Money laundering and terrorist financing occurs all around the world.
Money laundering and terrorist financing occurs all around the world. No country is immune. In this course, you will learn how to assess the risk your organization faces. You will also become aware of how to report any suspicious transactions. Minimizing the risks presented by money laundering and terrorist financing begins by knowing the red flags. You will learn the red flags to look for and what to do should you notice any of them. Identifying red flags can be part of a risk assessment. This course will help you understand how to perform a risk assessment. Organizations should adopt a risk-based approach when dealing with money laundering and terrorist financing. By doing this, organizations can limit the risk of these crimes occurring. Finally, you will learn how suspicious transactions should be reported if you notice them.
Learning Objectives
- Learn how to use a risk-based approach
- Understand the red flags of money laundering and terrorist financing
- Learn how to report suspicious transactions
- Learn how to perform a risk assessment
Skills you’ll gain
Anti Money LaunderingFinancial Risk ManagementFinancial RiskFinancial Risk MonitoringInternational FinanceCertified Anti-Money Laundering SpecialistWhat You'll Learn
- Apply a risk-based approach to money laundering and terrorist financing
- Identify the red flags of money laundering and terrorist financing
- Perform a money laundering and terrorist financing risk assessment
- Report suspicious transactions when you notice them
- Recognize what actions to take after spotting a red flag
Key Takeaways
- Money laundering and terrorist financing occur worldwide, and no country is immune.
- Minimizing the risks of money laundering and terrorist financing begins by knowing the red flags.
- Identifying red flags can be part of a risk assessment.
- Organizations should adopt a risk-based approach to limit the risk of these crimes occurring.
- Suspicious transactions should be reported when they are noticed.
Frequently Asked Questions
What will I learn in this course?
You will learn how to assess the money laundering and terrorist financing risk your organization faces, how to use a risk-based approach, how to recognize the red flags of money laundering and terrorist financing, how to perform a risk assessment, and how to report suspicious transactions.
What topics does this course cover?
The course covers a risk-based approach, risk assessment, red flags, and reporting suspicious transactions.
What skills does this course help build?
It supports skills including Anti Money Laundering, Financial Risk Management, Financial Risk, Financial Risk Monitoring, International Finance, and preparation aligned with Certified Anti-Money Laundering Specialist.
What should I do if I notice a red flag?
The course teaches what to do should you notice any red flags, including how suspicious transactions should be reported when you notice them.
Transcript
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(powerful music) Let's discuss the risks, red flags, and reporting duties associated with money laundering and terrorist financing. The Financial Action Task Force recognized that countries and organizations adopt a risk-based approach to money laundering and terrorist financing. In fact, it is the first recommendation on the FATF's list of recommendations. This means identifying, assessing, and understanding the risks they face. Once they understand the risks they face, countries and organizations should then take the appropriate steps to mitigate them. A risk-based approach can be adapted to fit each country's and organization's needs. The focus of risk-based approach is not on reacting to incidents. Instead, this approach focuses on being proactive in preventing these crimes. In essence, a risk-based approach allows organizations to recognize that risks exist, perform risk assessments, and create and implement strategies to address these risks. Take some time to think about the different type of risks your organization may face.
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