Learning why AML is important

You will be introduced to some foundational knowledge about AML regulations covering themes such as why regulation is needed and real world implications of money laundering. You will gain an understanding as to why following regulations is important and who the regulations apply to as well as identifying exactly who want’s to launder money and why.

A comprehensive overview of AML policies, covering its application to individuals and organisations, including politically exposed persons (PEPs). It also emphasises the significance of Suspicious Activity Reporting (SAR) to regulatory bodies such as the Financial Conduct Authority (FCA) and National Crime Agency (NCA). Additionally, you will learn the importance of knowing your customer (KYC) and how to implement enhanced due diligence (EDD) to minimise risk. Participants will learn about their firms' responsibility under AML regulations and the consequences of non-compliance. Also covered, is the use of sanctions lists and the reporting of suspicious transactions without tipping off.

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This module covers everything you need to know about identity verification, including the acceptable forms of identification and proof of address. You'll learn that original documents are not necessary and utility bills must be less than three months old. It's important to keep in mind that a passport must be in date for it to be considered valid. Additionally, you'll gain an understanding of who beneficial owners are and why they need to be verified. By taking this course, you'll have a comprehensive understanding of the identity verification process and be ready to apply this knowledge in the real world.

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AML Financial Services

Q: Money laundering stages

In this module, you'll dive into the three stages of money laundering, including the various methods used to launder money. You'll also learn who the regulations apply to, which is crucial in understanding the complex regulatory frameworks. With real-world scenarios and practical examples, you'll gain hands-on experience in detecting suspicious activities and reporting them to the relevant authorities.

This AML course provides staff working in financial services with an understanding of the process of money laundering, the laws and regulations that make it illegal and the responsibilities of employees to help detect and prevent it.

Designed for United Kingdom

Course running time is 34 Minutes

This course is customisable

Course Summary

This training provides an overview of the purpose of AML regulations. You will be introduced to the laws that regulate money laundering, to whom they apply, and to why they are necessary.

By understanding how AML regulations work, you will be able to identify those involved in money laundering and recognise suspicious activity. It will provide you with more insight into who needs AML training, knowing that we take a risk-based approach to AML.

This course will give you an understanding of what an MLRO does and their responsibilities. It is a necessity to understand the policies that cover reporting suspicions.

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AML Financial Services Learning Outcomes

Take AML training seriously

In order to comply with anti-money laundering regulations, we must take the AML training seriously. In this training, you will gain a deeper understanding of who is subject to AML. The purpose of this course is to provide you with an understanding of what Politically Exposed Person (PEP) represents. This course will provide you with some basic knowledge of Suspicious Activity Reports (SARs), including who receives SARs and what should be done when they are received. This course will introduce you to the Financial Conduct Authority (FCA) and also provide you with an understanding of the National Crime Agency (NCA).

You will be equipped with the necessary skills and knowledge to identify suspicious activities and report them to the appropriate authorities, thereby ensuring your firm’s security. As a result of this training, you will gain a greater understanding of KYC. It will enable you to understand your company’s responsibilities and when the regulations were implemented.

By understanding sanctions lists, you will be able to comply with AML updates. This training will also explain what EDD is.

Money Laundering Stages

Through the AML training, you will gain a thorough understanding of the three stages of money laundering. An overview of the methods of money laundering will be provided, as well as an understanding of who is subject to the regulations.

Client Due Diligence

As part of your AML training, you’ll learn about enhanced due diligence (EDD) and when it’s necessary. It is important to learn about due diligence records so you can keep track of when and for how long to keep them. Through this training, you will learn how people attempt to avoid due diligence checks. This course will provide a thorough understanding of Client Due Diligence (CDD) and its application to charities.

We will look at the stages of CDD and the threshold of CDD in this training. In addition to CDD and Beneficial Owner, you’ll examine the EDD, PEPs, and high-value dealers.

ID and Verification

You will be able to identify acceptable forms of identity verification and know that they must contain different proofs of address and identification. In addition, you will learn about the types of ID required, including passports, and what is needed to verify the identity. You will gain an understanding that you do not need to keep original documents, and utility bills should be less than 3 months old. Additionally, you will learn about beneficial owners.

Ongoing Monitoring and Warning Signs

In this training, you will learn what a Suspicious Activity Report is. You will also learn what unusual activity looks like, and to detect suspicious transactions and report them. As a result, you will be able to identify what could be a suspicious transaction and if there are any warning signs. This will help you better understand the risk assessment process for anti-money laundering