GPML's new Training Course on Money Transfer Services (MTS)


    Money remittances generate large money flows. According to the World Bank, money remittances have reached around $600 billion annually [1] . The money remittance sector plays an important role in the economic development of countries. It facilitates the financial inclusion of people and has a direct impact on the monetary policies of countries.

    There is a long list of factors which impact and cause differences in money transfer services (MTS): geography, the level of economic and technological development of a country, its regulatory and legal regimes, the access to (or lack of) formal financial sector services in a country, the traditional and cultural preferences of customers, and so on. These factors need to be thoroughly understood in order to address the money laundering and terrorist financing risks to which the MTS sector is exposed. Only then is it possible to develop and implement sound supervisory, preventative and investigative measures.

    For the above reasons GPML has designed and developed a new training course to understand and evaluate the money-laundering and financing of terrorism risks associated with money transfer services.  The training course will target the traditional regulated money transfer sector, which is a part of the formal financial and banking industry, and thus, can be researched, assessed, and understood with a greater level of detail and accuracy.

    The course has been designed for MTS providers', compliance officer, regulatory and supervisory authorities over MTS providers, Financial Intelligent Units (FIU) and Law enforcement officers charged with financial investigation. The objective of the course is to increase the trainees understanding on:

    (i)The variety of MTS and MTS providers;                                                                                        (ii) The misuse of money transfer services for ML/TF purposes;                                                          (iii) ML/TF risks associated with MTS;                                                                                            (iv) Criminal transaction patterns common for MTS;                                                                          (v)Specific "red flags";                                                                                                                          (vi) identification of suspicious activities associated with MTS; and                                                (vii)Strengthening cooperation and information exchange between MTS providers, financial regulators, FIU and law enforcement authorities.

    The training course is country specific, and a preliminary needs assessment will be conducted by the GPML prior to the training delivery. Upon nomination by the respective agencies, each participant will be asked to answer (through the on-line questionnaire) the questions to help GPML customize the training course to the county's legal and regulatory environment and the needs of the target audience.

    For further information on this course please contact Mr. Yevheniy Umanets at