Certificate in Sanctions Compliance Foundations

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

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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

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What our students are saying

Highly recommended!

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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.

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