The Application of Anti Money Laundering and Counter-Terrorist Financing Regulations from edX

Discover how criminals launder money and finance terrorism and the methods they use. You will also explore the AML policies and procedures financial institutions must implement to combat money laundering.

By the end of this short course, you will:

Know how to money laundering and terrorist financing activities
Understand customer due diligence (CDD) and the associated measures
Know how to monitor client activity and recognise suspicious behaviour
Understand the risks of disguised beneficial ownership and politically exposed persons (PEPs)
Understand the formulation and compliance of AML/CFT policies and procedures
Know about the importance of corporate culture and resources for effective AML/CFT efforts.

This course is suitable for professionals with specific anti money laundering duties, operational or front-line staff or those considering embarking on a new career in AML.

What's inside

Learning objectives

This course covers:
Identifying money laundering and terrorist financing activities
Customer due diligence (cdd)
Simplified due diligence
Enhanced due diligence
Plausibility testing
Monitoring client activity

Thoughts on cdd
Beneficial owners
Politically exposed person risk (pep risk)
Reporting suspicious activity
Client confidentiality
Handling the risk of tipping off

This course covers:
Identifying money laundering and terrorist financing activities
Customer due diligence (cdd)
Simplified due diligence
Enhanced due diligence
Plausibility testing
Monitoring client activity
Thoughts on cdd
Beneficial owners
Politically exposed person risk (pep risk)
Reporting suspicious activity
Client confidentiality
Handling the risk of tipping off

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Provides a foundational understanding of AML/CFT policies and procedures, which is essential for professionals in compliance-related roles within financial institutions

Explores customer due diligence (CDD) and related measures, which are critical for identifying and mitigating financial crime risks

Covers the risks associated with disguised beneficial ownership and politically exposed persons (PEPs), which are key areas of concern in AML/CFT compliance

Presented by the International Compliance Association, a well-known organization for compliance professionals and their certification programs

Examines the importance of corporate culture and resources for effective AML/CFT efforts, which highlights the organizational aspects of compliance

Discusses the handling of the risk of tipping off, which is a crucial consideration when reporting suspicious activity to avoid alerting potential criminals

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in The Application of Anti Money Laundering and Counter-Terrorist Financing Regulations with these activities:

Review Basic Financial Concepts

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Reinforce foundational knowledge of financial instruments, transactions, and institutions to better understand the context of money laundering.

Browse courses on Financial Concepts

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Review basic accounting principles and financial statements.
Familiarize yourself with different types of financial institutions.
Understand the basics of investments and securities.

Review Basic Financial Concepts

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Reinforce foundational knowledge of financial concepts to better understand the context of money laundering and terrorist financing.

Browse courses on Financial Concepts

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Review basic accounting principles.
Familiarize yourself with different types of financial instruments.
Understand the role of financial institutions.

Review 'The Laundromat' by Jake Bernstein

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Gain insights into real-world money laundering cases and the methods used by criminals to hide illicit funds.

View The Laundromat on Amazon

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Read the book and take notes on key money laundering techniques.
Identify the vulnerabilities in the financial system that are exploited.
Reflect on how AML/CFT regulations could have prevented these activities.

Six other activities

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Review 'The Laundromat' by Jake Bernstein

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Gain a deeper understanding of real-world money laundering schemes by exploring a detailed account of the Panama Papers investigation.

View The Laundromat on Amazon

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Read the book, focusing on the mechanisms of money laundering.
Identify the key players and their roles in the schemes.
Reflect on the implications for AML/CFT regulations.

Practice Identifying Suspicious Activity

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Sharpen your ability to recognize red flags and suspicious transactions that may indicate money laundering or terrorist financing.

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Review case studies of money laundering and terrorist financing.
Analyze transaction data to identify unusual patterns.
Practice writing Suspicious Activity Reports (SARs).

Review 'Wolf of Wall Street' by Jordan Belfort

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Gain a deeper understanding of the motivations and methods behind financial crime by exploring a first-hand account of securities fraud and money laundering activities.

View The Wolf of Investing: My Insider's Playbook... on Amazon

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Read the book, focusing on the mechanisms of money laundering.
Identify the key players and their roles in the schemes.
Reflect on the implications for AML/CFT regulations.

Create a Presentation on Customer Due Diligence

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Solidify your understanding of Customer Due Diligence (CDD) by creating a presentation that explains its importance and practical application.

Browse courses on Customer Due Diligence

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Research the different aspects of CDD, including simplified and enhanced due diligence.
Develop a presentation outline with key points and examples.
Design visually appealing slides with clear and concise information.
Practice delivering the presentation to ensure a smooth and engaging delivery.

Develop an AML/CFT Compliance Program

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Apply your knowledge by designing a comprehensive AML/CFT compliance program for a hypothetical financial institution.

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Define the scope and objectives of the compliance program.
Develop policies and procedures for CDD, monitoring, and reporting.
Outline the roles and responsibilities of key personnel.
Create a training program for employees.

