IAR CE

AML Awareness

Course Details

hours
1.0
price
$20.00
4.54
4.54 (438 Ratings)
See comments

Additional Credit Available:

Add CFP Certification CE
Add CIMA and CPWA CE
Add CPA CPE

Delivery Method: 

QAS Self-Study

PDF Download: 

Available

Provider of Record: 

WebCE

Provider Number: 

90082

Field of Study: 

Specialized Knowledge

Last Reviewed: 

March 2023

Study Level: 

Overview

Prerequisites: 

None

Access Period:

12 months

Exam Requirements

Proctor Required: 

No

Passing Grade: 

70%

Questions: 

10

Retakes: 

3

Please note: Adding Additional Credit may change exam requirements.

Overview

Money laundering is a serious global issue that has led to the loss of billions of dollars and undermines the stability of the global financial system. This course will introduce the concepts and practices surrounding money laundering, including the stages of placement, layering, and integration, as well as some of the common schemes used to launder money.

In the first chapter, we will cover the regulatory framework for anti-money laundering (AML), including the Bank Secrecy Act (BSA), the Annunzio-Wylie Anti-Money Laundering Act, the USA PATRIOT Act, and other relevant legislation. We will discuss the regulators, including the Financial Crimes Enforcement Network (FINCEN) and the Office of Foreign Assets Control (OFAC). We will conclude the chapter by discussing the importance of compliance programs and the consequences of failure to implement an AML program.

In the second chapter, we will dive into the practical side of AML, including customer identification programs, identity verification using documents and other methods, recordkeeping, and government list comparison. We will also cover AML red flags, customer notice requirements, PATRIOT Act Section 314(a) searches, BSA customer due diligence requirements, and suspicious activity reports (SARs). Case studies are provided to help you understand the application of concepts and rules in real-world scenarios, concluding with a case study looking at a particularly egregious money laundering case.

Learning Objectives

The purpose of this course is to provide an understanding of AML rules and regulations and best practices to detect and prevent money laundering. Upon completion of this course, you should be able to:

  • identify the definition of money laundering
  • recognize money laundering schemes and red flags
  • recall the rules and regulations related to detecting and preventing money laundering, including:
    • Bank Secrecy Act
    • Money Laundering Control Act
    • Annunzio-Wyle Anti-Money Laundering Act
    • USA PATRIOT Act
    • Intelligence Reform and Terrorism Prevention Act of 2004
    • Anti-Money Laundering Act of 2020
  • identify the roles of such regulators as the Financial Crimes Enforcement Network and the Office of Foreign Asset Control
  • recognize the role the advisor and the financial professional plays in detecting and preventing money laundering
  • remember rules related to compliance programs, customer due diligence, and related obligations
  • recall reporting obligations

Designed For

Investment Advisor Representatives, CPAs, CFEs, and other financial advisors
Course Approval Number: C25540

Advanced Preparation

None

WebCE® is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. For more information regarding WebCE administrative policies such as refunds, cancellations and concerns, please contact Support Services at 877-488-9308.


Recent Customer Course Comments

Comments are from enrolled students who recently completed the current version of this course.


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