Anti-Money Laundering Training - Online Course

Description

This Anti-Money Laundering training course explains the UK laws that were implemented to prevent money laundering.

By law, businesses in the regulated sector must put controls in place to prevent financial crime, money laundering and terrorist financing. The regulated sector includes banks, accountants, estate agents, law firms and casinos.

The UK is the second largest money-laundering hotspot in the world. Around £88 billion is laundered through UK organisations every year. This money funds terrorist activities and damages the UK economy, which affects all of us.

With our online anti-money laundering course, you can give yourself or your staff an understanding of how money laundering works and how to prevent it from happening in your company or organisation.

Money laundering is the crime of processing dirty money (obtained through crime) through a legitimate business, or moving it into foreign bank accounts, to hide the fact that the money was illegally obtained. The 'cleaned' money can then be spent as if it was obtained from legal sources.

Money laundering is usually used to fund criminal/illegal operations. Money laundering can be linked to many activities such as fraud, drug trafficking, tax violations and embezzlement.

At the end of the online Anti-Money Laundering course, you will be able to describe:

The first topic defines the terms money laundering and terrorist financing. It also explores the consequences and the nature of these crimes. Finally, the topic outlines the role of the Financial Action Task Force.

In the second topic you will learn about the three stages of money laundering.

The third topic outlines relevant UK laws and also describes the offences and penalties under the POCA.

Topic 4 identifies the main supervisory authorities in the UK and describes the work they do. It also explains the regulation of high value dealers and outlines the UK sanctions regime.

In topic 5 you will learn about the duties of the Money Laundering Compliance Principal and the Money Laundering Reporting Officer. The topic goes on to identify the importance of employee screening and internal audits. The topic also outlines the training and skills needed by employees, the MLCP and the MLRO.

Topic 6 defines the risk-based approach to compliance and outlines the purpose of an AML risk assessment. The topic also provides examples of risk factors in key regulated sectors and explains how to calculate a risk score. You will also learn about when and how to document risk assessments.

Topic 7 explains the terms Customer Due Diligence and Know Your Customer. Next, it explains what you must do to establish a customer's identity and how to identify beneficial owners. You will also learn about due diligence checks for regulated and unregulated bodies and the duty to cooperate placed on customers.

Topic 8 explains enhanced due diligence. Then the topic covers how to verify ID when a customer is not physically present and the concept of the Politically Exposed Person (PEP). Finally the topic describes enhanced due diligence checks for high risk countries and money service businesses.

The final topic summarises money laundering requirements for UK businesses. The topic also focusses on the role of the MLCP and MLRO and AML risk assessments.