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.

This is a continuation of our Fundamentals in AML Course, which delves into a lot more detail in Anti-Money Laundering and Terrorist Financing. Prepared by the EIMF anti-money laundering experts, an Institute approved by the Association of Certified Anti-Money Laundering Specialists (ACAMS), this is a course suitable for all AML professionals.

CPD

The course offers 4 CPD Units for most professional bodies and endorsed by CISI

Who is it for

Suitable for all front-facing personnel of Financial Services Firms (Banks, Investment Firms, Funds, Fund managers), for AML and Regulatory Compliance officers, for Lawyers, Fiduciary Service Providers, Accountants, and for anyone wishing to get into a bit more detail in AML.

Course Structure

This course covers 7 Modules, and each module consists of:

 1) 15 Minute Video Presentation

Each video includes detailed moving graphics, bullet points, graphs, and informative visual and auditory cues that help participants along the way. Furthermore, you can download the script along with all important graphics on a PDF on that page, as shown above. Videos can be expanded into full screen, paused, resumed, and continued at a later stage.

 

2) Case study

After each video, participants will read a real case (links will be provided to the actual article or legal case for each study) that is relevant to the video just watched.

 

3) Short Quiz

Each of the 7 quizzes consist of 5 multiple choice questions, relevant to the case study and/or the video of each module. Each quiz is available for 4 attempts.

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.

Completion

The following certificates are awarded when the course is completed:

Anti Money Laundering in Financial Services