Objectives

Upon completion of the programme, participants will be able to demonstrate:

• understanding and knowledge of the regulatory environment, including the role and powers of the Central Bank of Sri Lanka
• understanding and knowledge of the role and responsibilities of both the Compliance function and the Compliance Officer, and the skills needed to successfully discharge these
• understanding and knowledge of the issues to be considered in developing compliance policies and procedures
• familiarity with money laundering offences, key regulatory anti money laundering requirements
• familiarity with a variety of different types of financial crime, including the identification of such crimes.

Course Contents

Module I – Understanding the Regulatory Environment

• The need for, and objectives of, regulation
• Sources of regulation
• Financial Regulatory Framework in Sri Lanka
• Corporate Governance
• Overview of commercial laws and mechanisms governing legal persons and arrangements
• International Financial Regulatory Initiatives
• Cross-jurisdictional issues

Module II – Financial Industry and Risk Management

• Overview of Sri Lanka’s financial sector
• Financial institutions and relevant Organizations in Sri Lanka
• Financial Products and Services
• Recent regulatory, market developments and trends in Sri Lanka
• Overview of Risk Management
• Risk Management and Regulation
• Specific financial service risks
• Compliance risk
• Overview of Basel Accords – Basel I, II and III

Module III-Creating Compliance Culture and the Benefits of Compliance

• Corporate Governance and Compliance
• Creating an effective compliance environment
• The role of training in developing the right culture
• Developing a compliance training strategy
• Ethics and culture
• Corporate Social Responsibility (CSR) and Compliance

Module IV – The Role of the Compliance Officer

• Compliance structure
• The role of the Compliance Officer
• Key compliance activities and processes
• Internal and external relationships
• Qualities required of compliance professionals

Module V – Managing the Risk of Money Laundering and Financing of Terrorism

• Money Laundering
• Terrorist Financing
• Money Laundering vulnerabilities of particular services and products
• Understanding money laundering offences
• Designing an effective internal reporting system
• The risk-based approach to money laundering and terrorist financing
• Understanding the importance of KYC in AML efforts
• Financial Intelligent Unit (FIU) at CBSL
• Relevant Laws in Sri Lanka
• The objectives of proper staff training in AML

Module VI – Managing the Financial Crime – Market Abuse, Insider Dealing and Fraud Prevention

• Introducing to market abuse
• Insider Dealing
• Introduction to Fraud
• Fraud Typologies
• Preventing Fraud
• The compliance role in combating Fraud
• False Accounting
• Identity Theft
• Bribery and Corruption

Attendance: Continuous attendance either physically or online will be considered in allowing to sit for the final examination