Welcome to this course on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT). Throughout this course, we will explore the essential concepts, indicators and methods of money laundering, and the obligations of financial institutions in combating money laundering and the financing of terrorism (also referred as AML/CFT).
Money laundering is the process by which funds of criminal origin are “cleaned” e.g. by means of transfers involving foreign banks or legitimate businesses and turned into assets that appear to have a legitimate origin. This enables criminals to conceal the source of their illegal income. Terrorist financing, on the other hand, involves providing financial resources to support terrorist activities.
In these lessons, we'll look at the various stages in the money laundering process. We'll also look at the techniques commonly used by criminals to conceal the origin of funds.
We will study the legal and regulatory obligations imposed on financial institutions and other economic players to prevent money laundering and the financing of terrorism.
We will also discuss the risks associated with these illicit activities. We will explore the international instruments in place to combat money laundering and the financing of terrorism, such as the recommendations of the Financial Action Task Force (FATF).
Finally, we will look at organizational best practices in preventing and detecting money laundering and the financing of terrorism.
By understanding the issues and strategies involved in combating money laundering and the financing of terrorism, financial institutions can contribute to the preservation of financial stability and national and international security.
This course consists of four lessons. The average duration of the course is 1 to 2 weeks. Each lesson takes about 30 minutes to be completed. We recommend a maximum of one or two lessons per week.