Course description
Anti-Money Laundering Training - Online Course
This Anti-Money Laundering training course explains the UK laws that were implemented to prevent money laundering.
By law, businesses in the regulated sector must put controls in place to prevent financial crime, money laundering and terrorist financing. The regulated sector includes banks, accountants, estate agents, law firms and casinos.
The UK is the second largest money-laundering hotspot in the world. Around £88 billion is laundered through UK organisations every year. This money funds terrorist activities and damages the UK economy, which affects all of us.
With our online anti-money laundering course, you can give yourself or your staff an understanding of how money laundering works and how to prevent it from happening in your company or organisation.
What is Money Laundering?
Money laundering is the crime of processing dirty money (obtained through crime) through a legitimate business, or moving it into foreign bank accounts, to hide the fact that the money was illegally obtained. The ‘cleaned’ money can then be spent as if it was obtained from legal sources.
Money laundering is usually used to fund criminal/illegal operations. Money laundering can be linked to many activities such as fraud, drug trafficking, tax violations and embezzlement.
Upcoming start dates
Suitability - Who should attend?
Who is Anti-Money Laundering training for?
Anyone will benefit from being educated on money laundering practices. The course is very popular with individuals in job roles that require them to handle and manage cash or finances. This applies whether the organisation is in the regulated sector or outside it.
Outcome / Qualification etc.
What are the learning outcomes for the Anti-Money Laundering course?
At the end of the online Anti-Money Laundering course, you will be able to describe:
- The terms money laundering and terrorist financing
- Global efforts to tackle financial crime
- The money laundering process
- Key laws that address money laundering and terrorist financing
- The role of the regulators
- Who is responsible for compliance in a regulated firm
- Compliance measures that the responsible person must take
- What is meant by a risk-based approach to compliance
- The role of risk assessment
- Customer Due Diligence
- Know Your Customer
- Enhanced Customer Due Diligence
- The essentials of a compliance programme
Training Course Content
Background
The first topic defines the terms money laundering and terrorist financing. It also explores the consequences and the nature of these crimes. Finally, the topic outlines the role of the Financial Action Task Force.
The Money Laundering Process
In the second topic you will learn about the three stages of money laundering.
Legislation
The third topic outlines relevant UK laws and also describes the offences and penalties under the POCA.
Regulations
Topic 4 identifies the main supervisory authorities in the UK and describes the work they do. It also explains the regulation of high value dealers and outlines the UK sanctions regime.
Compliance
In topic 5 you will learn about the duties of the Money Laundering Compliance Principal and the Money Laundering Reporting Officer. The topic goes on to identify the importance of employee screening and internal audits. The topic also outlines the training and skills needed by employees, the MLCP and the MLRO.
Risk-based Approach
Topic 6 defines the risk-based approach to compliance and outlines the purpose of an AML risk assessment. The topic also provides examples of risk factors in key regulated sectors and explains how to calculate a risk score. You will also learn about when and how to document risk assessments.
Customer Due Diligence
Topic 7 explains the terms Customer Due Diligence and Know Your Customer. Next, it explains what you must do to establish a customer’s identity and how to identify beneficial owners. You will also learn about due diligence checks for regulated and unregulated bodies and the duty to cooperate placed on customers.
Enhanced due diligence
Topic 8 explains enhanced due diligence. Then the topic covers how to verify ID when a customer is not physically present and the concept of the Politically Exposed Person (PEP). Finally the topic describes enhanced due diligence checks for high risk countries and money service businesses.
AML Compliance Programme
The final topic summarises money laundering requirements for UK businesses. The topic also focusses on the role of the MLCP and MLRO and AML risk assessments.
Course delivery details
The approximate duration of this online training course is 2 to 3 hours. This is only an estimate based on previous course participants – you can take as long as you like to study the course slides.
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Reviews
Average rating 5
Expenses
Price: £25.00 ex. vat
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i2Comply
i2Comply are one of the most trusted UK providers of quality online courses and commit to providing quality training at affordable prices. We offer online accredited training solutions across a wide range of industries in Health & Safety and Compliance....
I enjoyed The AML training course I recently completed.It covered all areas relating to the need of such laws and the reason why The course was very in-depth.