Certificate in Sanctions Compliance Foundations

Enroll in the Certificate in Sanctions Compliance Foundations and take your Compliance Career to the next level!

Preview this course

Course Description

Depending on the circumstance, a sanction is a limitation imposed by a regulatory body or state to manage economic and financial conditions and reduce the danger of criminal activity. There are various kinds of sanctions, such as financial and economic sanctions.

Organizations including banks, insurance firms, brokerage houses, and other enterprises must identify, screen, and verify customers. A crucial step in the Know Your Customer, or KYC, and onboarding processes is sanction screening. It is one of the crucial components of the overall compliance program that must be carried out for customer screening and screening that is related to transactions.

This certificate program is a four-module foundational course that covers key sanctions compliance principles that firms must follow to reduce the risk of money laundering and terrorist financing situations. The laws governing foreign sanctions, the structure for sanction compliance, and the screening mechanism are also covered.


What You Will Get From This Course

In-demand Skills

Gain the relevant knowledge to ensure that you are supporting your firm and progressing your career.

Career Credential

Get a certificate from the FCA Financial Crime Academy.

Flexibility

Study on-demand and at your own time and pace, regardless of where you are in the world with this flexible online course.

Global Community

Get access to our exclusive LinkedIn group with 1,500+ like-minded professionals and experts.

Course Material

Download supplementary course material such as the comprehensive course study guide.

Quiz Questions

Test your knowledge with multiple-choice questions and determine which skills you have mastered!


Course Overview

Learning Objectives

  • Explain the term sanctions in the context of economic and financial sanctions
  • Understand how international sanctions work including extraterritoriality and blocking statutes
  • Learn about the severe consequences of sanctions violations for organizations and individuals including case studies and examples
  • Get to know selected international sanctions regulations including United Nations, United States/OFAC, European Union, Australia, and the United Kingdom
  • Understand the Role of international standard-setters such as FATF and the Wolfsberg Group
  • Comprehend typical root-causes for sanctions compliance program failures
  • Understand how to manage sanctions risks by implementing an effective sanctions compliance program
  • Understand how to manage sanctions risk with effective sanctions screening
  • Explain the pillars of an effective sanctions screening program
  • Relevance of KYC for Effective Sanctions Screening

Target Audience

  • Compliance professionals that want to acquire a solid understanding of AML/CTF
  • Risk management professionals that want to effectively manage AML/CTF risks
  • Ambitious AML/CTF compliance personnel looking to broaden knowledge and skills
  • Career starters seeking career opportunities in the AML/CTF compliance industry

Requirements

For participating in this Certificate Program, you will need an electronic device with online video-viewing capabilities (e.g., smartphone, tablet, laptop, desktop computer, etc.). You will need no previous knowledge in compliance or anti-financial crime, although this is helpful. A background in business, legal, or finance might also be beneficial but is not required.

Learning Method

This Certification Program is presented entirely online. Modules can be completed in your own time and at your own pace. This interactive, supportive teaching model is designed for busy professionals and results in unprecedented certification rates for Certification Programs.


Course Curriculum

Introduction to the Program

  • Introduction to the Program

Module 1: Introduction to Sanction Compliance

  • Introduction to This Module
  • What are Sanctions? How do Sanctions Work?
  • History and Evolution of Sanctions
  • Different Types of Sanctions
  • Subjects of Sanctions
  • Extraterritoriality of Sanctions
  • Blocking Statutes
  • Relevance of Sanctions for Organizations
  • Overview of Sanction Fines
  • Case Study – Fines on Banks due to Sanctions and Non-Compliance
  • Module Summary
  • Multiple Choice Quiz
  • Further Reading and References

Module 2: Overview of International Sanctions Legislation

  • Introduction to This Module
  • Who Imposes Sanctions?
  • United Nations: Overview, Adoption, and Enforcement of Sanctions Legislation
  • European Union: Overview, Adoption, and Enforcement of Sanctions Legislation
  • United States: Overview, Adoption, and Enforcement of Sanctions Legislation
  • United Kingdom: Overview, Adoption, and Enforcement of Sanctions Legislation
  • Australia: Overview, Adoption, and Enforcement of Sanctions Legislation
  • FATF: Relevance for International S
  • Wolfsberg Group: Guidance on Sanctions Screening
  • Case Study: Role of OFAC in Sanctions Screening
  • Module Summary
  • Multiple Choice Quiz
  • Further Reading and References

Module 3: Sanctions Compliance Framework

  • Introduction to This Module
  • Typical Root Causes of Sanctions Compliance Program Failures
  • Overview of OFAC Guidance on an Effective Sanctions Compliance Framework and Applicability Beyond the United States
  • Sanctions Compliance Framework Element #1: Management Commitment
  • Sanctions Compliance Framework Element #2: Sanctions Risk Assessment
  • Sanctions Compliance Framework Element #3: Internal Controls
  • Sanctions Compliance Framework Element #4: Testing and Auditing
  • Sanctions Compliance Framework Element #5: Training
  • Case Study: Implementation of OFAC Sanction Compliance Program
  • Module Summary
  • Multiple Choice Quiz
  • Further Reading and References

Module 4: Sanctions Screening Program

  • Introduction to This Module
  • Relevance of Sanctions Screening of Transactions and Customers for Organization
  • Overview of the Sanctions Screening Program
  • Core Pillar #1: Sanctions Screening Policies and Procedures
  • Core Pillar #2: Responsible Person or Sanctions Compliance Officer
  • Core Pillar #3: Sanctions Screening Risk Assessment
  • Core Pillar #4: Internal Controls relating to Sanctions Screening
  • Core Pillar #5: Sanctions Screening Effectiveness Testing
  • Relevance of KYC for Effective Sanctions Screening
  • Case Study: Design of the Sanctions Compliance Program in Practice
  • Module Summary
  • Multiple Choice Quiz
  • Further Reading and References

Final Assessment

  • Final Assessment

Completing the Program

  • Completing the Program

Ready? Get unlimited access to all courses and webinars by joining our membership today!



Frequently Asked Questions

What are the requirements to take the courses?

All of our certification programs are open to students and professionals in various industries and levels of experience. Our curriculum is designed to teach what you need to know from basic fundamentals to advanced practical case studies. To take the courses and complete the exercises, students will only need access to a PC and/or Mac, a smartphone or table, and a stable internet connection.

Can I download course files and resources for the course?

Absolutely! All the files (including study guide, audiobook, course slides, etc.) in a course are available for download. Just look for a module that shows the files within a course.

How long do I have to complete the courses?

You will have yearly access to the courses as long as you maintain an active subscription. All the courses are self-paced as well so you can take your time in learning without worrying about any deadlines.

Are there any additional fees or costs?

None! The bundle price includes everything and there are no additional fees or charges to earn your digital certification.

What currency are your courses priced in?

All our online courses are priced in USD. As this is a recurring payment, we accept all major credit and debit cards including Visa, MasterCard, and American Express.

How do I earn my certificates?

Students must complete all the video lessons, quizzes, and final assessments in each course. You can retake the assessments as many times as necessary until you reach an 60% passing grade.

How are the exams conducted?

Students are required to complete an online assessment (mostly multiple choice questions) at the end of each course. You can take the exams on your own schedule and will need to earn at least 60% to pass the course and earn your certificate of course completion. Please note that course exams can be repeated as many times as you need.

Can I email the instructor if I have questions?

While the courses are designed mainly for self-study, we are happy to provide email assistance for general or technical support inquiries.

Will these courses help me advance my career?

Based on hundreds of reviews from thousands of students we know how the Financial Crime Academy’s courses have helped so many people advance their anti-financial crime, compliance, and risk management careers. Our courses are designed to teach in-demand skills and relevant background knowledge of subject matter expertise needed in practice.

More Questions?

Email us and we'll be happy to answer any of your questions.

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

Learn In-Demand Skills with On-Demand Courses

Gain the relevant skills and knowledge to ensure that you are supporting your firm and progressing your career.