AML Training - Online Demo

The act of money laundering is a global problem that affects all the world's financial sectors, and the professionals that operate in all the various countries. The criminal or terrorist does not respect international boundaries; in fact they thieve on the vast differences between different jurisdictions. This 'global financial village' gives the criminal almost unlimited access to a vast variety of products and an array of methods and opportunities to launder money.

Our greater ethnic diversity, more UK expatriates operating abroad, the increase in the size of the EU, even to the rental operations of foreign holiday homes has led to an increased volume of smaller 'businesses and individuals' dealing in foreign transactions.

There are many ways to transfer funds between jurisdictions, some more regulated than others. The sheer volume of transactions makes it easier for the criminal to hide his funds. It is truly an international problem that requires international co-operation, we have to appreciate that the global solution is only as good as the weakest link in international legislation and compliance.

The FATF is an inter-governmental body established at the G-8 summit of 1989, it now has 34 members (of which the UK is a member), China, the latest member, was admitted in April 2008. In 1990 FATF issued 40 recommendations to provide an action plan to combat ML. In response to the September 11 attacks on the USA, FATF increased the number by issuing a further 9 special recommendations on terrorist financing.

It is these FATF recommendations which form the basis of the Money Laundering Regulations which regulate the professional firm today.

Welcome to the Business Tax Centre online anti-money laundering training

The Money Laundering Regulations 2007 came into effect on 15 December 2007. A major part of the Regulations is that all firms should supervised for their compliance. One of the requirements placed upon firms for their internal policies is that all staff be trained in awareness of the risks posed by money laundering and helping to ensure a culture of vigilance and compliance.

Therefore the aim of the training is:-

Aid staff to have a good understanding of their roles and responsibilities under the UK Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Regime, and

Help staff in the regulated sector understand the burden and responsibility of law and regulation which has been placed upon them.

We have to understand what is our small part in the wider picture of the worldwide regime, how it affects our daily working routines. Why our firms have put in place new  policies and procedures in order to comply with this set of legislation.

The training will look at various aspects to help you get to grips with the basic concepts from risk mitigation, client due diligence through to the reporting regime.

What is Money Laundering?

The following definition demonstrates the process of 'money laundering'

Money laundering’ is the process by which criminally obtained money or assets (this is known as criminal property) are obtained for ‘clean’ money or other assets with no obvious link to their criminal origins. It also covers money, however come by, which is used to fund terrorism.

The term ‘money laundering’ can actually be quite misleading, it is not just money that is laundered, but it can also be all forms of ‘property’ that represents the ‘proceeds of crime’ either directly and indirectly. This has given rise to this traditional view of the ML process;

• Placement – where cash from criminal activities is placed into the financial system. For example cash businesses
• Layering- a complex systems of transactions to hide the source and ownership, for example asset purchase and
• Integration – where the laundered funds are reintroduced back into the financial system appearing to have come from a legitimate source.

We will try to put this into a meaningful context over the rest of this section. 

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