Anti-money laundering (AML) refers to the laws, regulations and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Anti-money laundering laws cover a limited range of transactions and criminal behavior, but their implications are far-reaching.
Measuring the current scale of money laundering is extremely difficult. The World Bank (WB) and International Monetary Fund (IMF) have estimated the volume of money laundering to be between 3% and 5% global (GDP), equivalent to approximately US $2.2T to US $3.7T annually. According to the U.S. Department of the Treasury, more than US $300B is laundered in the United States annually.
In our first segment on Anti-Money Laundering – Understanding the process we focused on:
- Understanding how money laundering occurs
- The three stages of money laundering
- Reviewing legislation passed to address money laundering
In this session, we will delve further into some of the legislation and compliance needs that focus on establishing a strong Anti-Money Laundering program.
Learning Objectives
- Explore requirements of a compliance program.
- Explore compliance program requirements under the Bank Secrecy Act.
- Explore FAFT Recommendations related to AML.
- Explore the requirements of an AML compliance professional.
- Identify and understand customer identification requirements as it relates to AML.
- Discover and learn components of establishing a customer identification program.
- Recognize and understand who has trading authority over an account.
- Explore the goals of exposing money-laundering via a compliance program.
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Prerequisites
No advanced preparation or prerequisites are required for this course.
Education Provider Information
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