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Anti-Money Laundering - AML Training

Anti-Money Laundering (AML) Training Courses

Get training to meet your Anti-Money Laundering / AML compliance training requirements.

Banks are required to have processes that determine which transactions are potentially suspicious and implement a strong BSA and AML compliance program that uses comprehensive Customer Due Diligence (CDD) policies, procedures, and processes for all customers, particularly those that present a higher risk for money laundering and terrorist financing.

What Is AML? Who Is Responsible For AML Certification?

AML, or Anti-Money Laundering is covered by the Bank Secrecy Act (BSA), and is a compliance requirement of US Banks. AML and BSA are overseen by the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN), and require banks, broker-dealers, mutual funds, futures commission merchants, etc. to identify and verify the identity of the natural persons behind the legal entity customers - AKA "the beneficial owners".

An AML compliance program should ensure that an institution is able to detect suspicious activities associated with money laundering, including tax evasion, fraud, and terrorist financing, and report them to the appropriate authorities. An AML compliance program should focus not only on the effectiveness of internal systems and controls developed to detect money laundering, but on the risk posed by the activities of customers and clients with which an institution does business.

What Are The Key Elements Of An AML Program AML Training And Requirements?

An effective BSA/AML program should include an AML Compliance Officer who: develops internal policies, procedures, and related controls; creates written policies and procedures; tests of the institution's AML program, and; trains the staff to help ensure compliance.

AML Certification And Compliance Requirements: What Is An AML Compliance Program Required To Have Or Do?

According to FINRA, the Bank Secrecy Act requires financial institutions to develop and implement AML compliance programs. Under BSA and AML, covered financial institutions must identify at least a beneficial owner under the control criterion for each legal entity customer.

FINRA Rule 3310 sets forth minimum standards for AML compliance programs, and requires firms, at a minimum, to:
  • Establish and implement policies and procedures that can be reasonably expected to detect and cause the reporting of suspicious transactions
  • Establish and implement policies, procedures, and internal controls reasonably designed to achieve compliance with the Bank Secrecy Act and implementing regulations
  • Provide for annual independent testing for compliance to be conducted by member personnel or by a qualified outside party (or every two years if the firm does not execute transactions with customers or otherwise holds customer accounts or acts as an introducing broker with respect to customer accounts)
  • Designate and identify to FINRA (by name, title, mailing address, e-mail address, telephone number, and facsimile number) an individual or individuals responsible for implementing and monitoring the day-to-day operations and internal controls of the program. Such individual or individuals are associated persons of the firm with respect to functions undertaken on behalf of the firm. Each member must review and, if necessary, update the information regarding a change to its AML compliance person within 30 days following the change and verify such information within 17 business days after the end of each calendar year
Further, the program must be approved in writing by a member of senior management and be reasonably designed to achieve and monitor the member's ongoing compliance with the requirements of the Bank Secrecy Act and the implementing regulations promulgated thereunder.

What You'll Learn From Our AML Training Courses

The AML rules can be confusing, and updates occur frequently, so effective AML compliance training is essential for keeping current, staying in compliance, and avoiding fines.

Our AML training courses will help you to better understand the what's, how's, and preventitative measures for money laundering, including red flags, customer due diligence, and information-sharing policies. They may also help you meet anti-money laundering / AML certification requirements in your state.

Specifically, you will learn:
  • The various red flags of money laundering
  • The criteria that constitutes a high-risk person, product or service, and geographic location
  • Customer Due Diligence (CDD)
  • Information Sharing
  • Office of Foreign Assets Control (OFAC)
  • High Risk Persons and Entities
  • High Risk Products and Services
  • High Risk Geographic Locations
  • The role of OFAC and how an OFAC program should be implemented at the institution

Find AML Training And AML Certification Courses

To find your desired Anti-Money Laundering training courses, either select a Recommended Course from the list below, or select "Anti-Money Laundering" and your state from the "Professional Development" section of the search box at the bottom of this page.

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What Is The Anti-Money Laundering Act?

