OVERVIEW
This course raises awareness of money laundering and terrorist financing and the measures used to prevent, detect and report them. Money laundering enables serious and organised crime, and the law places personal criminal obligations on individuals as well as regulatory obligations on businesses. The United Nations Office on Drugs and Crime estimates that between 2% and 5% of global GDP — somewhere in the region of £600 billion to £1.5 trillion each year — is laundered, and the UK National Crime Agency assesses that hundreds of billions of pounds of criminal proceeds flow through or into the UK annually. The course explains what money laundering is, the three stages of the laundering process, the key UK legislation, the obligations placed on regulated businesses, the warning signs to look for, and how and when to make a suspicious activity report (SAR) to the National Crime Agency.
It also covers the personal offences under the Proceeds of Crime Act 2002 that apply to everyone, the failure-to-disclose and tipping-off offences that apply within the regulated sector, customer due diligence (CDD) and enhanced due diligence (EDD), and the risk-based approach required by the Money Laundering Regulations 2017. It is suitable for staff in at-risk and regulated sectors — including financial services, accountancy, legal services, estate and letting agency, trust and company service providers, art market participants and high-value dealers — as well as managers and nominated officers (MLROs). On completion you will sit a 20-question multiple- choice assessment with an 80% pass mark to earn a CPD certificate.
