One of the largest monetary losses incurred by financial institutions are from regulatory penalties due to non-compliance to Anti Money Laundering regulations. The failures primarily result due to people, process and technology and can easily be addressed using effective and impactful training.
The worldwide community has created new laws and regulations to combat the growing hazards of money laundering as a result of the 9/11 terrorist attacks in the United States. Anti-Money Laundering education and compliance standards have so become more significant globally. Failure to comply with AML regulations now exposes financial institutions to greater compliance, reputational, strategic, and operational risks, as well as harsh penalties.
The course will help address the risk of non-compliance to AML/CFT guidelines by staff through well structured and expertly designed training content that has won numerous international awards and been rendered to thousands of employees across banks and money exchange bureaus in North America and the Middle East in English, Spanish and French languages.
Customized versions are available for commercial banks, insurance companies, money changers and brokerage firms and for different levels of management such as junior staff, senior management and even the board of directors.
The course helps you remain fully compliant to regulations as follows:
- Cover all key areas of both AML and CFT compliance including overview, roles and responsibilities, ML techniques, suspicious transactions, risk based approach and customer management
- Provide knowledge of latest money laundering and terrorist financing techniques and help employees clearly understand the difference between suspicious and non-suspicious transactions
- Help employees clearly understand their roles and responsibilities in preventing Money Laundering and Terrorist Financing
- Test employee knowledge through comprehensive, well designed and content targeted quizzes and tests developed by industry experts
- Give your organization access to highest quality tried, tested and fully updated training content that has already been provided to thousands of front line staff internationally
- Keep employees further engaged via growing list of micro learning courses on key compliance subjects such as Sanctions, Red Flags, Asking Good Questions, Identity Fraud, Human Trafficking, Cyber Crime and others
- Provide AML / CFT training at all levels of the organization with specially designed content for Front Line Staff, Senior Management MANCOM Members, Compliance Heads and Board of Directors
- Offer award-winning teaching technique that uses full scale video story-line of money launderers including interviews with senior industry professionals, law enforcement agencies and even a real criminal who was arrested for money laundering
- Offer most cost effective training that can be managed centrally by L&D Teams and delivered to each and every employee via PC, Tablet or Mobile across all remote locations or in-house as required.
- Offer most time-effective compliance with regulatory guidelines by providing quality training within shortest possible time frame to maximum number of employees across your network.
- Generate completion certificates to each and every employee upon successfully clearing the final test.
COURSE OUTLINE
- What is Money Laundering
- International Initiatives
- Customer Identification Program
- USA Patriot Act
- Wolfsberg Principles on Correspondent Banking
- Terrorist related Money Laundering
- Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) – Overview
- BSA/AML – Compliance Program Requirements