AML Compliance in Practice: Suspicious Activity Reports from Udemy

Financial crime is a threat that is becoming ever more widespread, is increasingly hard to detect and often a worrying unknown. Aside from the threat it poses to the security of societies worldwide, it poses a real risk in terms of reputation, process integrity and compliance for the financial community as a whole and for individual financial institutions and organizations.

One of the most practical steps you can take to mitigate these risks is having a proper Anti-Money Laundering (AML) compliance program in place that is capable of identifying and filing suspicious activity reports (SARs).

This course will give you a comprehensive overview of everything that is relevant in terms of suspicious activity reports.

Your learning journey will cover a number of important concepts, including:

What is a suspicious activity report (SARs) and how is it related to money laundering prevention?
How to identify suspicious activity and what are common red flags?
WHEN and HOW to file a SAR?
What are international regulatory/legal requirements?
What to watch out for? (Timing, Tipping-Off, etc.)
How to write a stellar SAR narrative?
What to do after a SAR has been filed?

Throughout this course you can test your newly acquired knowledge with quiz questions. You will also find a great deal of additional resources as part of this course, including cheat sheets, checklists, questionnaires, tables, and more.

There are no prerequisites for this course and it can be completed in just 1 to 2 hours of your time. That's a very good time investment.

Certificate of Completion

Completing this course shows your dedication to fight money laundering and protect your organization. Why not show that you have acquired specialized knowledge in the field of AML/SAR filing? This courses comes with a Certificate of Completion that you can use to show your newly acquired skills and improved professional value through a better understanding of AML compliance. Start the course and earn your AML certificate today.

Additional Value and Bonus Material

We have also included some awesome bonus material. In particular, you will get the following:

Exclusive LinkedIn community access

3 Quizzes with numerous Quiz Questions

Course Script as download material

Course Slides as download material

Discount codes for additional courses

Course enrollment grants you lifetime access, with no expiration, to all the course lectures. In addition, you’ll also receive support for any questions or uncertainties that might come up. And this all comes with a money-back guarantee. You have nothing to lose and so much valuable AML-specific knowledge to gain. Start this course today.

What's inside

Learning objectives

Understand suspicious activity reports (sars) in the context of anti-money laundering (aml)
Identify sources for suspicious activity and related red flags
Learn when and how to file a sar (not covering particular filing systems e.g., goaml, etc.)

Avoid common pitfalls in sar filing (e.g., tipping-off, timing, etc.)
Learn how to write a stellar sar narrative
Understand what to do after a sar has been filed

Understand suspicious activity reports (sars) in the context of anti-money laundering (aml)
Identify sources for suspicious activity and related red flags
Learn when and how to file a sar (not covering particular filing systems e.g., goaml, etc.)
Avoid common pitfalls in sar filing (e.g., tipping-off, timing, etc.)
Learn how to write a stellar sar narrative
Understand what to do after a sar has been filed

Syllabus

Introduction to this course

Thank you & Welcome

What you will learn and who this course is for

Invitation #1 - Explore the Financial Crime Academy Training Platform

Invitation #2 - Join our exclusive LinkedIn Group

Download: Course Slides

Download: Course Script (PDF, EPUB, MOBI)

About You: What is your motivation for taking this course and what do you expect

Introduction to Suspicious Activity and SARs

Money Laundering Prevention

Introducing Suspicious Activity Reports

Sources for identifying suspicious activity

Red Flags and atypical customer behavior

When and how to file a SAR

Legal and regulatory requirements

Role of the FIU

Organizational considerations

SAR decision making process

Determining suspicious activity

SAR Timing

Confidentiality of SARs and Tipping-Off

Documentation requirements

Consequences of noncompliance including case studies

Test your Knowledge

How to write a stellar SAR narrative

Know your audience

SAR Narrative Introduction

SAR Narrative Body

SAR Narrative Conclusion

Assignment: Comment this Conclusion

Quality and Accuracy

Post-SAR

How to deal with the client relationship

Notifying senior management

Completing this course

Congratulations

Get Your Certificate of Completion issued by the Financial Crime Academy

Bonus Section

Bonus Lecture

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Teaches skills, knowledge, and/or tools that are useful for personal growth and development

Develops skills and expertise in the prevention of money laundering

Teaches multiple methods for identifying suspicious activities

Provides direct instruction on composing reports of suspicious activities

Provides practical training on identifying red flags and suspicious behaviour

Offers a variety of bonus materials as part of this course

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 AML Compliance in Practice: Suspicious Activity Reports with these activities:

Quiz: Legal Requirements and Reporting Procedures

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Test your understanding of legal and regulatory requirements related to SAR filing, ensuring that you stay up-to-date with the latest regulations.

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Review legal and regulatory frameworks
Complete a quiz to assess your knowledge

Discuss Common Pitfalls in SAR Filing

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Engage with peers to identify and discuss common pitfalls and challenges in SAR filing, learning from shared experiences and perspectives.

