Curriculum-NISM-IFSCA-01: Certification Course on Anti Money Laundering and Counter Terrorist Financing in the IFSC

Curriculum – NISM-IFSCA-01: Certification Course on Anti Money Laundering and Counter Terrorist Financing in the IFSC

Part A: General Rules and Regulations related to Anti-Money Laundering in India            

Chapter-1 Introduction to Anti Money Laundering (AML), Combating the Financing of Terrorism (CFT) and Proliferation Financing (PF) 

• Introduction to the concept of money laundering
• Process of Money Laundering
• Global initiatives towards Anti Money Laundering Laws
• Indian initiatives towards Anti Money Laundering Laws

Chapter-2 Prevention of Money Laundering Act, 2002        

• Prevention of Money Laundering Act, 2002 (PMLA)
• Maintenance of records and furnishing of reports to FIU-IND
• Main Authorities entrusted for investigations

Chapter-3 The Prevention of Money-laundering (Maintenance of Records) Rules, 2005 

• Introduction to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005
• Maintenance of Records of Transactions
• Digital Know Your Customer (KYC) Procedure

Chapter-4 Scheduled Offences           

• The Concept of Offence
• List of Scheduled Offences

Part B: IFSCA Regulations for Anti Money Laundering (AML), Counter-Terrorist Financing (CTF) and Know Your Customer (KYC) 

Chapter-5 IFSCA (Anti Money Laundering, Counter Terrorist Financing and Know Your Customer) Guidelines, 2022             

• Introduction of IFSCA (AML, CFT and KYC) Guidelines
• Duties of a Regulated Entity
• Risk Based Approach
• Business Risk Assessment
• Identification and Reporting of Suspicious Transactions
• Correspondent Banking and Wire transfer
• Internal Policies, Compliance, Audit and Training
• Record Keeping

Chapter-6 IFSCA Guidelines for KYC Norms 

• IFSCA guidelines for KYC norms
• Customer Due Diligence Process
• Customer Due Diligence Requirements
• Accounts of Politically Exposed Persons
• Enhanced Due Diligence
• Simplified Customer Due Diligence
• Ongoing customer due diligence
• Ongoing sanctions screening
• Failure of Regulated Entity to conduct or complete customer due diligence
• Periodic Updation
• Differences between IFSCA AML/CFT guidelines and other Indian regulators

Chapter-7 Discussion on PMLA related Cases           

• FIU-IND V/S Bybit Fintech Limited (Bybit), a Virtual Digital Asset Service Provider
• IFSCA V/S Prowess Insurance Brokers Pvt. Ltd. (PIBPL)
• IFSCA V/S Neo Asset Management Private Limited
• FIU-IND V/S Way2Wealth Brokers Private Limited
• FIU-IND vs Paytm Payments Bank Limited

Chapter-8 Financial Action Task Force and Its Recommendations on AML and CFT            

• Introduction of FATF
• FATF Recommendations
• IX Special Recommendations
• FATF-Style Regional Bodies (FSRBs)
• What is Trade-based Money Laundering?
• The International Trade System