Cryptocurrencies, Financial Crime, and AML Compliance Training

Program Introduction

Since the creation of Bitcoin in 2009, over 21000 cryptocurrencies have appeared on global markets hitting a total value of 804$ billion. Such an expansion of blockchain assets opened new ways for those engaged in financial crime. As a result, it has become crucial for financial institutions to turn fully agile and stay ahead of heinous actors.

Cryptocurrencies, Financial Crime, and AML Compliance is an exclusive training program by Risalat explores the link between cryptocurrencies and money laundering and serves as a foundational knowledge of global best practices for mitigating financial crime. The program also covers regulatory and industry efforts to combat the same.

Target Audience

This program is aimed at:

• Financial and Audit Professionals
• Specialists in Banking
• AML/CFT specialists in financial institutions
• Compliance professionals and Money Laundering Reporting Officers
• Representatives of financial regulatory bodies
• Those involved in investigating financial crime
• Any professional seeking to navigate virtual assets and financial crime

Program Objectives

Upon the successful completion of this exclusive training, its delegates shall be able to:

• Understand the blockchain and how cryptocurrencies function
• Comprehend the susceptibility of cryptocurrencies to money laundering and terrorist financing
• Analyze how money laundering, fraud, and tax evasion can happen in crypto assets
• Detect financial crime risks and spot crypto asset-specific red flags
• Define needed customer information for crypto assets
• Identify, research, and report suspicious activities

Program Contents

First Day

• Understanding Key Terms: Cryptocurrency, Virtual Asset, Distributed Ledger Technology (DLT)
• The emergence of Blockchain and Crypto Currencies
• Overview of Major Cryptocurrencies
• Bitcoin Network and its operational structure
• Functions of Public Key Cryptography
• Hash Functions and Digital Signatures
• Generating and Managing Bitcoin Addresses

Second Day

• Storing Transactions in Blockchain
• Validating and Securing Blockchain Transactions
• Monitoring Blockchain Transactions in real-time
• Exploring the ways criminals stay anonymous in blockchain
• Due diligence for financial institutions and intermediaries
• Adapting traditional AML/CFT programs to new payment methods

Third Day

• Adapting risk management frameworks to clients, virtual assets, and transactions
• Offshore Structures and Money Laundering
• EU AMLD’s UBO Requirements
• Central Registers and Beneficial Ownership
• Best Practices in AML and Compliance with Regards to cryptocurrencies and blockchain transactions

Fourth Day

Full-day practical exposure

The last day of the workshop shall be entirely dedicated to the exploration of several case studies, meeting with peer professionals, and panel discussions with industry experts. Program delegates will be presented with real-life challenges and scenarios and encouraged to apply newly acquired knowledge and skills to solve them.

Program Methodology

Cryptocurrencies, Financial Crime, and AML Compliance in Amsterdam, Netherlands builds upon modern adult-learning principles. It is centered around active learning, group engagement, and practical application of the material covered. Formal presentations are supplemented by team assignments, several case studies, and panel discussions around the most pressing topics of financial crime and AML with regard to cryptocurrencies, virtual assets, and blockchain transactions.

Host Country Profile

The Netherlands has allowed cryptocurrency transactions posing no significant barriers to the entry of virtual asset service providers. This way, the country appears to be an attractive jurisdiction for blockchain transactions. However, there are a number of legislative aspects to be taken into account.

The EU’s 5th Anti-Money Laundering Directive (AMLD5) which came into force in 2020, has led the country to modify its Money Laundering and Terrorist Financing Act. This way cryptocurrencies became regulated by the law and shall fulfill certain conditions to reach Dutch clients.

Course Deliverables

Participants will enjoy a full-service experience that covers everything needed before, during, and after the program:

Before the Program

During the Program

• Risalat Training Kit, including: bag, water bottle, coffee mug, t-shirt, cap, passport cover, pens, notebook, magnet, keychain
• Lunch Provided Daily during training days
• Comprehensive Course Manual & Training Materials
• Project-Based Templates, Tools, and Worksheets
• Mini pad / tablet provided for convenient access to digital resources, which participants may keep after the program.
• Digital Case Studies, Reading Packs & Reference Materials
• Access to Sample Datasets & Practical Exercises
• Field Visit (where applicable)
• Complimentary Refreshments & Full Training Venue Facilities
• Access to Online Learning Resources
• Entertaining City Tour
• Certificate of Completion
• Risalat Program Participation Recognition Award

After the Program

• Post-Training Support & Follow-Up Guidance
• Program Report