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Identify typical pitfalls
Share and discuss best practices

Follow Regulatory Updates and Industry Best Practices

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Stay informed about the latest regulatory changes and industry best practices, ensuring that your SAR filing practices are aligned with current standards.

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Subscribe to industry newsletters
Attend webinars and conferences
Join professional organizations

Four other activities

Expand to see all activities and additional details

Show all seven activities

Identify Suspicious Transactions

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Engage in practice drills that focus on identifying suspicious transactions, strengthening your analytical skills and transaction monitoring capabilities.

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Review examples of suspicious transactions
Practice identifying red flags and indicators
Work through case studies

Mock SAR Filing Exercise

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Practice filing a mock SAR to reinforce the steps and considerations involved.

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Review the provided SAR filing template or software.
Identify a hypothetical suspicious transaction or activity.
Gather relevant information and documentation.
Complete the SAR template or software, ensuring accuracy and completeness.
Review and submit the mock SAR for feedback.

Develop an SAR Writing Template

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Create a customized SAR writing template that aligns with your organizational requirements, ensuring accuracy and consistency in your reporting.

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Gather input from relevant stakeholders
Design a template structure
Develop clear and concise instructions
Test your template

Explore International Regulations and Case Studies

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Access and review international regulations, guidelines, and case studies related to SAR filing, expanding your knowledge and understanding of global best practices.

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Identify key international organizations
Explore regulatory frameworks
Analyze case studies and lessons learned

Career center

Learners who complete AML Compliance in Practice: Suspicious Activity Reports will develop knowledge and skills that may be useful to these careers:

Compliance Analyst

Compliance Analysts identify and help businesses stay within the confines of regulations. By taking this course, Compliance Analysts may prepare for situations where they must file a Suspicious Activity Report.

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Anti-Money Laundering Analyst

Anti-Money Laundering Analysts review and analyze financial exchanges and transactions in order to prevent fraud, terrorism financing, and other unlawful activities. Taking this course would be very beneficial due to its thorough overview of Suspicious Activity Reports.

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

AML Compliance Officer

AML Compliance Officers design and implement AML compliance programs and policies, and ensure that financial institutions are compliant with AML laws and regulations. This course may be particularly helpful for this role, as it comprehensively covers the topic of Suspicious Activity Reports.

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AML Auditor

AML Auditors review an organization's AML compliance program and provide an independent assessment of its effectiveness. This course may help AML Auditors better understand suspicious activity and how to write effective Suspicious Activity Reports.

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Compliance Officer

Compliance Officers ensure that organizations are operating within the confines of all applicable laws, regulations, and rules. A deep understanding of Suspicious Activity Reports is essential to success in this role, this course may be helpful.

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Fraud Investigator

Fraud Investigators examine and collect evidence to identify and prevent fraud. This course would be helpful, as Suspicious Activity Reports are a key part of identifying and preventing fraud.

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AML Specialist

AML Specialists develop and implement AML policies and procedures, and ensure that organizations comply with relevant AML laws and regulations. This course provides a comprehensive foundation for anyone seeking this role.

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Forensic Accountant

Forensic Accountants are accountants who use their knowledge to find fraud and prevent financial crime. This course may be helpful to Forensic Accountants because it provides an overview of Suspicious Activity Reports, which are a key part of forensic accounting work.

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Financial Crimes Investigator

Financial Crimes Investigators uncover and investigate financial crimes, like money laundering, fraud, and terrorist financing. As suspicious activity reports are a key tool for Financial Crimes Investigators, this course may prove useful to them.

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Bank Examiner

Bank Examiners evaluate the safety, soundness, and compliance of financial institutions. This course provides the foundational knowledge of Suspicious Activity Reports, which is an important part of maintaining bank compliance.

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Risk Analyst

Risk Analysts use financial data, modeling, and simulation to help businesses understand and manage risk. Understanding what constitutes suspicious activity is an important part of risk analysis, and this course may be helpful for improving skills in that area.

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Financial Analyst

Financial Analysts compile, analyze, and use financial data to support investment decisions. While knowledge of Suspicious Activity Reports is not a primary duty of a Financial Analyst, they may find this course helpful in understanding financial irregularities and red flags.

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Intelligence Analyst

Intelligence Analysts gather, analyze, and interpret information to assess and predict national security threats. They may find this course helpful for understanding financial crime and its role in national security.

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Auditor

Auditors assess and evaluate financial or operational information to ensure accuracy and compliance. Knowledge of what constitutes 'suspicious activity' may be helpful in this role.

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Law Enforcement Officer

Law Enforcement Officers enforce laws and investigate crimes. While they may not directly use Suspicious Activity Reports, understanding the topic may be helpful in their day-to-day work.

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