AML Awareness


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
    • 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

Advanced Preparation


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