a BDA Certificate is issued.

1. Supervision of transactions and detection of suspicious transactions (monitoring);
2. Investigating suspicious transactions;
3. Reporting obligation to FIS;
4. Reporting to SRS;
5. Content of the report, grounds for suspicion and description;
6. Precautionary reports, analysis of situations;
7. Termination of cooperation with clients and reporting to FIS;
8. FIS’s refusal to accept the report;
9. Refraining from making suspicious transactions;
10. Evaluating the proportionality of the decision to refrain from making suspicious transactions;
11. FIS order on freezing of funds;
12. FIS order on transaction supervision;
13. Procedure for contesting the order of the FIS;
14. Threshold declarations;
15. Refusal to start cooperation with the client.