AML & CFT eLearning Module (Bermuda)
Essential eLearning for all financial services professionals.
Description
Our Anti-Money Laundering module adheres to the AML/CFT Handbooks, to help ensure your company meets the statutory requirements. With a focus on moral imperatives, employees will understand the importance of the contribution that they can individually make.
Training is most effective when learners retain all of the information. With clear and concise content, the latest learning science and modern design, we increase learners’ information retention by up to 65% compared to traditional eLearning.
Our eLearning complies with European security standards and is guaranteed to work with your IT systems.
Click here to watch Demo.
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1-hour |
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All staff |
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Bermuda-specific |
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1-hour CPD |
The module
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What is Money Laundering?
Money laundering can be described as the process by which the proceeds of crime are disguised to make them appear legitimate. As such, money laundering is an essential part of illegal activity, and helping stop it can have a real-world impact on crime.
How much money is laundered each year?
It’s estimated that 2.7% of global GDP (over 2 trillion USD) is laundered per year. (FACTI2020)
What is the Money Laundering Cycle?
Money laundering is traditionally described in terms of ‘The Money Laundering Cycle’. You may already be familiar with the conventional money laundering cycle which usually divides the money laundering process into three principal phases.
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Placement
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Layering
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Integration
What are my AML obligations?
Different jurisdictions have varying regulatory obligations for what your AML obligations look like. However, most jurisdictions require individuals to complete mandatory refresher training once every year or other year.
In Jersey, the Jersey Financial Services Commission (JFSC) publish the AML / CFT Handbooks, which outline the legislative and regulatory requirements for the prevention and detection of money laundering and the financing of terrorism. You can click here to view the Handbooks.
In Guernsey, the GFSC has a singular Handbook on Countering Financial Crime and Terrorist Financing, which is applicable to all financial services businesses and prescribed businesses can be found here.
At the end of the AML course, users will have:
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A detailed understanding of what money laundering is
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An understanding of jurisdiction-specific legislation
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An understanding of how to identify suspicious activity
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An understanding of the risk-based approach (RBA)
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An awareness of your CDD and KYC obligations
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An understanding of your reporting obligations
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An understanding of terrorism financing
What are AML measures?
AML and CFT frameworks have a layered-style structure, in which international initiatives shape local laws and guidance, which ultimately shapes your company’s policies and procedures. It’s very useful to have an understanding of the different AML and CFT frameworks when discussing appropriate AML and CFT measures.
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International Initiatives
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Sanctions
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Primary Legislation
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Secondary Legislation
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Regulatory Powers
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Guidance
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Codes of Practice
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Internal Policies and Procedures
Price Package
|
Number of licences |
Price per licence |
|
1 – 10 |
USD 70.00 |
|
11 – 24 |
USD 65.00 |
|
25 – 49 |
USD 60.00 |
|
50 – 74 |
USD 55.00 |
|
75 – 99 |
USD 50.00 |
|
100+ |
POA |