Anti Money Laundering Training (AML CFT Training) for UK

Course available for 180 days
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Enrolled: 1 student
Duration: 1 hour
Lectures: 7
Video: 60 minutes
Level: Intermediate
Anti Money Laundering Training UK

Money laundering poses a significant threat to the global financial system, facilitating the illicit movement of funds derived from criminal activities. To combat this menace effectively, it is crucial for businesses and individuals in the United Kingdom (UK) to understand the importance of Anti Money Laundering Training (AML CFT training) for UK. In this course, you will learn the concepts of money laundering, the significance of AML training, and insights into the training landscape in the UK.

Money laundering is a persistent problem that plagues countries around the world. According to 2019 anti-money laundering statistics, 60.5% of the banks’ fines were due to anti-money laundering regulations violations. Even the United Nations believes that the estimated value of money laundering worldwide, according to recent statistics, is between 2% and 5% of the world’s GDP. That’s approximately $800 billion to $2 trillion laundered annually.

The main aim for criminals to perform illegal activities is to generate a profit for the individual or group that carries out these acts and often disguise the illegal origins of these criminal proceeds. Illegal arms sales, smuggling, and the activities of organized crime, including for example drug trafficking and prostitution rings, can generate huge amounts of proceeds.

To tackle this global problem, this training course will teach you all about how to identify and report these criminal activities to the legal authorities. This course will also help you learn about the entire process of how criminals hide their illegal sources and involve in fraudulent activities with customers, making it difficult to track these sources and customers lose all of their trust in financial authorities.

You will also explore and practice this training by completing quizzes relevant to each topic and once you clear the quiz, you will hold a certification from one of the recognized financial services firms in the UK that holds significant value for your career and profession.

Key elements of AML training in UK

In the UK, the Financial Conduct Authority (FCA) has published guidance on anti-money laundering (AML) training for financial services firms. The guidance is aimed at helping firms assess the adequacy of their AML training programs and ensure that they deliver appropriate training to their staff. The key elements of AML training identified in the guidance are: 

  1. Awareness of money laundering risks: Staff should be made aware of the types of money laundering risks that their firm may face and the potential consequences of failing to prevent or detect money laundering. 
  2. Identification of suspicious activity: Staff should be trained to identify signs of suspicious activity and to know when and how to report it.
  3. Customer due diligence: Staff should know how to carry out customer due diligence, including identifying and verifying customers’ identities. 
  4. Record-keeping: Staff should be aware of the importance of accurate and complete record-keeping and relevant legislation and regulations requirements. 
  5. Compliance with AML procedures: Staff should know how to comply with the firm’s AML procedures and understand the importance of doing so.

Reason to choose us for anti-money laundering training course UK

There are many reasons to choose us for anti-money laundering training UK, but some of the most important ones include: 

  • We are experienced and qualified professionals with a long track record in anti-money laundering. 
  • We offer a comprehensive and tailored service that covers all aspects of anti-money laundering training. 
  • We offer a competitive price that is unbeatable in the market.

Aim of the course

This course is designed to provide you with an understanding of Anti-Money Laundering (AML) and its requirements. You will learn how to identify and report suspicious activity and understand financial institutions’ role in AML compliance. This course will also help you to understand the importance of customer due diligence and risk management in the prevention of money laundering. Upon completion of this course, you will be able to:

  • Understand the concept of money laundering and its associated risks
  • Understand the requirements of the Anti-Money Laundering Act
  • Identify and report suspicious activity 
  • Understand the role of financial institutions in AML compliance 
  • Understand the importance of customer due diligence and risk management in the prevention of money laundering

Frequently Asked Questions (FAQ):

What is anti-money laundering training UK?

Anti-money laundering training UK is a type of training that helps individuals and businesses to detect and prevent money laundering activities. It typically covers topics such as identifying money laundering red flags, understanding financial transactions, and knowing how to report suspicious activity.

Why is AML CFT training important Uk?

Anti-money laundering training Uk is important because it helps to protect businesses and individuals from being involved in money laundering activities. A serious crime such as money laundering can have serious consequences, including imprisonment. By understanding how to detect and prevent money laundering, businesses and individuals can help to protect themselves from becoming involved in this type of activity. 

Who needs this course? 

Anyone working in a business or profession that handles money or financial transactions is at risk of being involved in money laundering activities. This includes businesses such as banks, casinos, estate agents, solicitors, and individuals who work in these businesses. 

What are the benefits of anti-money laundering training UK? 

Anti-money laundering training UK can help businesses and individuals to:

  • Detect and prevent money laundering activities 
  • Comply with anti-money laundering regulations 
  • Protect themselves from being involved in money laundering activities
  • Reduce the risk of being fined or imprisoned if they are found to be involved in money laundering activities.

 What is included in anti-money laundering training course for UK? 

Anti-money laundering training UK typically includes topics such as: 

  • Identifying money laundering red flags 
  • Understanding financial transactions
  •  Knowing how to report suspicious activity 
  • Complying with anti-money laundering regulations. 

What is the main purpose of  AML CFT Training Courses in UK?

AML CFT Training Courses in the UK is known to be one of the most effective ways to help protect your business from money laundering. This training can help you become familiar with all the different steps that need to be taken in order to combat money laundering, as well as how to use AML tools and techniques within your business.

How much does anti-money laundering training in the UK cost?

The cost of anti-money laundering training in the UK can vary depending on various factors such as the training provider, the level of the training program, and the delivery method. The cost of anti-money laundering training UK is  £150.

Where can I find anti-money laundering training ?

Abm Digital Training offers online anti-money laundering training.

What are the requirements for AML laundering training ?

The requirements for anti-money laundering training  will vary depending on the provider. However, most providers will require individuals or businesses to have a basic understanding of financial transactions and money laundering red flags. 

How long does anti-money laundering training take to complete?

The length of anti-money laundering training in the is approximately 1 – 3 hours.

Anti Money Laundering Training Modules:

Course Preview

AML training courses are used by insurance and financial professionals to educate themselves with the practice of money laundering — the criminal business of concealing the real origin and ownership of unlawful currency — as well as the laws that make it unlawful. Making sure your workers are properly taught in anti-money laundering (AML) is an important part of reducing your financial crime risk. Not only is it critical to safeguard your company, but it is frequently required by law.

Module 1: Introduction to Money Laundering and Money Service Businesses

Around the world, there has been an increase in corrupt influences on young people and it’s already being misused by criminals through emerging technology. Money laundering is the process of converting illegally obtained monies into sums that appear legal and can thus be spent as though they came from legitimate sources. Money laundering legalizes criminal proceeds, allowing drug cartels, human traffickers, and other criminals to expand and profit from their activities. Tax evasion, theft, fraud, bribery, corruption, smuggling, modern slavery, human trafficking, drug trafficking, and illegal arms sales are all examples of money laundering offenses.

Criminal property (as defined in POCA) is a property that constitutes or represents a person's benefit from criminal activity, and the alleged offender knows or suspects that the item in question does. Money, money's worth, securities, tangible property, and intangible property are all examples of criminal property. Money laundering can be carried out in any part of the world and can range from a single act involving one person to complex setups involving various individuals. There are no materiality or de-minis exceptions about money laundering. The UK has a thriving and dynamic business climate, aided by a small number of restrictions on starting a company. Criminals frequently take advantage of the ease with which a business can be formed by forming ostensibly legitimate corporations both in the UK and abroad, but which are largely used to launder illicit funds.

Criminals often take advantage of the property market, particularly in London. Large financial centers are desirable destinations or transit points for the proceeds of crime; money laundered in this country is frequently the proceeds of crime originating in another country. Criminal and regulatory fines could be enforced by UK, EU, and US authorities due to large amounts of criminal money flowing through the UK.

As Money Laundering is on the rise, this course is will give you the basic knowledge and understanding of what Money laundering and Terrorist financing are all about and how it is carried out in the world. It is highly important to learn how these criminal offenses are carried out as there is a potential risk that someone might approach you or someone you know into this act and that could put someone’s life in danger.

Module 2: International Legislations

As we learn in detail about how to prevent money laundering from spreading across the globe, it is essential to learn about the rules, guidelines, and legislations, on how to detect these suspicious activities. The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), the Proceeds of Crime Act 2002 (POCA) (as amended by the Serious Organized Crime and Police Act 2005 (SOCPA)), and the Terrorism Act 2000 (TA 2000) (as amended by the Anti-Terrorism, Crime and Security Act 2001 (ATCSA 2001) and the Terrorism Act 2006 (TA 2006).

The existing Money Laundering, Terrorist financing, and Transfer of Funds (Information on the Payer) Regulations 2017 are amended in a limited but significant way by these regulations (MLR 2017). These include broadening the scope of the regulated sector, changes to customer due diligence, and enhanced due diligence, including a new requirement to report discrepancies between customer due diligence information and information on the Persons with Significant Control register to Companies House.

It's worth noting that, as of June 2, 2021, Crown Prosecution Service (CPS) advice allows for prosecution under this clause regardless of whether or not a money laundering offense has been proven. As a result, Section 330 requires to notify suspicions of money laundering to authorities, regardless of whether money laundering occurs.

All individuals and legal entities who are within or undertake activities within the UK’s territory must comply with the EU and UK financial sanctions that are in force. Most financial sanctions are made through EU law which has a direct effect under UK law. It is important to understand that each financial transaction made of different clients must be tracked and regulated to assess whether the amount and flow of money are being transferred legally or not.

Module 3: CDD & EDD

Customer Due Diligence and Enhanced Due Diligence are used to assess any potential risk from the customer as recommended by the Financial Action Taskforce. Banks and other financial institutions check their clients' information to make sure it's safe to do business with them and financial intermediaries have the right to seek complete information from their clients to verify their integrity. Both are essential components of AML programs, and their proper implementation necessitates appropriate employee training.

