AML Training

On completion of this ABAC course, you should be able to:

• Understand what the Anti Money Laundering Regulations are: understand policies, procedures and controls
• Understanding Money Laundering, Terrorist Financing and Sanctions
• Recognise the importance of conducting a risk assessment
• Vulnerabilities of financial institutions to money laundering and terrorist financing
• Management obligations and the risk-based approach to money laundering and terrorist financing
• Adopt appropriate internal controls
• Identify Politically Exposed Persons (PEPs)
• Recognise the importance of keeping adequate records

• Prerequisites: there are no prerequisites to participate in this training course
• Training Day: 1
• Exam Duration : N/A
• Retake Exam: No
• Training material and practical examples will be provided

Money laundering is the process of taking illegally obtained and often large sums of money and making it appear as it though it has come from legitimate sources. The money, often referred to as ‘dirty money’, is often generated through proceeds of crime such as drug trafficking and is ‘laundered’ to make it look clean.

Money laundering is illegal because it enables criminals to profit from crime and usually involves a number of illegal steps to take place. This includes attempts to conceal or disguise the nature, location, source, ownership, or control of the proceeds of crime. While the source of the money is what makes money laundering illegal, the act of laundering money is also illegal.

• Drug Trafficking. Drug trafficking is a cash-intensive business. …
• International and Domestic Terrorism. For ideologically motivated terrorist groups, money is a means to an end. …
• Embezzlement. …
• Arms Trafficking. …
• Other Use Cases.

The money from the criminal activity is considered dirty, and the process “launders” it to make it look clean.

• Offshore accounts;
• Anonymous shell accounts;
• Money mules; and.
• Unregulated financial services.