Money laundering is a crime that impacts the society and the financial situation of the nation. Hence the government has set up governing bodies, regulations and laws to combat money laundering. Money Service Businesses are major targets of money laundering activities. Hence, it is very crucial to be aware of what money laundering is and how it is executed. It is also important to know ways of combating the money laundering activities and to have a thorough knowledge of the laws, regulations and governing bodies that are related to money laundering activities. One should also be aware of the consequences of not being able to combat/report a money laundering activity as an MSB.
Slip up in reporting any money laundering activity can lead to legal action and even cancellation of licence. Hence making a suspicious activity report (SAR) is very crucial. Making an SAR is a lengthy process involving many stages of communication.
By the end of the course, you will be well versed in
What money laundering is?
The need to stop money laundering activities
The impact money laundering has on MSBs
History of money laundering regulations and governing bodies
Approaches by which MSBs can combat/contain money laundering
Customer due diligence and enhanced due diligence
How to report suspicious activity?
How to maintain proper records and the consequences of not doing the same?
Data protection - rights and responsibilities
How to train employees to combat money laundering?
The highlights of this course are:
It is fully online
Hassle-free online assessment
Approximate duration of the course in hours/minutes
Certified course – certificate will be issued on completing an assessment. 80% score required to pass.
Who will benefit from this course?
Suitable for staff of money service business (MSB) – both management and customer facing.
Also useful for people who are new entrants in the Money Service Business.
Also useful for individual looking for employment in an MSB.
Course Introduction
Chapter 1 - Introduction to Money Laundering - Duration 20 minutes
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Chapter 2 - AML Laws and Governing Bodies - Duration 25 minutes
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Chapter 3 - Risk Based Approach - Duration 15 minutes
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Chapter 4 - Customer Due Diligence-Duration 20 minutes
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Chapter 5 - Reporting and Record Keeping - Duration 20 minutes
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