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Anti-Money Laundering and Counter-Terrorism Financing in Australia – All Staff Course

Background

Anti-Money Laundering (AML) legislation has been around for a number of years. AML legislation was expanded to include Counter-Terrorism Financing with the introduction of the US Patriot Act in 2001, as a response to the September 11 terrorist attacks. Since then, Governments around the world have been introducing new laws focused on detecting and reducing money laundering and terrorism financing. Among other compliance requirements, these institutions must develop and implement AML training. E-learning is the methodology of choice for such training. Not only is e-learning cost-effective and rapidly scalable, it provides an audit trail of an institution’s compliance with the training requirements of the applicable AML regulations.

Purpose

The purpose of this course is to provide individuals with an overview of the Anti-Money Laundering and Counter Terrorism Financing (AML/CTF Act 2006). The content of this course covers the mandatory requirements for staff awareness training and much more.

Target Audience

This course is designed for any employees that need a basic understanding of anti-money laundering and is available for AUD$99 (or less for bulk purchases).

Course Overview

After completing this course you will be able to: Define money laundering and counter terrorism financing Explain the principal stages in money laundering - placement, layering and integration Explain the techniques for money laundering at each stage Explain the background to the development of anti-money laundering legislation around

the world Explain the key money laundering and terrorism financing risk components Describe the main elements of any anti-money laundering program - customer

identification, employment screening, training and transaction monitoring and suspicious matter reporting

Describe the benefits of compliance and the potential consequences of non-compliance Recognise the red flags that could indicate unusual or suspicious behaviour Recognise the principal techniques used by money launderers Describe the key processes and technologies to fight money laundering Pass the learning assessment

Detailed Course Overview

Module 1: Overview of Anti-Money Laundering and Counter-Terrorism Financing

Learning objectives What is Money Laundering and Terrorism Financing? What is the size of the Money Laundering and Terrorism Financing problem? The principal stages in money laundering - placement, layering and integration The techniques for money laundering at each stage The key processes and technologies to fight money laundering A brief history of AML/CTF legislation Overview of AML/CTF legislation in Australia Chronology of major advances in AML/CTF legislation Examples of Money Laundering and Terrorism Financing reported in the media.

Module 2: Overview of the AML/CTF Program Summary of the AML/CTF Program Key components of the AML/CTF Program Part A – Program Governance Part B – Customer Identification (including the ML/TF Risk Assessment) Transaction Monitoring and Reporting Obligations Employee Due Diligence Staff Awareness Training Independent review and oversight  Module 3: Implementing the AML/CFT Program

Benefits of compliance Potential consequences of non-compliance – financial and non-financial penalties Red flags that could indicate unusual or suspicious behaviour

At the end of the course there is a learning assessment to track the knowledge of the participant, which generates a certificate of completion once the user attains the required pass mark. The scoring and pass marks are fully auditable and can be provided to regulators to evidence that training has been conducted.