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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.
Last updated/reviewed: June 22, 2021

3 Reviews (6 ratings)Reviews

5
Anonymous Author
It is a quite interesting courses to understand how to establish a compliance program for Anti-Money-Laundering.
4
Anonymous Author
Great course of anti money laundering - establishing a compliance program
5
Anonymous Author
Course is verify helpful in understanding BSA and AML program.

Prerequisites

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  7:12Introduction to Anti-Money Laundering - Establishing a Compliance Program
  6:18AML Compliance Program
  7:01Compliance Program Requirements of Bank Secrecy Act
  9:37Financial Action Task Force Recommendations(FATF)
  9:59FATF Recommendations Cont'd
  12:21Recommendations Updates
  7:02 Requirements for the Compliance Person
  6:44Customer Identification Requirements and Recordkeeping
  9:30Customer Identification Program (CIP)
  9:38Goals of Exposing AML
  1:52Summary
CONTINUOUS PLAY
  1:27:13Anti-Money Laundering - Establishing a Compliance Program
SUPPORTING MATERIAL
  PDFSlides: Anti-Money Laundering - Establishing a Compliance Program
  PDFAnti-Money Laundering - Establishing a Compliance Program Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM