Introduction

In this course, firstly we will revise key AML concepts and give an overview of the relevant international bodies. Secondly, we will define what a risk and risk management are in the context of AML. Next, we will review the importance of appropriate KYC and CDD for an effective monitoring of transactions. Moreover, we will examine the main requirements in the EU and the US with respect to reporting of suspicious transactions and denote some variations. Finally, we will cover the classic banking services of retail and private banking, and the use of insurance policies to launder money.

Modules

Here is the course outline:

Introduction
- Course Structure
Lesson 1
In the first lesson, we will revise key AML concepts and give an overview of the relevant international bodies. Furthermore, we will discuss the important role that is played by the financial institutions in the fight against money laundering and terrorist financing. Finally, we will talk about key regulations and sanctions lists that must be adhered to by financial institutions.
Lesson 2
In this lesson, we will define what a risk and risk management are in the context of AML. We will discuss the various roles and responsibilities in the financial institutions that are directly linked to the application of AML laws and regulations, such as the Compliance Department. Finally, we will talk about key regulations and sanctions lists, to which financial institutions must adhere.
Lesson 3
In the third lesson, we will review the importance of appropriate KYC and CDD for an effective monitoring of transactions. Next, we will talk about key wire transfer requirements and use of automated monitoring systems. Finally, we will also discuss what the independent systems testing is, as well as what to do with unusual or suspicious transactions and their escalation.
Lesson 4
In the forth lesson, we will examine the main requirements in the EU and the US with respect to reporting of suspicious transactions and denote some variations. Furthermore, we will mention some key suspicion indicators that apply across the financial services sector, as well as some practical considerations on how to make appropriate reports to the FIU. Finally, we will also discuss confidentiality and how not to tip-off a client whose activity is being reported as suspicious of money laundering.
Lesson 5
In the fifth lesson, we will cover the classic banking services of retail and private banking. First, we will discuss correspondent banking which has some important AML risks and it is affecting the majority of banks. Next we will see some examples of how lending and credit facilities can also be used by criminals and terrorists to launder illegal proceeds. Finally, we will examine the more specialised areas of banking services, investment banking and international trade financing.
Lesson 6
In the sixth lesson, we will first cover the insurance sector and the use of insurance policies to launder money. Second, we will move to the securities world where we will talk about investment firms and brokers, as well as the growing area of foreign exchange trading. Next, we shall explore some examples of how modern financial services, such as Internet Payment services and digital currencies may be exploited by criminals. Finally, we are going to examine the money transfer providers and foreign exchange bureaus, which share quite a few similarities.