Home
Training for Central Bank of Iraq AML/CFT Investigators
FSVC volunteer experts Thomas Burnside (standing right) and Michael Cho (seated right) conducting AML/CFT training for CBI.Financial Services Volunteer Corps (FSVC) delivered the first in a series of trainings for newly appointed anti-money laundering (AML) investigators from the Central Bank of Iraq (CBI) from March 12-16, 2012. Held in Beirut, the training was aimed at strengthening capacity to monitor AML and for combating the financing of terrorism (CFT).
FSVC’s AML/CFT trainings support the CBI in its commitment to establishing an effective AML Department. AML/CFT supervision and compliance are a priority for the CBI and are key to meeting the CBI’s stated objectives to establish counterparty relationships, operational controls, bank supervision, and policy responses to issues in the international arena. FSVC previously worked with the AML department to develop a checklist for conducting counterparty due diligence and provided consultations on its use.
The CBI AML/CFT training was delivered by Mr. Thomas Burnside, a Compliance Director for Corporate AML Operations at JP Morgan Chase, and Mr. Michael Cho, Global Head of Anti-Money Laundering Compliance at The Northern Trust Company.
FSVC’s five-day training was conducted for 12 CBI staff from the AML and Audit Departments. The topics focused on typologies, risk management, and the tools available to central banks and to private/state banks for identification, monitoring, investigation, and reporting suspicious transactions and cross border money movement. Since the participants arrived with an understanding of concepts in AML/CFT monitoring, the training focused on applying these concepts to actual scenarios through analysis of international case studies. Participants were able to compare international case studies with specific Iraq cases and examine the compliance techniques used for more effective monitoring and investigation.
The training addressed the resource, regulatory, and political constraints faced by the CBI’s investigators. The CBI participants learned how to use simple, inexpensive tools for financial monitoring. Participants were also afforded the opportunity to analyze the strengths and weaknesses of the AML/CFT work at the CBI.
CBI training participants with FSVC volunteer experts Thomas Burnside and Michael Cho (standing center). At the conclusion of the training, Mr. Burnside and Mr. Cho made recommendations for follow-on activity that will be developed into a series of trainings to build technical capacity among the AML investigators. These trainings are part of a program that has been funded since 2008 by the U.S. State Department’s Bureau of Near Eastern Affairs to assist the CBI in its drive to modernize and strengthen its organizational structure, connections with the global financial system, adherence to international financial standards, and supervision of banks.
[You must be registered and logged in to see this link.]
FSVC volunteer experts Thomas Burnside (standing right) and Michael Cho (seated right) conducting AML/CFT training for CBI.Financial Services Volunteer Corps (FSVC) delivered the first in a series of trainings for newly appointed anti-money laundering (AML) investigators from the Central Bank of Iraq (CBI) from March 12-16, 2012. Held in Beirut, the training was aimed at strengthening capacity to monitor AML and for combating the financing of terrorism (CFT).
FSVC’s AML/CFT trainings support the CBI in its commitment to establishing an effective AML Department. AML/CFT supervision and compliance are a priority for the CBI and are key to meeting the CBI’s stated objectives to establish counterparty relationships, operational controls, bank supervision, and policy responses to issues in the international arena. FSVC previously worked with the AML department to develop a checklist for conducting counterparty due diligence and provided consultations on its use.
The CBI AML/CFT training was delivered by Mr. Thomas Burnside, a Compliance Director for Corporate AML Operations at JP Morgan Chase, and Mr. Michael Cho, Global Head of Anti-Money Laundering Compliance at The Northern Trust Company.
FSVC’s five-day training was conducted for 12 CBI staff from the AML and Audit Departments. The topics focused on typologies, risk management, and the tools available to central banks and to private/state banks for identification, monitoring, investigation, and reporting suspicious transactions and cross border money movement. Since the participants arrived with an understanding of concepts in AML/CFT monitoring, the training focused on applying these concepts to actual scenarios through analysis of international case studies. Participants were able to compare international case studies with specific Iraq cases and examine the compliance techniques used for more effective monitoring and investigation.
The training addressed the resource, regulatory, and political constraints faced by the CBI’s investigators. The CBI participants learned how to use simple, inexpensive tools for financial monitoring. Participants were also afforded the opportunity to analyze the strengths and weaknesses of the AML/CFT work at the CBI.
CBI training participants with FSVC volunteer experts Thomas Burnside and Michael Cho (standing center). At the conclusion of the training, Mr. Burnside and Mr. Cho made recommendations for follow-on activity that will be developed into a series of trainings to build technical capacity among the AML investigators. These trainings are part of a program that has been funded since 2008 by the U.S. State Department’s Bureau of Near Eastern Affairs to assist the CBI in its drive to modernize and strengthen its organizational structure, connections with the global financial system, adherence to international financial standards, and supervision of banks.
[You must be registered and logged in to see this link.]
