Online AML Training
Anti-Money Laundering (AML)
Can you imagine a drug dealer using a credit-card terminal to accept payment? How about someone paying for a television they bought off the back of a truck with a personal check? Hard to imagine, right? Most criminals conduct their business in cash. For years, criminals kept their ill-gotten gains in cash and used it to pay for everything from real estate to jewelry to things such as private school tuition. This prompted governments around the globe to pass laws prohibiting large cash payments or, at the least, requiring such payments to be reported. These laws created the need for criminals to conceal the true source of the money or to "launder" it.
"Money laundering" is the process that criminals use to disguise the true origin and ownership of cash by introducing it into legitimate enterprises. The amount of money that is laundered each year is so large that there is no universal agreement on the true extent of the problem. While the United Nations Office on Drugs and Crime (UNODC) estimated over $1.6 trillion was laundered as far back as 2009, the Financial Action Task Force (FATF) refuses to even publish estimates on the subject.
Money laundering is a potential indicator of terrorist funding and other global crimes, making AML training even more necessary. To combat these threats, laws and regulations have been enacted in countries around the globe that make financial services firms, and in some cases individuals, responsible for preventing or stopping money laundering. Moreover, these laws are frequently updated to deal with ever more sophisticated money laundering schemes. As the burden to stop money laundering largely falls to individual institutions, a lack of AML training and failure to enforce money laundering laws routinely results in multimillion — and occasionally billion — dollar fines. The inevitable and irreversible reputational damage is more difficult to quantify but equally destructive to both the organization involved and its principals.
Geography Covered: Global | Duration: 30 minutes
This AML training course is intended to familiarize employees with the process of money laundering — the criminal business used to disguise the true origin and ownership of illegal cash — and the laws that make it a crime. The course is available in more than 15 versions adapted for various industries, regional laws and jurisdictions.
The available versions for this course include:
Content for the Thomson Reuters MicroLearning Suite is powered by world-leading regulatory intelligence, which tracks over 500 regulators and exchanges globally.
Intended as a supplemental solution to our 800+ customizable compliance training course library, this learning suite changes the approach to online AML training, from a ‘once-a-year’ event to a steady flow of interesting and informative trainings that reinforce both the ‘tone from the top’ and an organization’s core values.