Anti Money Laundering Training for European Union (EU)

The provision of effective anti-money laundering (AML) training is essential in helping organizations meet their regulatory obligations and to prevent the negative impacts money laundering and terrorist financing can have on society, the economy, organizations, their customers and employees. 

This module will explain what money laundering and terrorist financing are and what way are they linked to each other. What people normally have a perception related to money laundering and the various forms it can take. Money laundering has 3 stages Placement layering and Integration and we will know how each of the stage can be done in multiple ways.

AML legislation was a response to the growth of the financial industry, the lifting of international capital controls and the growing ease of conducting. Effective anti-money laundering and combating the financing of terrorism regimes are essential to protect the integrity of markets and of the global financial framework as they help mitigate the factors that facilitate financial abuse.

In order to achieve that propose, the Commission's services collaborate closely with the European Supervisory Authorities to assist national competent authorities in understanding the regulatory expectations, the joint committee of the European Supervisory Authorities on AML/CFT offers guidelines and opinions.

The international bodies working for combating money laundering includes FATF, EGMONT and MONEYVAL which we will look in to detail during the course along with the legislation at the European Union level. The European Union Fourth Money Laundering Directive (4AMLD) was ratified by the European Parliament in 2015 and was implemented in all EU states on the 26th June 2017 which was then updated by the publication of the 5th anti-money laundering Directive (Directive (EU) 2018/843) in the Official Journal of the European Union. WE will also look in to detail about the significance of FIUs and how they work.

An AML risk assessment helps identify the institution's inherent risk and assesses the effectiveness of its preventative and detective controls and also help understand what conditions increase the chances of a customer's involvement in money laundering or terrorist financing.

In this module we will learn about what a risk based approach is and how we can help to mitigate the risks by applying the same and also look in to detail regarding different types of risks involved including customer risk, geographical risk, transactional risk and agent risk. It must also be ensured that your business has adequate internal controls and monitoring systems and how these controls can alert you and other relevant people in the business if by any means criminals may make use of your business for money laundering.

Sanctions are restrictions imposed by international authorities on specific countries, persons, terrorist organisations, and human smugglers in order to force them to change their behaviour where diplomatically impossible. Sanctions can take the shape of trade barriers, travel restrictions, and financial restrictions such as trade, among other things. This chapter will give an insight about the different bodies that can impose sanction and also which countries currently fall under sanctions.

Customer due diligence (CDD) is required of any business that interacts with customers and is therefore covered by anti-money laundering (AML) regulations. There are different types of CDD, from simplified CDD to enhanced due diligence. In this module we will focus on all CDD requirements and how to know which level of customer due diligence needs to be applied for different customer and during the ongoing due diligence process. We will touch upon the politically exposed persons and why do they require enhanced due diligence and what way can be.

Good recordkeeping underpins the provision of good business information. Good recordkeeping helps you to find and share the information you need. This module will touch upon the requirement of record keeping under the legislations.

This chapter will also touch upon the obligation of Financial Institution to transmit the information to the FIU of the Member State in whose territory the obliged entity transmitting the information is established and also what a suspicious transaction report is its importance under the legislation. How and whom should you report the STR and consequences of tipping off.

Good recordkeeping underpins the provision of good business information. Good recordkeeping helps you to find and share the information you need. This module will touch upon the requirement of record keeping under the legislations.

This chapter will also touch upon the obligation of Financial Institution to transmit the information to the FIU of the Member State in whose territory the obliged entity transmitting the information is established and also what a suspicious transaction report is its importance under the legislation. How and whom should you report the STR and consequences of tipping off.

Complaint handling is a predictable and necessary part of an organization. Errors, misunderstandings, dissatisfaction and unexpected problems occur almost in all administrative systems. We will discuss about what route can individual take for registering a complaint and in case the complainant is dissatisfied with the firm's final response, how he can undertake an alternate dispute resolution way in order to refer the case to the Ombudsman for review. 

Payment institutions in all EU member states must safeguard any monies received from consumers or through another payment service provider for the execution of payment transactions, using two ways i.e. segregation and insurance or comparable guarantee method which will be discussed in detail under this last module.