Anti-Money Laundering (AML)

 

Money laundering is the practice of concealing unlawful money to make it appear legitimate or lawfully earned. Money laundering is a common element of most forms of organized crime and terrorism.

International governments and industry bodies have worked to establish and employ effective control mechanisms, such as laws and regulations, supervisory regimes, and industry standards. These rules and guidelines are updated regularly to address new methods of money laundering as well as recent advances in digital technology.

To minimize the risks of money laundering and terrorist financing, organizations must address their legal responsibilities and prevent the detrimental effects money laundering and terrorist financing can have on society, the economy, businesses, their clients, and employees.

Our Compliance Learning Solution has a variety of AML training tools accessible to help businesses understand the money laundering and terrorist financing threats in a variety of locations, sectors, and job types. This modular design allows businesses to personalize their AML education based on their needs.

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Summary

 

Do you think a drug dealer would utilize a credit-card terminal to receive payment? What about paying for a TV they purchased off the back of a truck with a personal check? It’s difficult to fathom, isn’t it? Most criminals conduct their operations in cash.

Cops say that cash is the preferred currency for criminals since it’s easy to hide and transport. Cash has long been a popular choice among thieves, who have kept their ill-gotten riches in cash and used it to pay for everything from housing to jewelry to private school education. As a result, governments throughout the world have passed legislation restricting large cash transactions and making it harder to exchange cash for gold.

We put together a variety of AML policies that are easy-to-adopt by businesses in many different sectors, including government offices, retail stores, gaming establishments, casinos, financial institutions, hospitals & medical facilities.

The goal is to reduce the number of funds used for money laundering purposes, while at the same time allowing operations to continue unhindered.

Most businesses are required by law to have policies in place that help reduce the risk of being used by criminals to launder money or finance terrorism. Some estimates suggest more than 3% of global GDP is being laundered every year

To combat these dangers, governments and regulations have been passed in many countries to hold financial services businesses and, in some instances, individuals accountable for preventing or rejecting money laundering.

In addition, these rules are frequently adjusted to combat increasingly sophisticated money laundering techniques. Because the burden of stopping money laundering has largely been placed on individual businesses, a lack of AML training and failure to enforce money laundering laws have resulted in multimillion-dollar fines regularly.

The avoidable and irreversible reputation damage is more difficult to quantify, but it’s just as bad for both the business and its executives.

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Learning Objectives:

 

• Identify the risks that money laundering and terrorist financing pose to society, businesses and government agencies.
• Describe criminal objectives in laundering money and how to stop them.
• Analyze internal and external money laundering vulnerabilities and risk factors.
• Recommend changes to policies and procedures for enhanced compliance with AML laws & regulations.
• Design a comprehensive anti-money laundering compliance program that mitigates risk and ensures regulatory compliance.
• Know the differences between money laundering activities, terrorist financing activities and predicate crimes.
• Know how to report suspicious activity to authorities.
• Be familiar with legal issues involving civil, administrative and criminal actions taken against those who fail to properly comply with AML laws & regulations.
• Examine the five stages of money laundering and how to address each one to prevent criminal activity.
• Describe trade-based money laundering, which poses an increasing threat in today’s global economy.
• Identify ways in which FinTech is being used for money laundering and terrorist financing purposes.

 

 

 

 

 

 

 

 

 

 

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