Money laundering is a complex subject and includes terrorist activity. It is covered by several pieces of legislation which are referenced throughout the course. These are The Money Laundering Regulations 2007, the Proceeds of Crime act 2002 and the Terrorism Act 2000. These can all be found on the government legislation website and can be downloaded. Individual sections can be printed for easy reference. Each module is followed by an assessment to ensure delegates have understood the material.
It is strongly recommended that delegates take notes as they work through the course to aid their learning and to give them a reference resource at the end of the course. Notes will also help the delegates pass the assessments.
The course can be completed in a single sitting, but as it is split into modules it can be undertaken at a pace that suits the individual delegate enabling them to manage their own training and fit it around their daily tasks.
At the end of the course delegates will have a better understanding of the law surrounding money laundering and funding terrorism, the purpose of these laws, and what their responsibilities are in relation to anti money laundering activities. They will have a knowledge of the regulations and hopefully a desire to find out more. They will also be fully aware of the consequences of failing in their responsibilities.
Module 1 explains what money laundering is, what legislation covers it, the concept of ‘dirty money’ and the methods employed by those seeking to launder money, the better to recognise suspicious activity.
Module 2 looks at anti money laundering. It explains what anti money laundering is in practice and examines the ‘regulated sector’ and how this sector differs from the unregulated sector.
Module 3 introduces the first piece of legislation – the Proceeds of Crime Act 2002 (POCA). This act contains the most pertinent information about the practicalities of anti money laundering and sets out the requirements of the regulated sector in fighting money laundering. Reporting and tipping off are thoroughly explored.
Module 4 deals with the requirements under the Terrorism Act 2000. They are similar to those under POCA but instead of money laundering they refer to terrorism specifically but the message behind each is the same – prevent, report, don’t tip off. The Terrorism Act 2000 also applies to property as well as money and is applied universally.
Module 5 starts to look at some more specific examples where money laundering happens and looks at Sanctions, those entities, states and parties who are under sanctions. Referencing the official sanctions list is a requirement of all customer due diligence checks.
Module 6 introduces the Money Laundering Regulations 2007. Specific regulations are highlighted as are the penalties for failure to comply. Also included is the list of those sectors which the regulations refer to. Module 7 discusses customer due diligence, when it should be applied and how you should check a customer’s identity.
Module 8 explores customer due diligence further and introduces the concept of a politically exposed person, a PEP and the list of people to check against. The sanctions list is referred to again and what to do if your customer appears on any of these lists.
Module 9 examines when you need to enhanced due diligence checks on your customers to verify their identity in addition to the checks you will already have undertaken, and why.
Module 10 is the final module and explains how to report any suspicious activity to the National Crime Agency. It also explains what a Suspicious Activity Report, SAR is and what to do once it is submitted.
The last activity in the course is a final assessment that will underline that a delegate has understood the material. These are in addition to the assessments that are at the end of each module.