Online AML for MSBs Training Course
Anti-Money Laundering for MSBs
Money laundering is a lucrative and sophisticated business, both in the U.S. and overseas. Money service businesses (MSBs) are vulnerable to being used in money-laundering schemes because they provide many of the services that the schemes depend on — money orders, traveler's checks, check cashing and currency exchanges.
Since the terrorist events of September 11, 2001, U.S. anti-terrorism efforts have focused on tracking down illegal movement of money through all financial-service businesses, including MSBs. As part of these efforts, MSBs are now required to train their employees on compliance with anti-money laundering laws and regulations.
Online Anti-Money Laundering for MSBs Course Summary
This 45-minute training course will help MSB employees understand the most important anti-money laundering laws and regulations and how they affect employees' day-to-day job responsibilities. The course includes pop quizzes, news clippings and a final quiz highlighting real-world compliance issues that employees should learn to spot and respond to in a way that will protect themselves and their companies. The topics covered in the course include —
- What is money laundering?
- Money laundering at MSBs
- Laws and regulations
- The four pillars of compliance
- Reporting requirements
- Currency Transaction Reports (CTRs)
- Suspicious activity
- Red flags — customer information
- Red flags — transactions
- Red flags — internal
- Suspicious Activity Reports (SARs)
- Handling customer information
- OFAC compliance
- Record management
- Penalties for noncompliance