Create a Data Visualization of Suspicious Activity

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Enhance your ability to identify suspicious activity by creating a data visualization that highlights patterns and trends.

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Gather data on various types of suspicious activity.
Choose a suitable data visualization tool.
Design a visualization that effectively communicates the key insights.
Present your visualization and explain its implications.

Career center

Learners who complete The Application of Anti Money Laundering and Counter-Terrorist Financing Regulations will develop knowledge and skills that may be useful to these careers:

Anti-Money Laundering Analyst

An Anti Money Laundering Analyst investigates financial transactions for suspicious activity, and this course serves as excellent preparation. They are responsible for identifying patterns and trends indicative of money laundering or terrorist financing. This course on anti money laundering and counter-terrorist financing regulations helps build a strong foundation in the principles of customer due diligence, client monitoring, and risk assessment. Furthermore, the course's focus on understanding beneficial ownership, politically exposed persons, and reporting requirements gives a very solid base for an Anti Money Laundering Analyst. The syllabus of this course, which covers reporting suspicious activity, provides critical information for those wishing to pursue a career in this area.

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

Due Diligence Analyst

A Due Diligence Analyst conducts thorough investigations into customers, vendors, or other parties to assess risk, and this course serves as excellent preparation. They gather information, verify identities, and assess potential risks associated with business relationships. The course on the application of anti money laundering and counter terrorist financing regulations will be extremely relevant for this role. This course emphasizes customer due diligence, beneficial ownership, and politically exposed persons in a way that aligns with the work done by a Due Diligence Analyst. The course's syllabus, which also covers the handling of tipping off risk, is another area of specific relevance to this career.

See salaries and explore the career path for Due Diligence Analyst

Financial Crime Analyst

Financial Crime Analysts work to detect and prevent financial crimes, including money laundering and terrorist financing, making this course a good fit. This role involves analyzing financial data, identifying suspicious patterns, and reporting them to relevant authorities. This course's material on customer due diligence, monitoring client activity, and identifying beneficial owners will be invaluable in this work. Specifically, understanding how to recognize suspicious behavior, as covered in this course, is a core skill for a Financial Crime Analyst. The course's focus on AML policies and procedures, along with the reporting of suspicious activities will serve this type of analyst well.

See salaries and explore the career path for Financial Crime Analyst

Compliance Officer

A Compliance Officer ensures an organization adheres to legal standards and internal policies, making this course highly relevant. They develop, implement, and monitor compliance programs, and a strong understanding of anti money laundering and counter terrorist financing regulations, as covered in this course, is crucial. This role requires detailed knowledge of customer due diligence, risk assessment, and suspicious activity reporting, skills this course develops. This course specifically focuses on areas such as how to identify money laundering and terrorist financing, which is directly applicable to a Compliance Officer's daily tasks. Because this role focuses on adherence to legal requirements, an understanding of AML policies and procedures will be very helpful.

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Financial Investigator

Financial Investigators examine financial records to identify potential fraud, money laundering, and other financial crimes, and this course proves to be quite useful. They conduct in-depth analysis of financial data, trace funds, and prepare reports for legal proceedings, often working with law enforcement. The principles of anti money laundering and counter terrorist financing regulations, which are covered in this course, are essential knowledge for a Financial Investigator. The course's syllabus covers material such as monitoring client activity and identifying suspicious behavior to the benefit of investigators. A strong grounding in the detection and identification of illicit financial activities, as provided by this course, is critical to successful performance in this role.

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Bank Examiner

A Bank Examiner reviews the financial practices of banks and other financial institutions to ensure compliance with regulations, and this course provides relevant knowledge. This role involves assessing the soundness of financial operations, identifying risks, and recommending corrective actions. This course on anti money laundering and counter-terrorist financing regulations provides specific insights that are relevant to preventing criminal behavior. Bank Examiners would find the course's coverage of customer due diligence, monitoring client activity, and suspicious activity reports helpful to their daily work. The course's syllabus, which includes the risk associated with politically exposed persons, would also be relevant to work as a bank examiner.

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Risk Analyst

Risk Analysts assess various risks an organization faces, including financial, operational, and compliance risk, and the skills from this course would be very useful. They develop strategies to mitigate these risks and ensure adherence to regulatory requirements. The course's focus on anti money laundering and counter terrorist financing regulations provides specialized knowledge relating directly to financial risk. The ability to assess risks associated with customer due diligence, beneficial owners, and politically exposed persons is critical for a Risk Analyst in the financial sector, and this course helps develop that skill. This course's coverage of AML policies and procedures makes it a very good choice for this career.

See salaries and explore the career path for Risk Analyst

Fraud Investigator

A Fraud Investigator examines suspected fraudulent activities to determine the validity of a claim, and this course will provide useful insights for this work. They investigate fraud in financial transactions, insurance claims, and other areas, using a variety of investigative techniques. The understanding of money laundering and terrorist financing that one gains from this course will help Fraud Investigators spot related patterns. The course emphasizes customer due diligence, identification of suspicious behavior, and reporting, all of which are important in fraud investigations. An understanding of AML/CFT policies and procedures, as this course provides, is beneficial for detecting fraud.

