Award Level 5 Anti Money Laundering and Compliance

TOTAL QUALIFICATION TIME

24 HOURS

EXAM CODE

Pre/Mid and Post Assessment (Local Achievement)

NQF LEVEL

5

COURSE DESCRIPTION

Anti-money laundering includes laws, regulations and processes to prevent criminals from converting illegally obtained funds to legal income.

Though the outreach of these laws is limited, the implications of disobeying them are far-reaching. Banks and other financial institutions are expected to follow stringent guidelines to ensure that through any means of onboarding customers for various services or helping them manage their wealth, they are not contributing to money laundering.

Many firms appoint compliance officers to especially focus on ensuring adherence to guidelines and regulations. Anti-money laundering policies specifically require robust and efficient record-keeping of transactions and other details by banks and financial institutions.

LEARNING OUTCOMES

COURSE OUTLINE

This Anti Money Laundering Regulations, Compliance, Process and Policy course offers the following training:

Module 1 – Three Stages of Money Laundering

• Placement
• Layering
• Integration

Module 2 – Causes of Money Laundering

• Absence of legislation
• Tax evasion
• Increase in profits
• Converting black to white money
• Limited risks of exposure

Module 3 – Predictive Crimes for Money Laundering

• Corruption and bribery
• Drug trafficking
• Human trafficking
• Arms trafficking
• Smuggling
• Terrorism
• Environmental crime
• Organised crime
• Fraud

Module 4 – Money Laundering Techniques

• Bulk cash smuggling
• Structuring/Smurfing
• Cash-intensive business
• Trade-based laundering
• Shell companies
• Bank capture
• Real estate laundering
• Casino laundering

Module 5 – Risks to Banks from Money Laundering

• Reputational risks
• Legal risks
• Operational risks
• Concentration risks

Module 6 – Fundamentals of Anti-Money Laundering Practices

• Written policies
• Compliance officer role
• Training
• Review

Module 7 – Anti-Money Laundering Organisations and Initiatives

• Financial Action Task Force
• International Monetary Fund
• World Bank
• European Union and the European Council
• United Nations Office on Drugs and Crime

Module 8 – Unusual Activities Acting as Anti-Money Laundering Red Flags

• Large cash transactions
• A large number of transactions
• Spikes in activity or amounts
• Cash-heavy business-related transactions
• Transactions from jurisdictions with money laundering history
• Transactions related to potential money launderers
• Offshore international activity
• Secured and unsecured lending

Module 9 – Emerging Trends in Anti-Money Laundering Practices

• Focus on digital payment-related issues
• Use of third-party utilities
• Adoption of enterprise-level approaches
• Adoption of analytics

Module 10 – Important Aspects of Third-Party Vendors to Manage Anti-Money Laundering

Activities for Businesses

• Comprehensive data from numerous sources
• Individual identity verification
• Media monitoring for adverse mentions
• Frequent updates
• Effective integration capabilities
• System scale and speed
• Workflow automation
• Adaptable matching algorithm settings
• Re-screening capabilities
• Risk-based approach

Module 11 – Types of Software Addressing Anti-Money Laundering

• Transaction monitoring systems
• Currency transaction reporting systems
• Customer identity management systems
• Compliance management software

Module 12 – Challenges in Anti-Money Laundering Compliance

• Increased governance
• Lack of skilled personnel
• Complicated processes and technology

COURSE FORMAT & MATRIX

The taught instructor-led course will be a suitable mix of lectures, tutorials, workshops, case studies, videos and hands on practical exercises. Delegates will be given immediate opportunities to apply what they have learned with real life problems and case studies. A comprehensive course workbook is at the core of this course and delegates will also be guided through additional material in the instructor-led sessions.

PREREQUISITES

Prerequisites for the course include basic understanding of finance and economics, legal knowledge, analytical and communication skills, attention to detail, ethical awareness, computer literacy, regulatory compliance knowledge, industry experience, and commitment to continuous learning. Preferably at least a diploma holder in a relevant field and/or equivalent or is planning a career profession related to Anti Money Laundering and Compliance. The course requires an intermediate to advance level of proficiency in the English language.

CAREER PROGRESSION AND LEARNING PATHWAY

This course has the below career progressions and learning pathway: