Anti Money Laundering (AML / CFT) Compliance Requirements from Udemy

Financial Institutions including banks, money service businesses (MSBs), payment service providers, remittance businesses, exchange companies, and similar regulated entities spend millions of dollars to maintain the Anti Money Laundering (AML) and Countering Financing of Terrorism (CFT) Framework.

Other businesses dealing as brokers, real estate agents, dealers of precious metals or Jewelry, accountants, etc are also required to understand and implement the AML/CFT requirements.

Why This Course?

Every financial institution in the world is required to implement the AML / CFT Framework, to avoid the financial system's exploitation by criminals, criminal groups, and money launderers.

Regulators impose heavy penalties on companies and businesses that do not comply with the requirements of the AML/CFT framework and regulations. Imposition of penalties due to non-compliance with AML/CFT requirements results in financial and reputational losses.

International organization Financial Action Task Force (FATF) has issued recommendations for its member countries, the adoption of which helps ensure the implementation of strong AML / CFT measures and practices.

Due to the importance of the AML / CFT regime, the value of Compliance Professionals has increased many folds, especially of Regulatory Compliance and AML / CFT Specialists. These professionals earn handsome amounts of money by serving financial institutions such as Banks, Investment Banks, Leasing Companies, Brokerage Houses, Money Exchange Companies, Investment companies, etc. to combat money laundering risks and activities.

This course is designed to provide you with sound knowledge about the AML/CFT Regime and related requirements, which companies and businesses adopt to ensure compliance with regulatory requirements.

What Will You Learn In This Course?

This course is divided into modules to explain to you practical concepts of Anti Money Laundering AML / Countering Financing of Terrorism CFT with reference to AML/CFT Guidelines, Regulations, and FATF Recommendations.

You will learn key concepts related to the AML / CFT Regime including:

- Money Laundering and Anti Money Laundering,

- Risks Based Approach RBA to manage money laundering and terrorist financing,

- Policies and IRAs (Preparation, Approvals, and Implementation)

- Due Diligence Measures ( SDD / EDD) / Know Your Customers KYC,

- High-Risk ML and Low-Risk ML Factors,

- High-Risk Jurisdictions, Serious or Blacklisted Jurisdictions and Jurisdictions Under Increased Monitoring by FATF,

- Negative Media or Adverse Media Searches, Its Sources, and Importance in AML Compliance,

- Sanctions Regime - Designated Persons DPs and Proscribed Persons PPs and AML / CFT Measures

- Politically Exposed Persons PEPs and AML / CFT Measures

- Wire Transfers and AML / CFT Measures

- NGOs / NPOs Charity Accounts and AML / CFT Measures

- Correspondent Banking and AML / CFT Measures

- New Processes and Technologies and AML / CFT Process

- Suspicious transactions, Transaction Monitoring, Record Keeping, Documentation

- Practical examples etc.

We will discuss cases including 'Precious Items Seller Transactions, International Wire Transfer Transaction by a Business, and a Taxi Driver Suspicious Transaction' cases.

How Will You Benefit From This Course?

By attending this course you will:

- get insight about AML / CFT Regime and Regulatory Requirements

- able to understand and apply the knowledge to prevent the use of the financial system by criminals

- be able to talk confidently with Regulatory Compliance and AML / CFT Specialists

- be able to work in consultancy firms in their compliance functions

- get lifetime access and a certificate of completion of this course

Who Should Attend This Course:

Bankers, Investment Bankers, Leasing professionals, Brokers, Stock Market Professionals, Crypto exchange Compliance Professionals,

Financial Intelligence Unit FIU professionals,

Compliance professionals, AML / CFT Professionals, AML Analysts,

Branch Managers / Operations Managers,

Risk Managers,

Auditors,

CAMS students, Audit students, and others who have basic knowledge about Compliance and AML and want to learn more about this important area.

What's inside

Learning objectives

You will learn about money laundering, anti money laundering (aml) and countering financing of terrorism (cft) regime
You will learn about aml / cft regulatory requirements
You will learn about the risk based approach rba towards aml / cft compliance
You will learn about the high risk money laundering classification factors with examples
You will learn about the customer due diligence measures and process- sdd and edd with examples
You will learn about the high risk category customers and transactions with examples
You will learn about the negative media, adverse media searches, its sources and importance in aml
You will learn about the "high-risk jurisdiction" and "serious or blacklisted jurisdictions" by fatf
You will learn about "jurisdictions under increased monitoring" by fatf
You will learn about the politically exposed persons (peps) and aml requirements for peps

You will learn about the correspondent banking relationships and aml requirements with examples
You will learn about the wire transfers, new practices, technologies, and aml / cft requirements
You will learn about the suspicious transactions, records and documentation requirements
Quiz is added as part of the course to test your knowledge about core principles of aml cft compliance
You will learn the overview of aml requirements in united states and europe
You will learn the overview of aml requirements for cryptocurrency exchanges
You will learn through practical cases, how compliance officer/mlro identifies red-alerts/red flags in transactions/activities, and what actions are taken.
Show more
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You will learn about money laundering, anti money laundering (aml) and countering financing of terrorism (cft) regime
You will learn about aml / cft regulatory requirements
You will learn about the risk based approach rba towards aml / cft compliance
You will learn about the high risk money laundering classification factors with examples
You will learn about the customer due diligence measures and process- sdd and edd with examples
You will learn about the high risk category customers and transactions with examples
You will learn about the negative media, adverse media searches, its sources and importance in aml
You will learn about the "high-risk jurisdiction" and "serious or blacklisted jurisdictions" by fatf
You will learn about "jurisdictions under increased monitoring" by fatf
You will learn about the politically exposed persons (peps) and aml requirements for peps
You will learn about the correspondent banking relationships and aml requirements with examples
You will learn about the wire transfers, new practices, technologies, and aml / cft requirements
You will learn about the suspicious transactions, records and documentation requirements
Quiz is added as part of the course to test your knowledge about core principles of aml cft compliance
You will learn the overview of aml requirements in united states and europe
You will learn the overview of aml requirements for cryptocurrency exchanges
You will learn through practical cases, how compliance officer/mlro identifies red-alerts/red flags in transactions/activities, and what actions are taken.
Show more
Show less

Syllabus

Introduction

Why Is This Course Important For You?

Money Laundering ML Activities

Course Instructor Brief Introduction

You will learn what is Negative or Adverse Media, What are Uses in AML KYC Compliance, What are the different key Sources of Negative Media and What is the Importance of it Anti-Money Laundering Compliance

You will learn about the Transaction Threshold and Why is It set for the Customers by Financial Institutions such as banks.

Why NGOs, NPOs, and Charitable Organizations are considered very important by financial institutions, to ensure AML Compliance?

What are Correspondent Banking and related transactions? What are AML/CFT requirements for Correspondent Banking transactions to be complied with by Financial Institutions? Let's discuss this in this lecture

For AML Compliance, why monitoring of "Respondent bank" is important in the Correspondent Banking Relationships? Let's discuss this in this lecture

Who is Money Laundering Reporting Officer (MLRO)? What are the key roles of MLRO? Let's discuss these aspects in this lecture

What is the position and reporting structure of the MLRO in a financial institution? Let's discuss this in this lecture.

What are the key requirements and considerations for the appointment of a Money Laundering Reporting Officer in a financial institution? Let's discuss some broader requirements related to MLRO, in this lecture

MLRO is required to prepare and present some special AML reports for the review of the Compliance Committee and Board of Directors, which are discussed in this lecture.

Suspicious transactions are required to be identified and investigated by MLRO and AML Team. Let's discuss the reporting requirements for suspicious transactions.

In these case studies, you will learn how different Red Flags or Red ALerts are triggered or identified by the AML Compliance Officer/MLRO and possible actions taken in each case.

We will discuss 3 different practical case scenarios, including 'Precious Items Seller Transactions', 'International Wire Transfers', and 'Taxi Driver Account' Cases.

Let's learn

This is Quiz 1 on Anti Money Laundering AML and Countering Financing of Terrorism CFT. Test your knowledge by attempting these questions.

QUIZ 2 - AML / CFT - Advanced Topics

Career center

Learners who complete Anti Money Laundering (AML / CFT) Compliance Requirements will develop knowledge and skills that may be useful to these careers:

Anti-Money Laundering Analyst

An Anti Money Laundering Analyst is crucial for protecting financial systems from illicit funds. This course provides comprehensive knowledge of the AML/CFT regime and its requirements, directly preparing individuals for this role. You will learn the Risk Based Approach, conduct customer due diligence (SDD/EDD) and Know Your Customer (KYC) procedures, and identify high-risk factors related to money laundering and terrorist financing. The course covers critical areas such as suspicious transaction monitoring, record keeping, and understanding global sanctions regimes, all essential for an Anti Money Laundering Analyst. By delving into practical examples and regulatory guidelines, this course helps build the expertise needed to effectively combat financial crime and ensure compliance within financial institutions. It details how to spot red flags in transactions and take appropriate actions.

See salaries and explore the career path for Anti-Money Laundering Analyst

Money Laundering Reporting Officer

A Money Laundering Reporting Officer (MLRO) holds a pivotal leadership role in a financial institution's AML/CFT framework. This course provides specific, in-depth knowledge tailored for an MLRO, covering their key roles, responsibilities, and reporting mechanisms within an organization. It details the process of identifying, investigating, and reporting suspicious transactions (STRs), including the five essential elements of a Suspicious Activity Report. Learners gain insight into presenting crucial AML reports to governance bodies and understanding the specific requirements for MLRO appointment. While often requiring significant experience, this course provides the comprehensive regulatory and practical foundation necessary for this demanding role.

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Compliance Officer

A Compliance Officer ensures an organization adheres to external laws and internal policies. This course profoundly enhances the capabilities of a Compliance Officer, focusing specifically on Anti-Money Laundering and Countering Financing of Terrorism frameworks. It teaches how to implement a Risk Based Approach, develop robust policies, and manage key compliance areas such as Know Your Customer requirements, sanctions, and Politically Exposed Persons (PEPs). The course's emphasis on regulatory requirements, including FATF recommendations, and practical case studies helps foster a proactive stance against financial crime. It provides the structured knowledge to build and maintain an effective compliance program and confidently address regulatory obligations.

See salaries and explore the career path for Compliance Officer

Know Your Customer Analyst

A Know Your Customer Analyst is foundational in preventing financial crime by verifying client identities and assessing risk. This course offers specialized insights directly applicable to a Know Your Customer Analyst role. It meticulously details Customer Due Diligence (CDD), Simplified Due Diligence (SDD), and Enhanced Due Diligence (EDD) measures, crucial for comprehensive client vetting. You will learn to perform negative media searches, develop customer risk profiles, and understand the AML/CFT requirements for high-risk customers and transactions. This course equips individuals with the essential processes and regulatory knowledge to identify and mitigate risks during customer onboarding and ongoing monitoring, ensuring robust compliance with global standards.

See salaries and explore the career path for Know Your Customer Analyst

Crypto Compliance Professional

A Crypto Compliance Professional ensures digital asset companies operate within strict regulatory frameworks, particularly concerning Anti-Money Laundering. This course provides cutting-edge insights specifically for a Crypto Compliance Professional, detailing AML regulatory requirements for crypto exchanges in regions like Europe and Singapore. It integrates broader AML/CFT principles such as suspicious transaction monitoring, the Risk Based Approach, and due diligence measures with the unique challenges of new technologies and digital assets. Learners will understand how to apply traditional AML frameworks to the evolving landscape of cryptocurrency, equipping them to combat financial system exploitation in this dynamic and rapidly regulated sector.

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Financial Crime Analyst

A Financial Crime Analyst investigates complex financial schemes to prevent illicit activities. This course is highly relevant for aspiring Financial Crime Analysts, providing a deep dive into the mechanisms of money laundering and terrorist financing. It covers critical areas such as identifying suspicious transactions, understanding high-risk jurisdictions, and applying Enhanced Due Diligence measures. The curriculum’s focus on sanctions regimes, Politically Exposed Persons, and the impact of new technologies on financial crime equips a Financial Crime Analyst with invaluable tools. Through practical examples, learners gain insight into detecting red flags and taking decisive action, bolstering their ability to analyze and mitigate financial crime risks effectively.

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Due Diligence Analyst

A Due Diligence Analyst conducts thorough investigations to assess and mitigate risks associated with clients, partners, or transactions. This course provides comprehensive training in the core competencies required for a Due Diligence Analyst. It extensively covers Customer Due Diligence, Simplified Due Diligence, and Enhanced Due Diligence measures, along with critical Know Your Customer (KYC) requirements. Learners will gain expertise in performing negative media searches, developing customer risk profiles, and identifying high-risk customers and jurisdictions. This detailed focus on vetting processes and risk assessment is fundamental for ensuring compliance and protecting an organization from financial crime and reputational damage.

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Financial Intelligence Unit Professional

A Financial Intelligence Unit Professional plays a critical role in combating financial crime by analyzing suspicious financial activities. This course is highly relevant for those working within a Financial Intelligence Unit, offering in-depth knowledge of identifying and reporting suspicious transactions (STRs). It delves into the five key elements of suspicious activity, factors classifying high-risk money laundering, and understanding various criminal typologies. Learners gain insights into AML/CFT regulatory requirements, including FATF guidelines, and learn through practical case scenarios. This comprehensive understanding equips a Financial Intelligence Unit Professional to effectively process and disseminate intelligence, contributing significantly to national and international efforts against illicit finance.

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Sanctions Compliance Specialist

A Sanctions Compliance Specialist ensures an organization adheres to international economic sanctions and restrictive measures. This course offers targeted expertise directly valuable for a Sanctions Compliance Specialist. It provides detailed understanding of the Sanctions Regime, focusing on Designated Persons (DPs) and Proscribed Persons (PPs), and the specific AML/CFT measures required in this context. Learners explore "High-Risk Jurisdictions," "Serious or Blacklisted Jurisdictions," and "Jurisdictions Under Increased Monitoring" by FATF. This specialized knowledge equips professionals to navigate complex global sanctions frameworks, identify potential violations, and implement robust controls to prevent financial system exploitation, crucial for mitigating severe legal and reputational risks.

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Correspondent Banking Specialist

A Correspondent Banking Specialist manages relationships and transactions between financial institutions, often across borders. This course offers highly specific and essential knowledge for a Correspondent Banking Specialist, with a dedicated section on Correspondent Banking relationships and their AML/CFT regulatory requirements. You will learn about the associated transactions, the importance of monitoring 'Respondent banks,' and the guidelines set forth by FATF. Understanding these specific AML/CFT measures is crucial for ensuring compliant and secure international financial flows. This course helps individuals navigate the complexities of cross-border banking, mitigate money laundering risks, and maintain sound relationships with global banking partners.

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Brokerage Compliance Officer

A Brokerage Compliance Officer ensures a brokerage firm adheres to financial regulations and internal policies. This course is highly relevant for a Brokerage Compliance Officer, as it covers the essential Anti-Money Laundering and Countering Financing of Terrorism requirements applicable to brokers and stock market professionals. You will gain a deep understanding of customer due diligence, transaction monitoring, and the identification of suspicious activities, all vital for preventing illicit financial flows in capital markets. The course's practical examples and focus on regulatory compliance, including FATF recommendations, equip professionals to safeguard their firm’s integrity and comply with stringent financial industry standards.

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Regulatory Compliance Officer

A Regulatory Compliance Officer guides organizations in navigating the intricate landscape of laws and regulations. This course may be useful for a Regulatory Compliance Officer by providing a comprehensive understanding of Anti-Money Laundering and Countering Financing of Terrorism requirements, a significant area of regulatory focus. It covers the Risk Based Approach, FATF recommendations, and specific AML/CFT guidelines for various financial sectors. Learners will gain insights into developing compliance policies, managing due diligence, and responding to regulatory scrutiny. This course helps build a foundation in preventing financial crime and upholding regulatory integrity, crucial for maintaining an organization’s license to operate and its reputation.

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Risk Manager

A Risk Manager identifies, assesses, and mitigates various risks that can impact an organization. This course will be helpful for a Risk Manager by providing a deep understanding of the Risk Based Approach (RBA) specifically for managing money laundering and terrorist financing risks. It covers the classification of high-risk money laundering factors, high-risk jurisdictions, and the impact of new technologies on AML/CFT measures. Learners gain insight into developing customer risk profiles and implementing due diligence measures. This comprehensive knowledge equips a Risk Manager to accurately assess financial crime exposures, develop robust mitigation strategies, and ensure the business operates within acceptable risk appetites, bolstering overall risk governance.

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Internal Auditor

An Internal Auditor assesses an organization's internal controls, risk management, and governance processes. For an Internal Auditor, this course will be helpful by providing a specialized understanding of Anti-Money Laundering and Countering Financing of Terrorism frameworks. It covers the Risk Based Approach, Customer Due Diligence measures, and suspicious transaction reporting requirements. Learners gain insight into regulatory compliance sources and FATF recommendations, which are crucial for evaluating the effectiveness of AML controls within financial institutions. This course may be useful for strengthening an auditor's ability to identify compliance gaps, assess financial crime risks, and ensure the robustness of an organization's anti-money laundering program.

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Corporate Security Investigator

A Corporate Security Investigator focuses on safeguarding organizational assets and integrity, often encompassing financial misconduct. This course may be useful by enhancing an investigator's ability to identify and understand financial crime typologies. It covers key concepts like money laundering activities, suspicious transaction indicators, and the importance of negative media searches. While primarily focused on financial institutions, the detailed cases, such as 'Precious Items Seller Transactions' or 'International Wire Transfers,' can inform a Corporate Security Investigator about the methods criminals use. This understanding helps in recognizing financial red flags and building a foundation for investigating illicit financial activities that could impact corporate security and reputation.

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