Key Learning Points:

What money laundering is and how/why it takes place
How to spot signs of money laundering
What constitutes a money laundering offence
What the 'regulated sector' is and the role of regulators
Key money laundering legislation
How to ensure compliance with regulations

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Course Overview

This online training course on anti-money laundering explores the AML legislation in place to ensure that organisations are able to identify and mitigate the risks of facilitating money laundering.

The course is designed to raise awareness and tackle important elements in the fight against money laundering, focusing equally on current regulation standards and increased awareness as to the red flags and signs of money laundering activity.

Course Details

Course duration: 60 minutes
CPD-certified online course
Certificate on completion
Created using the latest xAPI technology

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Course Contents

Our specialist Anti-money Laundering eLearning course is divided into six modules so that learners can take and revisit specific topics as required. The course is broken-down into the following modules:

Legislation, Responsibility and Policy

There are a number of legislations that you need to be aware of that relate to identifying, preventing and prosecuting money laundering activities. This module covers the four main pieces of legislation affecting organisations that operate within the regulated sector. This module also explains the roles, responsibilities and policies that organisations need to comply.

What is Money Laundering?

This module offers an in-depth look at how money laundering can occur. The module also explores what constitutes as criminal property, the scenarios in which a person could benefit from criminal conduct, directly or indirectly and the tactics used by criminals to assist them with depositing proceeds of crime into the financial system.

Identifying Unusual Activity

Employees working in high-risk sectors, such as money service businesses, need to be able to spot the signs of money laundering. There are several signs to look out for when dealing with both new and existing customers. This module covers the red flags employees need to look out for to identify unusual activity associated with laundered money.

Reporting Unusual Activity

Reporting unusual activity is a legal requirement for money service businesses (MSBs). Knowledge or suspicion of money laundering activities must be reported correctly to avoid prosecution for inaction. This module examines reporting activities essential for MSBs and their employees while assessing suspicious activity.

Travel and Corporate Customers

For organisations registered as a money service business, all employees must be able to spot any signs indicating money laundering and terrorist financing activities, and how to report concerns to nominated officer (NO) or money laundering reporting officer (MLRO). This module explores identifying and reporting unusual activity.

Accounting Red Flags

Money laundering can often be difficult to detect at the first transaction which is why it’s important to look out for accounting red flags. Employees working in accounts are the second line of defence against money laundering activities. This module covers how to look for accounting red flags, reporting concerns and completing an unusual activity report.

Decision Making

In this module, learners are challenged in their decision-making skills by taking on the role of a nominated officer (NO) advising a fictional travel agency. The goal is to identify potential money laundering activities, making the right decisions to help the employees stay within the law and maintain the reputation of the organisation.

Who Should Take This Course?

This general awareness course on Anti-Money Laundering is recommended for employees at all levels but is particularly beneficial for employees within money services businesses (MSBs), which includes any organisations handling:

Currency exchange
Currency remittance
Cheque cashing
Foreign currency exchange services
Traveller's cheques
Pre-paid cards

The Assessment

Learners are tested on their knowledge throughout the course with short quizzes and detailed feedback on the answers. At the end of each module, learners must take an assessment test with questions relating to real-life scenarios. To complete the module, learners must answer 80% of the questions correctly.

Learners can also take the assessment again to improve their score.

2 Ways of Purchasing

You can purchase our courses individually or for even better value you can purchase the complete range of Compliance, Health and Safety or Performance Management courses in one neat bundle.

1. Individual Licenses

If you buy courses on an individual bases you pay a price per learner, per course per year. You can run these courses on your own LMS if Xapi/SCORM compliant or you can take them.

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2. Complete Bundle

Buy all of the Compliance, Health and Safety or Performance Management courses in one great value package and receive unlimited benefits.

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1. Individual Pricing

Number of Learners	Cost (per year)
1 - 10	29 / per learner
11 - 20	25 / per learner
21 - 50	20 / per learner
51 - 100	15 / per learner
101 - 150	10 / per learner
150+	POA

Exchange rates are updated regularly but are only intended as a guide.

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2. Complete Bundle Pricing

If you buy all the Compliance, Health & Safety or Performance Management in a complete bundle, all features come as standard, no matter the size of your organisation!

Number of Learners	Cost (per year)
1 - 100	30 / per learner
101 - 200	25 / per learner
201 - 300	21 / per learner
301 - 400	18 / per learner
401 - 500	15 / per learner
501 - 750	12.50 / per learner
751 - 1000	10 / per learner
1001 - 2500	8 / per learner
2501 - 5000	6 / per learner
5000 - 10,000	5 / per learner
10,000 +	POA

Included Features

All courses in our catalogue
New courses added regularly
Branded, downloadable posters
Customise Course Content for Your Team
Astute eLearning Platform
Regular course updates
Dedicated Account Manager
Unlimited help desk support

Exchange rates are updated regularly but are only intended as a guide. Prices are based on a 2 year contract.

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The Importance of Anti-Money Laundering and Financial Crime Training

Money laundering underpins the cover up and transfer of illicit finances which is often acquired through criminal activity. Laundered money can be used for terrorist financing, bribing officials and to fund organised crime, and poses serious risks to Money Service Businesses (MSBs). A money services business (MSB) is a legal term used by financial regulators to describe businesses that transmit or convert money. It's important to understand that MSBs are required to meet the special legal requirements placed on them to combat money laundering activities such as organised crime and terrorist financing, in the UK and beyond. Some of the requirements place additional duties and responsibilities on organisations operating within the regulated sector because of the high-risk nature their work.

FAQ's

If you have any questions that are not covered here, please get in touch.

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What is considered a money services business?

A Money Service (MSB) could be any financial services business across the world which offers currency exchange and conversion services. These could include organisations of varied sizes offering currency exchange, remittance of money, cashing cheques payable to customers without needing bank accounts and processing traveller’s cheques and pre-paid cards. This includes bureau de changes and post offices as well as fintech disruptors offering smartphone payment apps.

Why are money service businesses (MSBs) high-risk?

According to the National Crime Agency (NCA), at least £1.5 billion of criminal proceeds are laundered through money service business (MSB) remittances from and to the UK each year. This puts money service businesses (MSBs) at a high-risk of breaching anti-money laundering (AML) regulations and regulators in many countries require MSBs to be compliant and have adequate controls in place to mitigate the risks.

Who are some of the regulators for Money Services Businesses (MSBs)?

Money Service Businesses (MSBs) across the world are regulated under anti-money laundering (AML) obligations. In the UK, for example, MSBs must register with the Financial Conduct Authority (FCA) or Her Majesty’s Revenue and Customs (HMRC). While in the United States of America, MSBs must register with the Financial Crimes Enforcement Network (FinCen) and are also reviewed by the Internal Revenue Service (IRS).

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AML in Money Service Businesses