Money laundering is one of the biggest challenges facing the modern organization. To launder dirty money, criminals may attempt to deceive staff and officials. They may also attempt to transfer cash to a country with weaker money-laundering controls or to spread the cash across multiple small transactions to avoid detection. They avoid large, lump-sum payments or transactions for fear that they will raise a red flag.
Acquiring knowledge about the money laundering tactics utilized by criminals plays a pivotal role in identifying illegal activities and preventing illicit transactions.
AML training, when designed with a clear purpose, can play a crucial role in effectively detecting and reporting suspicious activity in your organization, covering offenses linked to money laundering and terrorist financing, such as securities fraud and market manipulation. Our anti-money laundering compliance training courses will help ensure proper reporting and record keeping to prevent money laundering.
Money laundering is the illegal process of making large amounts of money generated by a criminal activity, such as drug trafficking or terrorist funding, appear to have come from a legitimate source. The money from the criminal activity is considered dirty, and the process “launders” it to make it look clean.
Anti-money laundering (AML) instead refers to the laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. AML laws and regulations target criminal activities including market manipulation, trade in illegal goods, corruption of public funds, and tax evasion, as well as the methods used to conceal these crimes and the money derived from them.