About AML in Canada

Money laundering is the process by which criminals disguise the ownership and control of illicit funds, making them appear to come from legitimate sources. AntiMoney Laundering (AML) refers to the measures financial institutions and Money Services Businesses (MSBs) must take to comply with Canadian law, including monitoring transactions, verifying customer identity, and reporting suspicious activity to FINTRAC. Money laundering undermines the integrity of Canada’s financial system and poses risks to society. MSBs are often targeted due to the nature of their services, making it essential for personnel to understand how money laundering occurs, how to detect it, and how to comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). Failure to comply can result in penalties, licence cancellation, or criminal liability.

By the end of this course, you will be well versed in:

  • What money laundering is and how it operates?

  • Why AML measures are critical in Canada?

  • The impact of money laundering on MSBs

  • History and framework of Canadian AML laws and governing bodies (PCMLTFA, FINTRAC)

  • Approaches MSBs can use to detect and prevent money laundering

  • Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) requirements

  • How to file Suspicious Transaction Reports (STRs) and Large Cash Transaction Reports (LCTRs)?

  • Recordkeeping obligations and consequences of noncompliance

  • Data protection responsibilities under Canadian law

  • Training strategies for MSB employees to strengthen AML awareness

Highlights of this course:

  • Fully online learning format

  • Hasslefree online assessment

  • Approximate duration: 3 Hoursfa-check-circle-o

  • Certified course – certificate issued upon successful completion (80% score required to pass)

Who will benefit from this course?

  • Staff of Money Services Businesses (MSBs) – both management and customerfacing roles

  • New entrants to the MSB sector in Canada

  • Individuals seeking employment in MSBs who need AML knowledge

Course curriculum

    1. Course Overview

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    1. Introduction to Money Laundering

    2. How well did you understand the chapter?

    1. AML Laws and Governing Bodies

    2. How well did you understand the chapter

    1. Risk Based Approch

    2. How well did you understand the chapter

    1. Know Your Client

    2. How well did you understand the chapter

    1. Reporting and Record Keeping

    2. How well did you understand the chapter

About this course

  • £59.00
  • 14 lessons
  • 0 hours of video content

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