AML Fundamentals

This course is designed to provide candidates with the knowledge of basic concepts of money laundering, including topics such as the methods and risks of money laundering, which are essential for those aspiring to start a career in the AML and compliance field.

Additionally, this course will provide you with the necessary foundation to pursue the prestigious CAMS certification, which is considered the gold standard in Anti-Money Laundering certifications and recognized by financial institutions and regulators around the world.

Potential Applicants:

Entry level:
- College/University graduates who have an ambition to work as AML analysts in a bank’s AML Compliance department.
Intermediate level:
- Banking professionals who currently work in areas other than the AML and compliance departments and seek to take up a role in those areas.
Specialized level:
- AML staff who wish to advance their knowledge on AML fundamentals and the relevant global laws and regulations

Learning Outcomes:

Upon successful completion of this study course the students will be able to:

Understand the key concepts associated with money laundering.
Understand the risks posed by money laundering, and its impact on the global economy
Understand the different business sectors and high-risk products and services offered by banks that are vulnerable to money laundering
Understand the governing institutions and principles associated with the global regulations of anti-money laundering and terrorist financing.

Course Structure

Module 1 - Methods of money laundering

Lesson 1 - What is money laundering (ML) and terrorist financing (TF)?

Lesson 2 - History of money laundering

Lesson 3 - The stages of money laundering

Lesson 4 - Channels and methods used in money laundering

Module 2 - Risks of money laundering

Lesson 1 - The impact of money laundering on the global economy

Lesson 2 - Why should we care as bankers?

Lesson 3 - Business sectors vulnerable to money laundering

Lesson 4 - High-risk bank products and services vulnerable to money laundering

Module 3 - Global regulations of AML and combatting terrorist financing (CFT)

Lesson 1 - Financial Action Task Force (FATF) - 40 Recommendations

Lesson 2 - USA PATRIOT Act

Lesson 3 - Basel Committee on Banking Supervision

Lesson 4 - EU Directives on money laundering

Lesson 5 - The Egmont and Wolfsberg Groups

Quizzes: There is a quiz at the end of each module to test your knowledge on the topics covered.