Question 1

Learning why AML is important

Accepted Answer

You will be introduced to some foundational knowledge about AML regulations covering themes such as why regulation is needed and real world implications of money laundering. You will gain an understanding as to why following regulations is important and who the regulations apply to as well as identifying exactly who want’s to launder money and why.

Question 2

Taking it seriously

Accepted Answer

A comprehensive overview of AML policies, covering its application to individuals and organisations, including politically exposed persons (PEPs). It also emphasises the significance of Suspicious Activity Reporting (SAR) to regulatory bodies such as the Financial Conduct Authority (FCA) and National Crime Agency (NCA).
Additionally, you will learn the importance of knowing your customer (KYC) and how to implement enhanced due diligence (EDD) to minimise risk. Participants will learn about their firms' responsibility under AML regulations and the consequences of non-compliance. Also covered, is the use of sanctions lists and the reporting of suspicious transactions without tipping off.

Question 3

Money laundering stages

Accepted Answer

In this module, you'll dive into the three stages of money laundering, including the various methods used to launder money. You'll also learn who the regulations apply to, which is crucial in understanding the complex regulatory frameworks.
With real-world scenarios and practical examples, you'll gain hands-on experience in detecting suspicious activities and reporting them to the relevant authorities.

Question 4

Client due diligence

Accepted Answer

As part of your AML training, you’ll learn about enhanced due diligence (EDD) and when it’s necessary. It is important to learn about due diligence records so you can keep track of when and for how long to keep them. Through this training, you will learn how people attempt to avoid due diligence checks. This course will provide a thorough understanding of Client Due Diligence (CDD) and its application to charities.

We will look at the stages of CDD and the threshold of CDD in this training. In addition to CDD and Beneficial Owner, you’ll examine the EDD, PEPs, and high-value dealers.

Question 5

ID and Verification

Accepted Answer

This module covers everything you need to know about identity verification, including the acceptable forms of identification and proof of address. You'll learn that original documents are not necessary and utility bills must be less than three months old. It's important to keep in mind that a passport must be in date for it to be considered valid. Additionally, you'll gain an understanding of who beneficial owners are and why they need to be verified. By taking this course, you'll have a comprehensive understanding of the identity verification process and be ready to apply this knowledge in the real world.

Question 6

Systems

Accepted Answer

Insights into the world of Anti-Money Laundering (AML) training and the importance of adopting a risk-based approach. Discover who is affected by AML regulations and explore the crucial role of a Money Laundering Reporting Officer (MLRO). Learn the essentials of reporting suspicious activities while avoiding tipping off. Delve into the intricacies of identifying suspicious transactions and conduct effective risk assessments. Understand the significance of having robust policies that encompass reporting suspicions. By the end of this course, you will possess a comprehensive understanding of the rationale behind AML training, risk-based approaches, MLRO responsibilities, suspicious activity reporting, transaction analysis, risk assessments, and the necessity of policies for reporting suspicions.

Question 7

Ongoing monitoring

Accepted Answer

In this training, you will learn what a Suspicious Activity Report is. You will also learn what unusual activity looks like, and to detect suspicious transactions and report them. As a result, you will be able to identify what could be a suspicious transaction and if there are any warning signs. This will help you better understand the risk assessment process for anti-money laundering.

Question 8

Warning Signs

Accepted Answer

Gain a deep understanding of detecting warning signs and performing effective risk assessments for Anti-Money Laundering (AML) compliance. Enhance your expertise in identifying potential risks and safeguarding against financial crime. Explore this essential course to strengthen your AML knowledge and ensure regulatory compliance.

Question 9

Confidentiality & Legal Privilege

Accepted Answer

Gain a clear understanding of legal privilege, your obligation to report suspicions, and the implications of tipping off. Explore the concept of the moratorium period and how it affects reporting. Acquire knowledge of the defense against money laundering and the significance of reporting suspicious activities. Familiarize yourself with SAR (Suspicious Activity Report) and delve into the crucial responsibilities of a Money Laundering Reporting Officer (MLRO).

Anti Money laundering

Course Summary

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