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Internal Auditor

An Internal Auditor evaluates a company's internal controls, including those for financial and regulatory compliance, and this course is helpful to those in this role. Internal auditors might review financial records, assess risk management processes, and ensure adherence to policies. The knowledge of anti money laundering and counter terrorist financing regulations gained from this course is very useful for an internal auditor in the financial sector. They will find the course's coverage of customer due diligence, monitoring client activity, and understanding the risks of politically exposed persons useful to their daily work. The detailed syllabus, which includes the handling of suspicious activities, is particularly relevant for internal auditors.

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Security Consultant

Security Consultants advise organizations on how to protect assets and manage risk, often specializing in areas like financial security, making this course a good option. They assess vulnerabilities, develop security policies and procedures, and provide training to staff. A strong grasp of anti money laundering and counter terrorist financing, the focus of this course, is essential for consultants in the field of financial security. This course's coverage of customer due diligence (CDD) and the associated measures would be relevant. A consultant would also benefit from this course's focus on identifying suspicious activity and understanding the risks of disguised beneficial ownership.

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Regulatory Affairs Specialist

A Regulatory Affairs Specialist works to ensure that an organization complies with all applicable laws and regulations, and this course may help in this work. This role involves interpreting complex regulations, developing compliance strategies, and working with regulatory bodies. A strong understanding of anti money laundering and counter terrorist financing regulations, which form the basis of this course, will be essential to a specialist in the financial sector. The course's focus on policy implementation, reporting, and understanding risk associated with particular clients provides core compliance knowledge. This course also covers material specific to the financial sector, which is often where this role is found.

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Financial Reporting Manager

A Financial Reporting Manager oversees the preparation of financial statements and reports for regulatory compliance, and a course such as this prepares one to make sound business decisions. They ensure the accuracy and integrity of financial data, often working closely with compliance teams. This course's focus on anti money laundering and counter terrorist financing regulations makes it relevant to the financial sector. The material on corporate culture and effective compliance can be helpful in leading teams to good outcomes, which is a key function of a manager. Financial Reporting Managers might also benefit from the course's treatment of client confidentiality and the handling of suspicious activity.

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Treasury Analyst

A Treasury Analyst is responsible for managing an organization's cash flow, investments and financial risk, and this course may be useful. They monitor financial transactions, prepare financial reports, and implement risk management strategies. The course on anti money laundering and counter terrorist financing regulations helps build a foundation on financial crime and security. The material on customer due diligence, monitoring client activity, and identifying suspicious behavior, as covered in this course, helps reduce risk. Understanding the importance of AML/CFT policies, as taught by this course, can help make this analyst a better asset to the organization.

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Operations Manager

An Operations Manager is responsible for the efficiency and effectiveness of an organization’s operational processes, and this course may be useful. In some settings, this role can extend to ensuring compliance with relevant regulations. The understanding of anti money laundering and counter terrorist financing regulations gained from this course can help Operations Managers reduce institutional risk. While not a central focus of this position, a grasp of customer due diligence, monitoring client activity, and handling suspicious activities, as covered in the syllabus, can make an Operations Manager more effective. Given the responsibilities and nature of this role, the course may be useful for those interested in working in financial institutions.

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Management Consultant

A Management Consultant advises organizations on how to improve their performance and solve complex problems, and this course may be useful. They often analyze processes and develop strategies to increase efficiency and profitability. A course focused on anti money laundering and counter-terrorist financing regulations, such as this one, provides knowledge of regulatory compliance, which will be of interest to some. The material on policy implementation, risk management, and corporate culture can be helpful for a Management Consultant. While not a strong fit in most cases, knowledge of financial regulations such as the ones discussed in this course can help management consultants who specialize in the financial services sector.

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Reading list

We've selected two books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in The Application of Anti Money Laundering and Counter-Terrorist Financing Regulations.

The Laundromat

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Provides a real-world look into how money laundering schemes operate on a global scale. It details the Panama Papers investigation and exposes the complex networks used to hide illicit wealth. Reading this book will provide a deeper understanding of the practical applications of the AML/CFT regulations discussed in the course. It serves as excellent additional reading to supplement the course materials.

The Wolf of Investing

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Provides a first-hand account of securities fraud and money laundering activities. While not a textbook, it offers a glimpse into the mindset and methods of individuals involved in financial crime. Reading this book can help you understand the motivations behind money laundering and the importance of ethical conduct in the financial industry. It serves as valuable additional reading to the course.

The Wolf of Investing: My Insider's Playbook for...

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The Application of Anti Money Laundering and Counter-Terrorist Financing Regulations

What's inside

Learning objectives

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Activities

Career center

Reading list

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