Podcast
Questions and Answers
What is the formal term for the process of making illegally obtained money appear legitimate?
What is the formal term for the process of making illegally obtained money appear legitimate?
Money laundering
Which of the following is NOT considered a predicate offence for money laundering?
Which of the following is NOT considered a predicate offence for money laundering?
The United Nations Convention against Corruption (UNCAC) specifically prohibits any form of bribery, including grease payments.
The United Nations Convention against Corruption (UNCAC) specifically prohibits any form of bribery, including grease payments.
False
What is the primary purpose of the US Foreign Corrupt Practices Act (FCPA)?
What is the primary purpose of the US Foreign Corrupt Practices Act (FCPA)?
Signup and view all the answers
What is meant by ‘proliferation financing’?
What is meant by ‘proliferation financing’?
Signup and view all the answers
Which of the following is NOT a typical source of terrorist financing?
Which of the following is NOT a typical source of terrorist financing?
Signup and view all the answers
Name one common method used by terrorist organisations to move funds internationally?
Name one common method used by terrorist organisations to move funds internationally?
Signup and view all the answers
The UN Convention for the Suppression of Terrorist Financing only criminalizes the provision or collection of funds that are intended to be used for terrorist acts, not those that are knowingly used for such acts.
The UN Convention for the Suppression of Terrorist Financing only criminalizes the provision or collection of funds that are intended to be used for terrorist acts, not those that are knowingly used for such acts.
Signup and view all the answers
What is the main objective of the Financial Action Task Force (FATF)?
What is the main objective of the Financial Action Task Force (FATF)?
Signup and view all the answers
The UN Global Programme against Money Laundering (GPML) is a separate entity from the United Nations Office on Drugs and Crime (UNODC).
The UN Global Programme against Money Laundering (GPML) is a separate entity from the United Nations Office on Drugs and Crime (UNODC).
Signup and view all the answers
What is the primary legal framework for combating money laundering in Singapore?
What is the primary legal framework for combating money laundering in Singapore?
Signup and view all the answers
Study Notes
ICA International Advanced Certificate in Anti Money Laundering Course Manual
- This document is a course manual for an advanced certificate in anti-money laundering.
- It covers money laundering, terrorist financing, proliferation financing, and financial/economic sanctions.
- The responsibility of firms is to prevent financial crime and save lives.
- The course is published by the International Compliance Association (ICA).
Contents Outline
-
Unit 1: Money Laundering and Terrorist Financing Risks
- Defines money laundering as the process of disguising illegal property to appear legitimate
- Explains methods, including the three stages (Placement, Layering, Integration)
- Defines terrorist financing (using funds for terrorist activities)
- Includes topics on proliferation financing and financial/economic sanctions
-
Unit 2: The International Bodies and Standard Setters
- Discusses the role of international bodies (e.g., FATF) in developing anti-money laundering (AML) and combating the financing of terrorism (CFT) standards.
- Covers key international organisations and their role (e.g., IMF, UNODC)
- Explains how these initiatives support AML/CFT practitioners.
-
Unit 3: National Legal and Regulatory Frameworks
- Explores the impact of FATF standards and recommendations on national/domestic frameworks.
- Includes US, UK, Jersey, Singapore, China, and other relevant legal and regulatory frameworks
- Explains national sanctions frameworks and legislation
-
Unit 4: AML/CFT Risk-Based Approach and Managing Risks
- Describes the risk-based approach used for assessing and managing AML/CFT risks.
- Details methods of risk assessment (including product, service, geographic and customer risk).
- Outlines the importance of having robust governance structure for money laundering prevention,
- Covers commonly encountered problems for MLROs
-
Unit 5: Initial and "Ongoing" Customer Due Diligence (CDD)
-
Explains customer due diligence (CDD), including international and domestic standards.
-
Details the practices and challenges of using a risk-based approach to CDD.
-
Details the application of simplified due diligence (SDD) and enhanced due diligence (EDD)
-
Discusses the importance of assuring the effectiveness of CDD processes.
-
Unit 6: Monitoring Activity and Transactions
- Examines the importance of transaction and activity monitoring in combating money laundering.
- Covers key risks related to transaction monitoring
- Outlines control standards for effective transaction monitoring.
- Discusses requirements for sanctions screening.
-
Unit 7: Recognising and Reporting Suspicions
- Discusses knowledge, suspicion, and reasonable grounds to suspect, exploring both subjective and objective tests.
- Explains how to design effective internal reporting systems.
- Explains how to evaluate internal reports.
- Explains the requirements for reporting suspicious activity to authorities. (SARs/STRs)
-
Unit 8: The Vulnerabilities of Specific Services and Products
-
Provides understanding of money laundering vulnerabilities in various financial products & services.
-
This includes, but is not limited to: retail banking, international trade, trusts, and corporate service providers, insurance, the gaming sector, and virtual assets.
-
Identifed money laundering typologies and vulnerabilities.
-
Unit 9: Financial and economic sanctions
-
Describes the purpose of financial/economic sanctions.
-
Includes examples of countries/jurisdictions under sanctions regime.
-
Discusses the importance of compliance of sanctioned parties and individuals.
-
Unit 10: Additional Areas This unit appears to be absent from the provided text.
-
Appendices, Case Studies, Learning Outcomes, References Provide supplementary material.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
This advanced certificate course manual provides comprehensive coverage of anti-money laundering, terrorist financing, and financial sanctions. It emphasizes the role of firms in preventing financial crime while detailing the methodologies involved in laundering processes. The course is published by the International Compliance Association (ICA).
