1. Understanding the Role of Shell Companies in the Global and Local Context
Examine the legitimate and illegitimate uses of shell companies and their role in financial crime, including fraud, tax evasion, and money laundering.
2. Unmasking Money Laundering (ML) Techniques Through Shell Companies
Explore common methods criminals use to disguise ownership and control, including layering, nominee structures, and offshore jurisdictions.
3. Identifying Red Flags and Strengthening Compliance Measures
Learn how to detect suspicious shell company activities by recognizing red flags, high-risk jurisdictions, and unusual transaction patterns.
4. Enhancing AML/CFT Controls and Reporting Mechanisms
Understand legal and regulatory frameworks governing shell companies, including beneficial ownership transparency, and implement effective policies and reporting mechanisms to mitigate risks.
Programme Outline
Learning Objectives
By the end of the programme, participants will be able to:
Define the structure of shell companies and their legitimate and illegitimate uses in global and local contexts
Describe the mechanisms of Money Laundering (ML) through Shell Companies (incl. common techniques used to disguise ownership and control of shell companies)
Identify red flags which may indicate misuse of shell companies for ML (e.g. lack of transparency of ownership or operations, unusual transaction patterns or high-volume transactions with no clear business purpose and use of jurisdictions with weak AML/CFT/CPF regulations)
Explain the legal and regulatory frameworks governing shell companies (e.g. requirements of beneficial ownership transparency, AML/CFT/CPF laws and regulations and FATF)
Describe risks associated with shell companies and strategies to mitigate the risks
Analyse real-world case studies and draw lessons from them for application in their own contexts
Provide guidance on implementing policies, procedures and controls to prevent abuse of shell companies
Explain proper reporting mechanisms for suspicious activities involving shell companies
Programme Outline
Understanding Shell Companies
Identifying Red Flags and Risk Indicators
Legal & Regulatory Frameworks
Prevention, Reporting & Best Practices
Wrap-Up & Key Takeaways
METHODOLOGY
Face to face sharing including presentations, videos, case studies and discussions
Participant profile
Group AML (GAML), Group Internal Audit (GIA), Business Compliance Officers (BCOs) and Business Risk & Compliance Officers (BRCOs) of Group Wholesale Banking (GWB) as well as Group Community Banking (GCB) and Regional Entities.
Trainer
John Cheah Soon Chye
Senior Training Consultant, Asian Banking School
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As the industry’s preferred partner in learning and development, ABS offers customised and open enrolment training programmes that cover a comprehensive list of banking areas.
John Cheah has 24 years of working experience with a career that spanned being at an international consultancy and 3 foreign banks. He spent 4 years in external audit and 20 years in banking, where he specialised in Anti-Money Laundering and Counter Terrorism Financing (AML/CFT). His audit experience included performing internal and external audits at various types of companies, especially at insurance firms.
His banking career saw him covering multiple roles within the AML/CFT Compliance function. This included policy advisory, transaction monitoring, suspicious transaction reporting, procedures development and other related areas. He spent the last 10 years of his career developing and enhancing the AML/CFT framework of a commercial bank, which included pioneering an AML/CFT review team, designing AML/CFT risk assessments for branches and the entity, as well as running the bank’s AML/CFT training programme for all segments within the organisation.
John has a Bachelor’s degree in Accounting and Finance from the University of London and was an ACCA member. He moved into the space of Financial Crime Compliance soon after and has been a certified member of the Association of Anti-Money Laundering Specialists (ACAMS) since 2011. He also holds the Advanced Diploma in AML/CFT issued jointly by the Asian Institute of Chartered Bankers and International Compliance Association. John is also a HRD Corp certified trainer.
On the personal front, John enjoys public speaking and achieved the Distinguished Toastmaster (DTM) status from the global organisation Toastmasters International in 2012.
The Asian Banking School (ABS) is dedicated to developing talent and is the largest specialised provider of quality banking training programmes in the ASEAN region.
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Kindly download the Payment Form here for our banking details and if making company sponsored payments. You are required to upload this form to complete the registration process.
Kindly download the Payment Form here for our banking details and if making company sponsored payments. You are required to upload this form to complete the registration process.
