Anti-money laundering (AML) refers to the laws, regulations and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Anti-money laundering laws cover a limited range of transactions and criminal behavior, but their implications are far-reaching.

Measuring the current scale of money laundering is extremely difficult. The World Bank (WB) and International Monetary Fund (IMF) have estimated the volume of money laundering to be between 3% and 5% global (GDP), equivalent to approximately US $2.2T to US $3.7T annually. According to the U.S. Department of the Treasury, more than US $300B is laundered in the United States annually.

In our first segment on Anti-Money Laundering – Understanding the process we focused on:

  • Understanding how money laundering occurs
  • The three stages of money laundering
  • Reviewing legislation passed to address money laundering

In this session, we will delve further into some of the legislation and compliance needs that focus on establishing a strong Anti-Money Laundering program.

Learning Objectives
  • Explore requirements of a compliance program.
  • Explore compliance program requirements under the Bank Secrecy Act.
  • Explore FAFT Recommendations related to AML.
  • Explore the requirements of an AML compliance professional.
  • Identify and understand customer identification requirements as it relates to AML.
  • Discover and learn components of establishing a customer identification program.
  • Recognize and understand who has trading authority over an account.
  • Explore the goals of exposing money-laundering via a compliance program.
Last updated/reviewed: March 17, 2024
6 Reviews (27 ratings)

Reviews

5
Anonymous Author
It is super important to know the FATF recommendations and acts around compliance. Our aim is to ensure that we follow an extensive compliance procedure.
5
Member's Profile
An intense and well-presented course for compliance professionals that provide a comprehensive picture of AML as part of Compliance
5
Anonymous Author
It is a quite interesting courses to understand how to establish a compliance program for Anti-Money-Laundering.
4
Anonymous Author
Great course of anti money laundering - establishing a compliance program
5
Anonymous Author
Excellent course for individuals not familiar with the subject matter.
5
Anonymous Author
Course is verify helpful in understanding BSA and AML program.
Prerequisites
Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to Anti-Money Laundering - Establishing a Compliance Program7:12
  AML Compliance Program6:18
  Compliance Program Requirements of Bank Secrecy Act7:01
  Financial Action Task Force Recommendations(FATF)9:37
  FATF Recommendations Cont'd9:59
  Recommendations Updates12:21
  Requirements for the Compliance Person7:02
  Customer Identification Requirements and Recordkeeping6:44
  Customer Identification Program (CIP)9:30
  Goals of Exposing AML9:38
  Summary1:52
CONTINUOUS PLAY
  Anti-Money Laundering - Establishing a Compliance Program1:27:14
SUPPORTING MATERIAL
  Slides: Anti-Money Laundering - Establishing a Compliance ProgramPDF
  Anti-Money Laundering - Establishing a Compliance Program Glossary/ IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam