AML Basics

• The history of AML: a brief history of the emergence of regulations, why they became mandatory, and how they have evolved over time
• AML basics: what this system is, why it exists, and how it works
• Why banks request documents: an explanation of KYC (Know Your Customer) procedures and the purpose of such checks
• Verification processes: how identity verification and income source verification are conducted, and why they are important
• How banks detect suspicious transactions: a simple explanation of transaction monitoring methods and how banks track unusual activity
• The concept of “Due diligence”: an explanation of what due diligence is and why banks assess the reliability of clients
• Differences between AML and KYC: clear explanations of what each concept means and in what contexts they are used
• How AML differs from Counter-Terrorism Financing (CTF): a simplified clarification of how both systems work together and why they are necessary
• Why banks can be annoying sometimes: explaining the reasons behind repeated document requests
• Your rights and responsibilities as a client: what a bank can and cannot request; what rights clients have within the framework of AML
• Consequences of non-compliance: an explanation of what happens if a bank or a client fails to meet AML requirements, and the potential consequences

This course is designed to provide a thorough understanding of Anti-Money Laundering (AML) and its critical role in maintaining the integrity of the global financial system. You’ll explore the history of AML, learning why regulations were introduced, how they evolved, and why they are now a cornerstone of modern banking.

Key components of the course include understanding the basics of AML, such as its purpose, how it works, and why it’s essential. You’ll delve into Know Your Customer (KYC) procedures, including why banks request documentation and the objectives behind these checks. The course also explains the verification processes used by banks to confirm identity, assess income sources, and monitor transactions for unusual activity.

You’ll gain clarity on advanced concepts like due diligence and the differences between AML, KYC, and Counter-Terrorism Financing (CTF), learning how these systems work together to combat financial crime. Additionally, the course addresses common frustrations, such as repeated document requests, while highlighting your rights and responsibilities as a client.

Finally, you’ll understand the consequences of non-compliance with AML requirements for both banks and clients, equipping you with knowledge to navigate these processes confidently. This course is ideal for anyone seeking a practical and in-depth grasp of the basics of AML and financial compliance.

Who this course is for:

• Individuals, without AML-related professional background or education, who wish to learn the basics of AML