Introduction to the Prevention of Money Laundering

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£20.00
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The Introduction to the Prevention of Money Laundering course provides foundational knowledge and understanding of money laundering risks, regulations, and preventive measures. Participants will learn about the global impact of money laundering, legal frameworks, and the role of financial institutions and businesses in combating financial crime. This course is essential for professionals in banking, finance, legal, and regulatory sectors, as well as anyone seeking awareness of anti-money laundering (AML) practices.

Learning Objectives:

– Understand the concept and implications of money laundering.

– Identify key stages and methods used in money laundering activities.

– Recognize the legal and regulatory frameworks governing AML.

– Learn about roles and responsibilities of stakeholders in AML compliance.

– Gain knowledge of AML risk assessment and mitigation strategies.

Course Outline:

Module 1: Introduction to Money Laundering

– Definition and significance of money laundering.

– Historical context and evolution of money laundering practices.

– Impact of money laundering on global economies and financial systems.

Module 2: Legal and Regulatory Frameworks

– Overview of international and national AML laws and regulations.

– Roles and responsibilities of regulatory bodies (e.g., Financial Action Task Force).

– Compliance requirements for financial institutions and designated non-financial businesses and professions (DNFBPs).

Module 3: Money Laundering Risks and Methods

– Common methods and techniques used in money laundering.

– Identification of red flags and suspicious transactions.

– Case studies and examples illustrating money laundering schemes.

Module 4: Customer Due Diligence (CDD)

– Importance of CDD in AML procedures.

– Types of customer due diligence (standard, simplified, enhanced).

– Procedures for verifying customer identity and assessing risk.

Module 5: Reporting Requirements and Suspicious Activity Monitoring

– Obligations for reporting suspicious transactions and activities.

– Procedures for filing suspicious activity reports (SARs).

– Role of financial intelligence units (FIUs) in analyzing and disseminating SARs.

Module 6: Transaction Monitoring and Compliance Controls

– Methods and technologies for monitoring transactions and detecting suspicious behavior.

– Implementing internal controls and compliance programs.

– Auditing and reviewing AML policies and procedures.

Module 7: AML in Practice: Industry Perspectives

– AML requirements and best practices in different sectors (e.g., banking, legal, real estate).

– Challenges and emerging trends in AML compliance.

– Case studies and lessons learned from AML investigations.

Module 8: Role of Financial Institutions and DNFBPs

– Responsibilities of banks, financial institutions, and DNFBPs in AML compliance.

– Collaboration with law enforcement agencies and regulatory bodies.

– Developing partnerships and information sharing to combat money laundering.

Module 9: AML Training and Awareness

– Importance of AML training for employees and stakeholders.

– Designing and delivering effective AML training programs.

– Assessing competence and maintaining awareness of AML risks.

Module 10: Ethics and Professional Conduct

– Ethical considerations in AML practices and investigations.

– Promoting integrity and ethical behavior in AML compliance.

– Handling ethical dilemmas and conflicts of interest in AML operations.

Module 11: Assessment and Certification

– Knowledge assessment through quizzes or written examination.

– Criteria for achieving Introduction to the Prevention of Money Laundering certification.

– Certification validity and renewal requirements.

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