How do we prevent it?

To prevent money laundering it is necessary for businesses to know their customers.

This means you should verify the customer's identity through independent and reliable sources and have knowledge of the customer's expected transactions. By knowing the customer's expected volume and value of transactions, you are better placed to detect unusual or suspicious activity.

Greater scrutiny should be made against businesses that are cash-intensive by undertaking industry peer analysis. This may enable you to detect any business that has an unusually high level of cash activity.

Kineo Courses’ Anti-Money Laundering course has been updated. We have added a new region for the United Kingdom, adding new material for the following content:

• Regulatory environments
• Documenting an anti-money laundering and counter financing of terrorism (AML/CFT) framework
• AML reviews and audits
• Customer due diligence
• Reporting obligations
• Tipping off

This additional jurisdiction is on top of the following regions this course already covers:

• Australia
• Hong Kong
• New Zealand
• Singapore

This course provides an understanding of:

• the potential harm caused by money laundering and terrorism financing
• how to identify money laundering and terrorism financing
• anti-money laundering and counter financing of terrorism (AML/CFT) regulatory requirements
• the key components of an AML/CFT programme, and
• reporting obligations under the AML/CFT legislation and how to meet them.

New unit ID: 34413

Old unit ID: 11633