For people in the financial services industry, Anti-Money Laundering (AML) compliance is paramount, because money laundering is a very common and pervasive problem. It’s estimated that anywhere between 2 to 5 percent of the global GDP is laundered annually. That’s an incredible $800 billion to $2 trillion.
Money laundering is not exactly easy to identify since criminals use a variety of strategies to conceal the real source of funds. Training employees to identify and report the red flags associated with illegal deposits is critical. This AML compliance course is designed to help with that.
It’s an interactive course, which can be played as a game or taken as a traditional course. It puts the user in a variety of money laundering scenarios to teach how criminals launder money and how the process of money laundering works.
Specifically, the course enables users to:
- Define money laundering and recognize examples of its three stages: Placement, Layering and Integration
- Identify the AML regulatory framework and explain organizational and personal responsibility for compliance.
- Describe the common red flags for money laundering
- Explain how knowing their industry and customer aids in recognizing money laundering and terrorist financing activities
- Identify the reporting requirements for AML
In addition to examining the fundamentals of money laundering and how to recognize and report money laundering activities, users will learn the consequences of money laundering, which can include significant fines or even jail time.
Duration: 25 minutes