Online AML Training

Anti-Money Laundering (AML)

Training course

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.

Summary

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:

AML APAC
Covers the anti-money laundering laws of Singapore, Hong Kong, Australia, Japan, Malaysia and New Zealand.
AML Africa
Analyzes financial crime topics including money laundering, terrorist financing, fraud and bribery and corruption. The course raises awareness of financial crime risks, global laws and regulations, laws and regulations applicable to specific nations in Africa, and the systems and controls aimed at detecting and preventing financial criminal acts.
AML Australia
Covers the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
AML Canada
Covers the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
AML Ireland
Covers The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 and The Criminal Justice Act 2013.
AML (Germany)
Covers the rules and obligations enforced by regulators in the DACH region that are designed to prevent firms from being targeted by money launderers and other criminals. Focuses on German regulation, to be applied to German firms or firms doing business in Germany.
AML United States
Covers The Bank Secrecy Act, the Money Laundering Control Act of 1986, The USA PATRIOT Act, Section 1956 of the Money Laundering Control Act and Section 1957 of the Money Laundering Control Act.
AML Global
This course provides staff with an understanding of the process of money laundering, the laws and regulations that make it illegal, and the responsibilities of employees to help detect and prevent it.
AML and Counter-Terrorism Financing (APAC)
Presents an overview of money laundering and terrorist financing and the APAC laws and regulations that help firms and employees combat these financial crimes.
AML Investment Firms (France)
Covers the European Parliament's Anti-Money Laundering Directive, France's Monetary and Financial Code, and other anti-money laundering laws and regulations as they apply to investment firms. AML Investment Firms (Luxembourg) — covers federal anti-money laundering laws as they apply to investment firms.
AML Investment Firms (Germany)
Provides staff working in investment firms with an understanding of the process of money laundering, the laws and regulations that make it illegal, and the responsibilities of employees to help detect and prevent it.
AML Investment Firms (Luxembourg)
Describes the financial crimes of money laundering and terrorist financing and the rules and obligations that are designed to prevent investment firms in Luxembourg from being targeted by money launderers and other criminals.
AML Investment Firms (Switzerland)
Covers the Federal Act on Combating Money Laundering and Terrorist Financing in the Financial Sector and a corresponding Ordinance of the Swiss Financial Market Supervisory Authority on the Prevention of Money Laundering and Terrorist Financing.
AML Investment Firms (UK and Europe)
Covers the UK's Proceeds of Crime Act 2002, the Terrorism Act 2008 and the Money Laundering Regulations 2007, as well as other anti-money laundering laws in Europe.
AML MSBs (US)
Covers The Bank Secrecy Act, the Money Laundering Control Act of 1986, The USA PATRIOT Act, the Gramm-Leach-Bliley Act and regulations of the Office of Foreign Assets Control (OFAC).

Features

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.

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