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Anti-Money Laundering - USA

Course description

In an increasingly interconnected world economy, organizations of all sizes are becoming increasingly vulnerable to being used for money laundering and terrorist financing. Since financial institutions are particularly susceptible, they face wide-ranging reporting and monitoring requirements under federal law.

GRC Solutions’ Anti-Money Laundering course equips staff to respond to these challenges, by helping learners to identify common money laundering techniques, such as placement, layering, and integration, and to apply strategies for protecting your organization.

This course explores the risk that money launders pose, outlines the KYC and due diligence obligations of financial institutions, and explains requirements under terrorist financing law. We also give learners practical tips on how to assess customer risk and monitor suspicious activity.

This coursecovers topics from initial customer identification procedures to development and implementationof anti-money laundering programs.

There are plenty of examples, case studies, and scenarios. The design uses rich, interactive visuals that highlight the key concepts without overwhelming or distracting learners.

Who is this training for?

This training is suitable for employees of financial institutions that offer: bank account-related services, loans or finance, currency exchange, investment banking, credit cards and money instruments, insurance, or securities, futures, or commodities trading.

Scenario
Robert Howard comes into ABC Bank and wants to deposit $25,000 into his account. He has been a customer of ABC Bank for 25 years and has always been classified as low-risk.
But recent transaction monitoring by ABC Bank has revealed large amounts of money being withdrawn out of his account. Some of the money has been transferred to low-interest accounts and then withdrawn to be used. These withdrawals are unusual for Robert's account, which has had little activity for 25 years.
The only information ABC Bank possesses about Robert is that he owns two restaurants, a nightclub and a car wash.
What level of money laundering risk does Robert pose?

For more information on other GRC Solutions' AML/CTF training resources:

Australia

Anti-Money Laundering- covering the responsibilities of financial services and other businesses in general

Australia - Financial Services

AML/CTF Training for Finance Sector - covering the particular responsibilities of ADIs

New Zealand

Anti-Money Laundering - New Zealand

Singapore

Anti-Money Laundering - Singapore

Malaysia

Anti-Money Laundering - Malaysia

Course outline

  • Module 1: Introduction to money laundering
  • Module 2: The risk of money laundering
  • Module 3: KYC obligations
  • Module 4: Suspicious and threshold transactions
  • Module 5: Terrorist financing

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