Introduction to the Office of Foreign Assets Control (OFAC)

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Course Description

This training is for banking staff on how to avoid dealing with sanctioned countries, businesses and persons

There are severe penalties for banks that commit OFAC violations. Staff need to understand how the OFAC works and how to avoid committing violations.

This short, single-module course gives an overview of OFAC, is functions and how it works. The training provides an overview of the Sanctions List and the sorts of individuals and entities that may be included in it.

Learners are introduced to the compliance obligations that OFAC imposes on banks and given information on how they, personally, should act to support the bank in meeting those obligations. The penalties for non-compliance are discussed.

Who is this training for?

The course is a suitable introduction for all banking staff who on-board customers or who handle customer transactions.

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Scenario

Jasmine is an executive officer at My Save Bank, which has its head office in Ohio. While undertaking an audit of pending transactions, she discovers a number of large sums of money being transferred to a foreign national in Yemen. Jasmine is concerned that the account name and details look suspicious and are not what My Save Bank would typically deal with.

What should Jasmine do next?

Retail Banking Compliance Training

This course is part of the Retail Banking Compliance Suite

The courses available are

For more details, click on the course names above.

Course Outline

  • Explain the background and purpose of OFAC
  • Describe who must comply with OFAC
  • Explain the purpose of the SDN list
  • Promote understanding of the penalties for violations, civil and criminal

Introduction to Trade Finance

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Course Description

Trade is not without risk for buyers and sellers, and international trade has certain features that enhance that risk.

In a globally interconnected world trade has become a part of our daily lives. This prominent feature of the global economy has developed and matured over hundreds of years and is a tribute to human ingenuity to cooperate for mutual benefit. However, trade is not without risk for buyers or sellers and international trade has certain features that enhance that risk. Banks have traditionally played a crucial role as facilitators to mitigate the risks inherent to international trade. This training will review features of international trade, focus on the financing of trade and in particular on the role that banks play.

The Introduction to Trade Finance e-learning course has especially been designed by subject matter experts to provide banking professionals with an overview of Trade Finance and the role of Financial Institutions.

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Link with Trade Based Money Laundering

On completion of the course you will have developed a good foundational understanding of global trade and how companies settle their international commerce. Therefore this course, in combination with i-KYC’s TBML course, will also be valuable for learners who are still developing their technical Trade Finance knowledge.

Who should do this training?

This course is suitable for:

  • Client-facing Commercial Bankers
  • Trade & Commodity Finance specialists
  • Customer support staff
  • Risk Management analysts
  • AML Compliance officers.

Download the course outline here

Specialized Financial Economic Crime Training

GRC Solutions is thrilled to collaborate with leading financial crime advisory firm, i-KYC, pairing their premium content library with our award-winning Salt Learning technologies to improve your approach to addressing Financial Economic Crime (FEC).

Download our brochure here

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Course Outline

Module 1: Introduction

  • Fundamentals of International Trade
  • International Trade Governance & Risks
  • Introduction to Trade Finance

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Module 2: Trade Settlement Methods

  • Clean Payments
  • Documentary Collections
  • Letter of Credits
  • Guarantees

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Module 3: Risks & Roles of Banks

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Module 4: Knowledge Check

Introduction to Fair Credit Reporting Act (FCRA)

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Course Description

This training covers what banking staff need to know about consumer credit information regulation

Often called Regulation V, the FCRA defines the way consumer credit history can be collected and stored; the purposes it may be used for; and the rights of consumers to access it, monitor its use and seek to correct errors.

Bank staff need to be familiar with the FCRA in order to

  • Understand how the bank may collect and use consumer credit information
  • Know how to assist bank customers in accessing their rights under the legislation

 

This short, single-module course provides an introduction to the way the FCRA works, discusses the various rights that consumers have under the FCRA, and outlines a number of special rights relating to identity fraud.

Who is this training for?

The course is a suitable introduction for all banking staff, particularly those who are customer-facing.

Scenario

Gabriel is considering taking out a loan for $20,000 with Highest Power Finance to cover the purchase of a new car. Before taking out the loan, he wants to check his credit score with Equifax. He receives the report a week later and applies for the loan, but his application is rejected.

What action can Gabriel take under the FCRA in response to his rejected loan application?

Retail Banking Compliance Training

This course is part of the Retail Banking Compliance Suite

The courses available are

For more details, click on the course names above.

