Introduction

Participants in this course will learn the fundamentals of anti-money laundering measures that must be taken by organisations such as financial institutions, lawyers and other regulated entities. In order to do so we will start by defining what money laundering is and how it is performed. We will learn how this phenomenon has been addressed over the years through standards set by international bodies and their subsequent adoption by legislators and regulators across the world. The key principle of applying a risk based approach to money laundering will be our focal point in this course. We will discover how this is applied through different due diligence measures according to risk indicators and learn concepts such as Know Your Client and Politically Exposed Persons. We will address some of the challenges of identifying the ultimate beneficial owner especially if the client is a large corporate structure. Some more areas that we will discuss are the monitoring of clients’ activities and reporting of any suspicions with respect to money laundering. A final and very important matter that we will examine are penalties that are associated with laundering of illicit funds and how in some cases people who are non-perpetrators may also fall under criminal conviction.

 

 /files/667856/Introduction_Anti_Money_Laundering_(AML)(5).mp4

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Modules

Here is the course outline:

Introduction
- Introductory Video - Course Structure
Lesson 1
In the first session, we will examine the risk based approach which is required by regulated organisations such as financial institutions, whereby the clients are segregated into at least three risk categories. Classifying clients at these categories enables the application of customer due diligence procedures of increasing scrutiny both at the level of initial client acceptance and subsequent monitoring.
Lesson 2
In the second lesson, we will examine the FATF recommends that simplified due diligence is applied to lower risk clients such as public authorities and publicly traded entities in regulated markets. The beneficial owners of these entities are already publicly well known.
Lesson 3
In the third lesson, we will examine the regulatory bodies that have a single scope of authority but could be responsible for more than one industry. It could be the case that the main industry regulator is not the same as the authority responsible for the AML provisions in local laws.