Anti-Money Laundering – English Version
Any customer to a financial institution has to be aware of the AML policy of the bank. Hence, this is potentially a key area for questions in interviews and discussions.
Anti-Money Laundering or AML Process is an important banking procedure that enables banks to be alert for money laundering methodologies and to be able to track and monitor potential laundering accounts and relationships.
‘Know Your Customer’ (KYC) is the guiding principle behind Anti-Money Laundering (AML) measures. In other words, KYC-AML are main building blocks for the compliance in any financial institution.
This course will introduce you to money laundering which means transforming the proceeds of crime and corruption into ostensibly “legitimate” assets. It is primarily committed in order to conceal the origins of illicitly obtained money from law enforcement agencies and financial institutions. Money laundering can be done through the following steps: placement, layering and integration.
This course also explains entities and processes related to Anti-Money Laundering processes and various factors which are critical to them. You will be able to demonstrate competency in the use of language and terminology appropriate to Anti-Money Laundering.
You will also get to learn about the Prevention of Money Laundering Act (PMLA), 2000 which was enacted by Parliament in 2002 to address money laundering in India and its financing of terrorism.
Anti-money Laundering Course – What you’ll get?
- E-learning course (duration 1 hour),
- Online Test (20 questions randomly selected out of a large question bank),
- TrainingCentral Certificate on getting passing marks (60%)
The term anti-money laundering has been used in various forms since 1970s, when it was coined by a French policeman named Jean-Jacques de Fouchier, who helped establish the first international body on banking supervision.
Anti-money laundering (AML) is a term that refers to a set of regulations and practices designed to ensure that people do not make use of financial system to hide the proceeds of crime and to avoid taxes. The AML Process helps financial institutions, like banks and NBFCs, in detecting, preventing and deterring the conversion or transfer of illegally gained money.
But before that, it is essential to understand how money laundering is done. Typically, money laundering can be done through three steps of placement, layering and integration.
This process of money laundering starts with the placement of funds from an illegitimate source into a legitimate business or investment. The launderers then use their own funds to buy goods, services, and assets in order to obscure the link between the laundered money and the original source of crime.
This process can be repeated multiple times in order to create an intricate web of transactions between different entities and individuals, thus making it difficult for law enforcement agencies to find out where the funds originated from.
We usually mistake tax evasion for money laundering. But there is a difference. Because money laundering does not involve legal activities such as paying less tax than required by law. In fact, it can be considered a form of fraud or theft since some people are using other people’s hard-earned money without permission.
TrainingCentral’s course on ‘Anti-Money Laundering’ is interactive that covers all these topics in detail and gives the learner understanding of money laundering, its process and techniques to identify it.
This is a self-paced, e-learning course that can be accessed on a desktop or smartphone. The enrollment will begin from the day of payment. This course has audio and on-screen text. This course is also available in Hindi and Marathi language.
If you wish to subscribe to this course for you or employees of your organisation, please share your contact details at https://trainingcentral.co.in/contact/
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This course is essential for any professional wishing to work in the banking and finance domain – be it someone currently working in the domain or someone wishing to be employed in the industry.