Anti-Money Laundering Training

The training component of the Money Laundering and Terrorist Financing must be an on-going process, with employees being trained as they start work and be kept up to date with changes and amendments to the law, its regulations, and company practices. Training is designed to assist individuals have a better understanding of the anti-money laundering/counter-terrorist financing (AML/CTF) risks, controls, and their responsibilities to meet the training requirements stipulated in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its supporting Regulations.

Basic Training

  • What is money laundering?
  • What is terrorist financing?
  • Suspicious transactions scenarios (red flags)
  • Reporting
  • Record keeping
  • Client identification

Specific Training

  • The training focused on employee’s roles and responsibilities
  • Emphasis on subject matter identified as critical or challenging (i.e. Beneficial Ownership, Politically Exposed Persons, Third Parties)
  • Identifying the true beneficial owner(s) – complex corporate structures (trusts, partnerships, limited partnerships)
  • Suspicious activity scenarios specific to each industry
  • Enhanced training tools

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