Economic sanctions, by their very nature, are meant to stem the financial flow of criminal entities, terrorist networks or rogue nations. Allowing groups or nations to side-step sanctions barriers means that the illicit behaviour will never be addressed and corrected. Financial institutions found to be in breach of sanctions can incur immense fines and disastrous reputational damage.
The FIU CONNECT (Economic Sanctions) training program from ManchesterCF advises participants on the purpose of sanctions, the consequences of non-compliance and methods that can be used to detect and mitigate sanctions risk.
Nations must enact AML laws to prevent criminal entities from moving the proceeds of crime through the global economy. Without effective AML/ATF legislation and regulations, it can be difficult for countries to maintain social, economic and political stability. Banking supervisors must ensure financial institutions are aware of sanctions and have robust controls in place that reduce the risks associated with sanctions.
The FIU CONNECT (Economic Sanctions) training program can be implemented with the following components:
- Digital textbook
- Computer-based training (customisable and SCORM-compliant)
- Multiple languages