Anti Money Laundering - Online

The 9/11 terrorist attacks in the United States have led the international community to formulate new legislations and guidelines to counter the escalating risks of Money Laundering. Across nations, Anti-Money Laundering training and compliance requirements have therefore gained significance.

It is in this light that the American Congress brought about new measures in the form of International Money Laundering Abatement and Anti-Terrorist Financing Act, 2001(Title III of USA Patriot Act, 2001) that amended the Bank Secrecy Act, 1970 and its implementing Regulation. For financial institutions today, failure to comply with these requirements entails severe penalties in addition to increased exposure to compliance, reputational, strategic and operational risks.

This is an online self study course that can be globally accessed 24/7 from any internet enabled computer.

Available TodayOnlineUSD$100
Instructional Method:
Self-Study
Level: Basic
CPE Credits: 12

All financial services managers and employees involved with opening and monitoring customer accounts (regardless of type of account), private banking relationship managers, and employees who process or monitor transactions either isolated or in customer accounts.
Students will be able to:
  • Understand The process of Money Laundering, measures against money laundering and initiatives taken by various organizations to combat terrorism
  • Comprehend the implications of offshore financial centers and non-cooperative countries on Money Laundering
  • Understand the implications and penalties for non-compliance with Anti-Money Laundering legislations
  • Understand Due diligence measures undertaken by financial institutions to deter money laundering and terrorist financing
  • Explain Regulations applicable to banks
  • Describe Certain Principles that are to be adopted by the private banks to guard against money laundering
Basic understanding of financial transactions
What is Money Laundering
  • The definition and process of money laundering
  • Different stages of money laundering
  • Preventive measures against money laundering

International Initiatives

  • The measures undertaken by various international organizations to prevent money laundering and financing of terrorism
  • Establishment of FATF and its fight against money laundering and terrorism financing
  • Customer polices and procedures

Customer Identification Program

  • The CIP regulations as applicable to banks
  • The risk-based approach that verifies the identity of each customer

USA PATRIOT ACT

  • Title III of the Act that brings about sweeping changes to anti-money laundering measures
  • Regulations under the Act as applicable to banks
  • The special measures undertaken by private and correspondent banks
  • The initiatives taken to combat terrorism

Wolfsberg Principles on Correspondent Banking

  • Wolfsberg anti-money laundering principles in relation to correspondent banking The CIP regulations as applicable to banks
  • Features of correspondent banking

Terrorist related money laundering

  • Money laundering network, which largely undertakes financing of the terrorist activities
  • Sources of terrorist financing
  • Various legislations to counter terrorist related funding and money laundering

JOB AIDS

  • Exercises
  • Legislations
  • Case studies

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