Global Financial Crime Standards: FATF, Basel Committee and IAIS Focus

Course introduction

Financial crime risk crosses borders, sectors and institutional boundaries. Organisations need to understand how international standards shape national frameworks, supervisory expectations and the controls used in everyday operations.

This course examines three influential frameworks: the Financial Action Task Force (FATF), the Basel Committee on Banking Supervision and the International Association of Insurance Supervisors (IAIS). It explains their respective purposes, how they complement one another and how their provisions connect to institutional responsibilities.

Across five modules, learners explore the foundations of international financial crime standards before examining each framework in greater depth. The FATF component addresses the risk-based approach, preventive measures, customer due diligence, beneficial ownership and reporting. The Basel component considers banking governance, risk management and controls against criminal misuse. The IAIS component examines insurance-sector exposures, beneficiary due diligence, fraud prevention, governance and supervisory expectations.

The course then brings these frameworks together through practical implementation methods. Learners examine how to map relevant provisions to applicable requirements, identify and prioritise gaps, test controls and govern corrective action. Scenario-based exercises demonstrate how evidence, accountability and sound judgement support defensible institutional decisions.

A central theme is the distinction between documented arrangements and demonstrated effectiveness. Policies, training records and completed project tasks provide useful evidence, but institutions also need to establish whether controls operate correctly and achieve their intended purpose. The course encourages learners to assess implementation critically, recognise evidence limitations and communicate findings accurately.

By the end of the course, learners should be able to explain the roles of FATF, the Basel Committee and the IAIS; distinguish international standards from domestic obligations and internal commitments; and apply a structured approach to assessing and improving financial crime controls.

Target market

This course is primarily designed for professionals working in banking, insurance and the wider financial services sector, including:

• Compliance and financial crime professionals responsible for AML/CFT/CPF policies, controls, monitoring and reporting.
• Risk management, internal audit and assurance teams assessing governance, control performance and corrective action.
• Board members, executives and senior managers overseeing financial crime risk and institutional accountability.
• Operational and business teams involved in customer onboarding, payments, insurance claims, product development and change implementation.
• Regulators and supervisors assessing financial institutions’ arrangements against applicable requirements and international standards.
• Legal practitioners, consultants and training professionals advising institutions or developing financial crime policies and learning programmes.

It is particularly relevant to those who need to translate global standards into practical responsibilities, assess implementation and support evidence-based improvement.