CDD is important for protecting against the misuse of financial services by any criminal and also to strengthening the Anti-Money Laundering Controls of a company, and in case there is any situation where the risk of Money laundering or Terrorist Financing is very high, then that is where EDD comes in. In terms of EDD measures, the Regulations state that if EDD is required because a transaction is complex and unusually large (etc...), the EDD measures must include, as far as reasonably possible, examining the transaction's background and purpose, as well as increasing the degree and nature of monitoring of the business relationship to determine whether the transaction or relationship appears to be suspicious.

There is also another type of diligence that will be taught in the course that will help us identify if the risk of a transaction is Low, and that is where Simplified Due Diligence (SDD) plays its part. Simplified due diligence is a term used in the 2007 Regulations that states that if a firm has reasonable reasons to believe that a client comes into one of the relevant groups, it is not required to conduct the regular customer due to diligence processes outlined in Regulation 7. Businesses who may be allowed to use the simplified due diligence exemptions but believe there is a higher risk of money laundering in a particular case should use their regular or enhanced due diligence methods.

Module 4: Risk Based Approach

These Risk-Based Approaches are vital in assessing the Risk Standing between the customer and transaction made and will help us to identify which process, whether CDD or EDD, is to be implemented based on the type of risk involved in this activity. In a way that is suitable to you, your compliance regime must include an evaluation and documentation of risks connected to money laundering and terrorism funding. This is in addition to the obligations for customer identification, record keeping, and reporting. A risk-based strategy is a method for identifying high-risk areas for money laundering and terrorist funding and developing mitigation methods.

As a basic baseline need, existing duties, such as customer identification, shall be maintained. When it comes to circumstances when additional due diligence is required, a risk-based approach principle is to focus your resources where they are most needed in order to manage risks within your tolerance threshold. This method enables the Senior Management to make systematic controls and implement the most useful procedures in relation to CDD, EDD as well as a monitor of the Compliance areas of these customers.

The course will also teach you about various types of risks that are included when choosing this method, whether the risk involves a customer, an agent, or a transaction of high value. You must establish what is acceptable to you, taking into account the nature of each product or service, the geographical regions in which you do business, and your client connections.

The approach to risk management and risk mitigation necessitates top management's leadership and involvement in the discovery and prevention of money laundering and terrorist financing. Senior management is ultimately accountable for making policy, procedure, and process decisions that limit and control the risks of money laundering and terrorist funding within a company.

Module 5: Senior Management

The HMRC guidance defines a senior manager in this context as someone who has the authority to make decisions that affect the business’s exposure to money laundering and terrorist financing risk. Examples include but are not limited to directors, company secretaries, CEOs, members of a management body or someone who performs those functions. The focus on the responsibilities of senior management in the real estate sector is not restricted to the UK. The general direction of travel of regulators and legislators internationally, is to place greater responsibility and accountability burdens on the senior management of regulated firms.

Senior management should also be cognizant of their personal liability in the form of financial penalties and/or imprisonment as a deterrent to failing to fulfil those responsibilities. The senior managers of a regulated business are responsible for the oversight of meeting the Regulations and can be held personally liable if they do not take the steps necessary to protect their business from money laundering and terrorist financing.

The key for any senior manager is to at least seek to get a ground in the basics and key requirements of the relevant part of the UK regulatory system. They must Understand what AML systems and controls the firm has in place and assess whether they are working effectively, seek regular opportunities to consider and challenge: the systems and controls; the testing that is done of them; how they are communicated through the firm; the people putting them in place; and whether sufficient resource is deployed to manage AML risk. Senior managers should also Understand what AML risks the firm faces – be familiar with the firm's AML risk assessment (and even better, be involved in putting it together/revising it.

Module 6: SAR and Regulatory Reporting

It is a duty for all employees in the financial sectors to identify Suspicious Activities such as Money Laundering and report these activities to the right authorities and regulators. For this matter, the report must be submitted to NCA (National Crime Agency) as soon as their criminal traces have been found. SARs (Suspicious Activity Reports) alert law enforcement to possible money laundering or terrorist financing incidents. Financial institutions and other professionals such as solicitors, accountants, and estate agents file SARs, which are a vital source of intelligence on a wide spectrum of criminal conduct, not an only economic crime.

They offer law enforcement with information and intelligence from the private sector that would otherwise be unavailable to them. Private persons can also file SARs if they suspect or have knowledge of money laundering or terrorism financing. SARs can aid in the detection of changes in the nature or incidence of organized crime, such as mortgage and boiler room scams. This allows for identification and prevention, as well as the sending of alerts to firms that are in danger from such conduct.

This course will also teach you criminal offenses, such as Tipping Off customers, as well as the guideline and procedure of creating these reports within the deadline. It will also help you on how to suspect all unusual transactions to see if there’s anything that is being carried out illegally. The course will also teach you the Legal Consequences that you would have to face if you don’t report in time or the correct format to the authorities which could either lead to a heavy fine or be sent for imprisonment based on these actions. 

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Anti Money Laundering Training (AML CFT Training) for UK