Module 1: Introduction

Welcome to this new and updated AML & Financial Crime Course

During this course you will cover the following learner outcomes and will then be assessed via a multiple choice quiz. The quiz has a pass rate of 80% which you will need to achieve in order to access your certificate.

So you may be asking why do I need to take this course?

Money laundering is a crime that takes place across the globe at a huge cost to society.

Money laundering occurs when a criminal takes proceeds of crime – or “dirty” money – and then disguises the origins so that they appear to come from a legitimate source. Involving a respected Financial Services organisation in a money laundering transaction gives it the appearance of legitimacy.

In order to recognise or avoid involvement in a money laundering scheme at our organisation, you need to understand how to recognise suspicious activities and what to do once you have identified them.

Key legislation

The main anti-money laundering legislation of which you must be aware includes:

• the European Union’s Fourth Money Laundering Directive;
• the UK Money Laundering Regulations 2007 or “the Regulations” (as amended);
• the Proceeds of Crime Act 2002 or “POCA” (as amended); and
• the Terrorism Act 2000 (as amended).Each piece of legislation is aimed at preventing the use of the financial system for the purpose of money laundering or terrorist financing.