Introduction to Anti-Money Laundering Regulations

Delivered online

1.5-3 hours

Course description

Money laundering has become a global problem. People have found more ways to disguise their illegal income and how to spend it legally. There are many types of businesses used for these purposes. Learn to recognize them by studying the one thing they all have in common. This course on anti-money laundering will outline the meaning of money laundering, methods used to launder income and how to identify suspicious activities.

As you walk down the street, you suddenly notice a new laundromat on your block during your regular morning routine. You approach it a bit confused because it seems to have appeared overnight, and you don’t remember seeing or hearing any advertisements about it. You shrug it off and go about your day. This type of situation happens a lot more often than we care to think. Did you know that every year hundreds of millions of dollars are laundered by seemingly innocent businesses? This criminal activity has become a global problem. You may ask yourself, what does money laundering really mean? In this course, you will learn the definition of this term, how people try to disguise their income and the different types of methods they use. Over the course of time, the prevention of money laundering has had to change in response to specific events around the world. Some of the directives and regulations mentioned in this course reflect various government responses.

In simple terms, people who earn money illegally still need to find ways to keep their money safe and figure out how to spend it legally without raising suspicion. It would seem very strange if someone were to arrive at a financial institution with large bags of money. So, the question is, how is money laundered? In this course, you will consider the many techniques and ways people launder income. There is a wide range of businesses that are used for these illegal purposes. Some of the establishments mentioned here might surprise you because they appear normal and innocent, and provide everyday services on the outside, but there is a different story behind the scenes. Learn to recognize them by studying the one key thing they all have in common. Discover the three typical stages of money laundering, each of which will be explained in detail using simple and easy-to-understand examples. You will gain an understanding of an essential crime act that puts pressure on organizations to report any questionable activities. If ignored, it can qualify as a criminal offence.

Given that there are many means of laundering money, how can you protect your workplace and staff from illegal procedures? By studying this course, you will analyze laws that are in place that business must carry out and the importance of training your staff. Rules and regulations are only efficient if time is taken to ensure that employees understand why it is important and how to follow them. This is not a one-size-fits-all type of training. It must be tailored by considering the positions and responsibilities each team member has. Using the strategies mentioned throughout this course will help them identify suspicious activity and what to do in an unlawful event. Anyone with an interest in learning about money laundering will have much to gain from completing this course. It provides techniques and strategies behind identifying money laundering methods, reporting illegal activities and staff training. Both employers and employees will benefit from learning about the fundamentals of anti-money laundering procedures and regulations.

By the end of this course you will be able to:

  • Explain the meaning of money laundering
  • Identify how criminals use a front business
  • Recall the three stages of money laundering
  • Indicate when the five EU directives came into force
  • Describe the functionality of the Proceeds of Crime Act 2002
  • List the core obligations of training
  • State the various training methods and assessments
  • Discuss the role of a money laundering reporting officer
  • Define the meaning of a risk-based approach with a client
  • Outline the main elements of customer due diligence