Understanding Anti Money Laundering Risks
Money laundering is the process by which money obtained through criminal activities is given the appearance of having come from a legitimate source. The money in question may come from drug trafficking, terrorist activities, tax evasion or other crimes. It will usually be in the form of large quantities of cash, which need to be introduced into the legitimate financial system.
In order to reduce the risk of money laundering and the financing of terrorism, reporting entities have obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. The Salt Compliance Anti- Money Laundering course trains reporting entities and their representatives to understand their obligations and provides a general understanding of the risks related to money-laundering and terrorism financing. We explain how to adopt an AML program, conduct Know-Your-Customer procedures and to provide reports to Australia’s anti-money laundering regulator AUSTRAC.
The intent of this course is to provide a general understanding of money-laundering and terrorism-financing risks, and give specific understanding of the various legislative obligations imposed by the Act.
Who needs the training?
The course should be completed by all employees of reporting entities (including those involved in compliance and risk management functions) that offer services such as:
- providing bank account-related services
- making loans
- exchanging currencies
- issuing debit and stored value cards
- issuing securities and derivatives
- stockbroking
It is designed to cater for a diverse audience and all levels of staff, therefore we have generic modules aimed at all employees and some
specific to senior management.
Course outline
| Module 1: |
Introduction to money laundering |
| Module 2: |
The risk of money laundering |
| Module 3: |
KYC obligations |
| Module 4: |
Suspicion and threshold transactions |
| Module 5: |
Terrorist financing |
You will have 90 days to complete this course.