Course Outline

  • Identify the purpose of the FCRA
  • Understand the key components of the Act
  • Recognize the rights of the consumer
  • Explain penalties for non-compliance under FCRA

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Insider Trading

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Course Description

Many organisations have a large number of employees who could come into contact with confidential information that could affect the share price of a listed company.

Are all of your employees familiar with insider trading laws? A person does not need to be an employee of a stockbroker or merchant bank to be caught by these laws.

Many listed companies have a large number of employee shareholders. Those employees should know when they can trade in the company’s shares.

Who is this training for

This training is suitable for anyone who comes in contact with confidential information regarding the share price of a listed company, such as:

  • personal assistants
  • senior managers
  • staff in mail rooms
  • IT departments

Custom courses

We have two versions of this course available:

  • Generic course
  • Insider Trading for Financial Services Organisations

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Course Outline

  • Module 1: Introduction to insider trading
  • Module 2: Who is an insider?
  • Module 3:What is trading?
  • Module 4: Trading in Your Companys Securities?

 

Financial Services Regime

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Course Description

The financial services industry has undergone major reform over the past decade. From the introduction of the Corporations Act 2001 to the establishment of the Financial Services Regime (FS) and the launch of the Future of Financial Advice (FOFA), financial services providers face a complex set of compliance requirements. This course explains those requirements in plain, engaging English.

Financial services cover a wide range of activities, including banking, superannuation, insurance, managed investments, options, derivatives, securities, broking, futures and other financial investments.The Salt Compliance Financial Services course will help you understand the underlying laws that relate to financial services compliance across all industries.

Additional modules can be developed for specific financial services products, such as managed investments, derivatives, banking and insurance. However, this foundational course applies to all financial services businesses.

Who is this training for?

This training is designed for staff at any level within a financial services organisation that could be exposed to a risk of breaching the current laws.

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Course Outline

  • Module 1: Introducing Financial Services Regulation
  • Module 2: Australian Financial Services Licences
  • Module 3: Disclosure Obligations
  • Module 4: Reporting Obligations
  • Module 5: Market Misconduct

Financial Services Tier 2

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Course Description

  • Module 1: Regulation of financial services
  • Module 2: Basic deposit products and non-cash  payment facilities
  • Module 3: Introduction to financial advice
  • Module 4: Providing personal advice
  • Module 5: Advising – Skills and techniques

Course Outline

Fraud Awareness for Financial Services

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Course Description

This training is about identifying and preventing customer and workplace fraud

Annual fraud losses in the Australian financial sector are currently running at well over half a billion dollars. In the Financial Services Industry we typically think of fraud involving customer accounts and loans. But just like any other industry, financial services businesses are also subject to other sorts of fraud, many of which are also covered in this training.

Defending a business against fraud requires staff to be educated on fraud typologies and modalities.

Experience shows that internal fraud (payroll fraud and expense account fraud, accounts payable fraud etc) is more likely to be identified by staff member tip-offs than by auditors or internal procedures.

To defend against external fraud (customer fraud, supplier fraud, loan fraud, ID takeover fraud etc) financial services businesses have sophisticated fraud detection software in operation, but this still needs to be backed up by staff who can spot anomalies before the fraud takes place and who play a role in educating customers on their role in combating fraud.

This course teaches staff

  • How to identify and respond to fraud in the workplace
  • How to recognize the types of fraud committed by customers and third parties and their role in combating this fraud
  • What the consequences of fraud are for both the fraudster and the organisation
  • How to prevent fraud from occurring

Fraud detection software needs to be backed up by staff who can spot anomalies before the fraud takes place and who play a role in educating customers on their role in combating fraud.

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Who should do this training?

This training is especially suitable for financial services customer-facing staff and staff who work in other fraud risk areas, such as: accounting, operations, sales, executive/upper management, and purchasing

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Course Outline

Module one: Introduction to fraud Duration: 15 minutes

–       Defining fraud

–       Types of fraud

–       The risk of fraud to your organisation

–       Who commits fraud

–       Consequences of committing fraud

Module two: Internal fraud Duration: 20 minutes

–       Red flags of internal fraud

–       Accounts payable frauds

–       Sales and inventory frauds

–       Payroll and expense account frauds

Module three: External fraud Duration: 25 minutes

–       The dangers external fraud poses to a financial services business

–       Identifying and responding to the various types of loan fraud

–       The typologies of online payments fraud

–       Cheque fraud, card fraud, and fraud issues related to the New Payments Platform

