Any firm strives to protect itself from attackers. But for the protection measures to be reliable, providing an AML department in the company structure is necessary. If the company is small, it is enough to have one certified specialist (financier, accountant, economist) who passed the AML foundations course to ensure that all transactions are carried out legally.
Introduction
AML Policy is a unique programme aimed at combating ML, including requirements and rules. Given the scale of the activities of fraudsters, almost all states in the world have implemented this policy. In addition, to be allowed to register a company, there will also be requirements to implement an AML policy and comply with all rules throughout the company’s life. For this purpose, regular inspections are carried out by the competent authorities.
Therefore, it is essential to have a division or specialist within the company’s structure who will monitor flows for their legality, anticipate potential risks, and promptly detect suspicious transactions.
Main features of the AML Fundamentals course
The AML Fundamentals courses will allow professionals to master not only the principles of combating ML and the system of combating economic terrorism but also the following aspects:
- learn and understand regulatory requirements and regional AML/CTF rules;
- you will master the methodology for managing potential risks and effectively assessing them;
- be able to study the principles of due diligence of clients and business partners to detect illegal activities;
- learn about the role of modern technologies aimed at effectively combating money laundering;
- gain analytical skills through case studies;
- by providing specific examples of actual cases, you can independently analyse and evaluate suspicious actions in the company.
Such a knowledge base will allow a certified specialist to track flows in any industry competently and become prepared to gain knowledge in more advanced courses. But to effectively master the technique, you will need primary computer and Internet skills (since the classes are online), knowledge of the English language to understand the relevant material, and a desire to understand the principles of combating ML.
Which specialists will need to take the course?
Almost all specialists involved in transactions should have basic knowledge of AML. After all, they are directly related to the transactions that go through them. Never during the training process will a certified financier or economist be able to acquire special knowledge that will allow him to assess risks and identify illegal transfers of resources. Only a certified AML specialist can competently assess the situation related to suspicious transactions.
We list the professions of workers who need to take AML courses in order not only to improve their level in such sector but also to prevent fraudulent activities of criminals in the company:
- bank employees;
- accountants, financiers, and economists in any industry;
- tax department employees;
- financial lawyers;
- the management team of a company.
Thus, taking courses will benefit those employees who are, in one way or another, involved in conducting transactions. It will provide an opportunity to competently assess various situations and identify criminal schemes in their initial stages.
Benefits of AML courses
Let’s examine the benefits of AML and anti-financial terrorism courses.
Benefits for the specialist
A specialist with an AML certificate will be more competent and in demand among employers. Every manager needs to ensure reliability when conducting financial transactions. Therefore, if a financier or economist deals with his immediate responsibilities and provides control over the legality of transactions, he will be much more valuable than a financial worker who needs to have the appropriate certificate. In addition, a certified employee can advance his career and improve his well-being through decent earnings.
Benefits for the company
Knowing that there is an AML specialist (or department) in the structure of the enterprise, you can be more confident that all financial transactions in the company are under the close control of a specialist who can detect suspicious actions or expose a suspicious client (business partner). The absence of an AML specialist may have negative consequences for the company, including bankruptcy or closure of the organization by regulatory authorities.
Even introductory courses will significantly benefit the specialist and the company.
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