Anti-Money Laundering

Money laundering can crop up in all sorts of everyday business settings.

This course walks through what money laundering is, the law behind it, its three stages, and the real risks of getting it wrong, using case studies and scenarios to help you spot the warning signs and feel confident about what to do if you do suspect money laundering.

If your business sits in the Regulated Sector, training in this area is essential. The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 requires every employee to complete it, along with keeping records (including assessment scores, not just a certificate) to show auditors on an annual basis. 

Who should take this course?

This course is aimed at anyone working in a role that involves payments or money. As an introduction to identifying money laundering and what to do about it, this course is for: 

• New starters, as part of general onboarding
• Customer-facing staff who interact with clients, process transactions, set up accounts, or onboard customers
• Account and relationship managers
• Finance and accounts staff

As money laundering legislation applies to all sectors, it’s often expected by insurers, banks and corporate partners for all employees in lots of different industries that can be exposed to money laundering risk, such as: 

• HR and recruitment
• IT and software, especially those serving financial clients
• Retail businesses, where large cash payments are possible
• Construction and property development
• Charities and non-profit organisations

If you work in the Regulated Sector, training in identifying money laundering is mandatory. Regulated Sector businesses include: 

• Financial services; including banks, building societies, insurers, investment firms, payment institutions
• Legal professionals handling client money or property transactions, e.g. solicitors, notaries, legal executives
• Accountants and tax advisers, including bookkeepers, payments administrators and auditors 
• Estate and letting agents
• High value dealers such as those in art, antiquities, jewellery etc
• Casinos and gambling businesses
• Crypto asset businesses registered with the FCA
• Trust and company service providers

What does this training cover?

• What money laundering is, and the legislation around it
• The three stages of money laundering
• The risks of non-compliance, including fines, criminal liability, and reputational damage, with case studies and examples
• Customer Due Diligence, Enhanced Due Diligence, and Politically Exposed Persons
• Reporting duties, and the protections in place for employees who report

Anti-Money Laundering Course Certificate

After completing this course, learners will be able to download and print a Virtual College certificate, which they can keep for their records.

At the end of this anti-money laundering course, you will need to complete a test that consists of 15 multiple choice questions. Learners are required to achieve a 80% pass mark, and - if necessary - may attempt the test six times at no extra cost. If learners do not achieve the 80% pass mark, further attempts may be given by contacting our support team.

Duration

This course takes around 30 minutes to complete. As it's all online, you can complete it at your own pace, in stages with your progress recorded throughout and spend as long as you like on each section.

Entry requirements

There are no specific entry requirements for this Anti-Money Laundering training course.