–       Non-banking types of external fraud

Module four: Identity fraud Duration: 20 minutes

–       Defining identity fraud

–       Common identity theft techniques

–       Minimise the risk of your identity being stolen

–       How to protect customers from identity fraud

–       What to do if identity fraud occurs

Module five: Fraud risk management Duration: 20 minutes

–       Elements of a fraud risk management framework

–       Ways to build fraud awareness

–       Fraud prevention methods

–       Elements of a fraud detection and reporting program

–       Elements of a fraud response system

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Tax File Number and Withholding Tax

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Course Description

  • The procedure for collecting TFNs
  • The application of withholding tax where a TFN is not quoted
  • The TFN and withholding tax rules for special customers

Sanctions Compliance Training

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Course Description

This course will help you understand what economic sanctions are, how they work and how they impact international business and the financial services sector in particular.

Sanctions are volatile and often there is little or no advance warning.

This training is indispensable for enhancing your general knowledge of the purpose and nature of sanctions regimes, explaining what they are used for and how they can affect lives and businesses.

As economic sanctions continue to feature in the news headlines, this course provides practical insights into managing sanctions compliance and engaging with clients, mapping out what you should know, what you should do and what you should have in place to be compliant.

Who should do this training?

This course is especially relevant to account directors, business development managers, operations specialists, risk management analysts, compliance officers, customer due diligence analysts and senior executives.

Download course outline here

Specialized Financial Economic Crime Training

GRC Solutions is thrilled to collaborate with leading financial crime advisory firm, i-KYC, pairing their premium content library with our award-winning Salt Learning technologies to improve your approach to addressing Financial Economic Crime (FEC).

Download our brochure here

‍

Course Outline

Module 1: Describe what sanctions are, their purpose, key features and reach

Module 2: Identify which sanctions regimes are the most important and how they can impact businesses

Module 3: Outline key sanctions do’s and don’ts

Module 4: Respond to client queries about sanctions

Protecting Vulnerable Customers from Potential Financial Abuse

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Course Description

In response to recommendations by The Financial Services Royal Commission, and to changing community expectations, industry codes such as the Australian Banking Code of Practice and the General Insurance Code of Practice are requiring members to have policies to assist vulnerable customers and to train their staff accordingly.

This course provides an introduction to financial vulnerability and describes the various ways in which a customer may be vulnerable – for example due to ill-health, age, co-dependency, limited literacy or unfamiliarity with financial transactions. It provides tips to assist staff in recognising cases where a vulnerable customer may be subject to improper manipulation, or where they need to take extra steps to ensure that the customer fully understands the financial product they are considering.

The course teaches learners about the range of options they have in responding to cases of possible financial abuse and reminds them of the limitations on the actions they may take. Dealing with possible financial abuse requires a careful balance between protecting customers and respecting their rights.

One module is dedicated to ways of helping a customer who is fleeing domestic violence.

The course contains numerous case studies to bring the material to life.

Course Outline

Module One: Customers with reduced decision-making capacity

·       Explain the importance of a banking customer’s decision-making capacity

·       Discuss how to assess a customer’s decision-making capacity

·       Describe the causes of reduced decision-making capacity

·       List possible responses to reduced decision-making capacity

·       Give a general overview of Powers of Attorney

Module Two: Customers with special needs

·       Discuss how to overcome various barriers that may hinder customers getting information about financial products

·       Explain how to assist customers who may have trouble understanding how financial products work

Module Three: Customers vulnerable to other parties

·       Explain which actions fall into the definition of ‘financial abuse’

·       Understand how to assess the chances that financial abuse is occurring

·       Outline some ways a customer can guard themselves against financial abuse

·       Outline some ways to respond if you suspect financial abuse is happening

Module Four: Elder financial abuse IN PRODUCTION

·       Identify the risks of elder financial abuse

·       Outline some ways to respond if you suspect elder financial abuse is happening

Module Five: Vulnerable customers – loans and guarantees IN PRODUCTION

·       Explain the risks faced by vulnerable customers when they enter into loans as a co-borrower or guarantor

·       Outline some ways to protect vulnerable customers when signing up loans

·       Case studies

Module Six: Relationship breakdowns and domestic violence IN PRODUCTION

·       Explain how to help a customer reorganize their banking after a relationship breakdown

·       Understand the background to domestic violence

·       Explain how to help a customer open an account when they have too few identification documents