Money laundering and underlying serious crimes happen in almost every country in the world and the costs involved are huge.
A single scheme can involve transferring money through several countries in order to obscure its origins. Money laundering, at its simplest, is the act of making money that comes from Source A look like it comes from Source B. In practice, criminals are trying to disguise the origins of money obtained through illegal activities, so it looks like it was obtained from legal sources and the methods used by money launderers are many and varied.
Anti-Money Laundering will introduce you to the concept of ‘money laundering’ and how it works. You will learn about money laundering schemes and understand the principles and the methods used. The course shows you how to comply with regulations, what is required from you and how to report laundering.
By the end of this one day course participants will have
- An understanding what money laundering is
- Awareness of international controls
- Learn what customer due diligence is required
- How to create effective anti-money laundering policies
- Know when to report laundering activities
Who is the course for
Compliance and/or legal staff working in international finance organisations.
- What is money laundering?
- How do people launder money?
- What international controls exist?
Implementing the regulations
- How can we create effective anti-money laundering policies?
- What do effective policies mean for me?
- What is customer due diligence?
- What records do we need to keep?
- What is the role of the money laundering reporting officer?
- What training is required?
- When should we report?
- How do we identify suspicious transactions in practice?
- How should we report?
Money laundering schemes
- Use of a nominee
- Simple banking operation
- Banking-business combination
- Shell companies
- Loan-back schemes