Money laundering is a process where criminals attempt to conceal illegally obtained funds by transferring into or through banks or legitimate businesses. By doing so, the criminals can then spend or use the money without raising suspicion. The three stages of money laundering consist of:
  • Placement: The movement of cash from its source via means such as currency smuggling, bank complicity or the blending of funds
  • Layering: Implementing various techniques that make it more difficult for law enforcement to follow the trail of illicit funds
  • Integration: The process of moving the laundered money into the economy and through the banking system by means such as property dealing and fraudulent loans
Congress passed the Bank Secrecy Act (BSA), often referred to as the anti-money laundering law (AML), in 1970 to enable U.S. banks to help government and law enforcement agencies detect and prevent money laundering activities. The BSA includes a series of implementing regulations known as anti-money laundering rules. FINRA Rule 3310 lists the standards that a bank must adhere to maintain compliance with the AML rules. Firms that do not comply could face significant financial, and in some cases, criminal penalties.

What Is An AML Officer?

In order to oversee internal anti money laundering policies and remain compliant with important regulations, banks, credit unions and similar financial institutions are required to appoint an Anti Money Laundering (AML) Compliance Officer.

What Does An AML Officer Do?

An AML officer is primarily responsible for overseeing the development and implementation of the company's AML compliance program and the training of the staff.

What Are An AML Officer's Duties & Responsibilities

The AML Officer should:
  • Review practices
  • Conduct investigations
  • Identify potential risks
  • Maintain regulatory knowledge
  • Review and update internal policies
  • Prepare and file required documents
  • Train staff on potential AML issues and corporate AML policies
Other roles of an AML Officer include coordinating internal audits and making compliance recommendations based on their findings.

About Our Recommended AML Compliance Training Courses

Below are some specifics about our anti-money laundering course offerings.
  • Anti-Money Laundering (AML) Requirements
    This course provides an overview of the various AML rules and regulations that banks must follow to maintain compliance. You'll learn the definition of money laundering and how it can impact a financial institution. You'll also discover how to identify the various red flags that often indicate the occurrence of money laundering.
  • Anti-Money Laundering Compliance - "Understanding The Laws"
    This anti-money laundering training program delves deeper into what money laundering is and provides a more detailed explanation of the AML rules and regulations. The purpose of the course is to help you identify money laundering activities if and when they occur at your financial institution. You'll learn about the three phases of money laundering and what constitutes criminal activity. You'll also gain a better understanding of the AML reporting requirements.
  • Anti-Money Laundering (AML) For Futures Industry (FCMs & IBs)
    Designed for Futures Commission Merchant and Introducing Broker entities, this anti-money laundering course helps industry participants identify money laundering activities, as well as address threats when they occur. The successful completion of the program will assist FCMs and IBs in meeting their annual NFA Rule 2-9(c)-mandated training requirements. You'll also receive a summary of the essential components of an anti-money laundering program for future reference.
  • BSA Red Flags For Money Laundering
    Designed for members of the frontline banking staff, this course will help to identify the four most significant crimes perpetrated against customers — identity theft, elder abuse, human trafficking and business email compromise schemes. Examples of topics include identifying the red flags that indicate elder abuse, common identity theft schemes, how to detect human trafficking via bank account activity and the misuse of powers of attorney (POA) arrangements.
  • BSA Series: Money Laundering The New Way - Virtual Currency, Prepaids, Marijuana
    This AML training program focuses on some of the "newest" crimes that are impacting the banking industry and its customers. Examples include the inappropriate use of prepaid debit cards, marijuana-growing businesses that serve as fronts for criminal enterprises, virtual currency such as cryptocurrencies, elder abuse and human trafficking. You'll learn how to identify and mitigate the risks associated with these activities.
Experience The Bank Training Center Difference

BankTrainingCenter.com is one of the verticals that comprise TrainingCenter, a leading provider of training services for industries such as banking, insurance and finance since 1994. As a banking professional, you'll have access to a series of programs that provide essential information regarding the latest, most relevant topics impacting the industry. In addition to our AML training offerings, you can also choose courses covering cyber security, call reports, fraud, deposit compliance and much more.

As a Bank Training Center student, you'll have the opportunity to choose from multiple program formats, including online webinars, in-person seminars, online courses, offline materials and audio conferences. All courses are informative and easy to follow, enabling you to maximize your learning experience. Whether you're looking to boost your industry knowledge or meet your compliance requirements, you'll find the courses that will fit your educational needs and also suit your learning style.

Order Your AML Compliance Training Course Today!

Take a closer look at our entire catalog of anti-money laundering training programs and place your order today. Feel free to contact us online if you have questions or concerns about any of our courses.
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