ONLINE ANTI-MONEY LAUNDERING TRAINING COURSE
To avoid leaving a paper trail, most criminals conduct their business in cash. However, coins and paper money are heavy, bulky and difficult to haul around, especially in large amounts. (One million dollars in twenty-dollar-bills weighs about 100 pounds). This leaves criminals in need of a way to “launder” their illegally obtained money and gain use of it in a manner that will go unnoticed. This process is known as “money laundering” — criminals disguising the true origin and ownership of cash by introducing it into the economy via legitimate businesses.
Money laundering is highly sophisticated and extremely lucrative (an estimated $300+ billion is laundered each year at the global level). In recent years, banks and other financial institutions have undergone closer scrutiny by law enforcement in relationship to money laundering activity. This has driven criminals to find new ways — specifically, other types of businesses — to conduct the laundering process. Thus, most every organization is now vulnerable. This reality makes it more important than ever that employees have an understanding of the money laundering process, the laws that make it illegal, and their personal role to help prevent it.
The Cintas, 30-minute Online Money Laundering Training Course teaches employees about the process of money laundering, the warning signs, and the laws that surround it. Topics include:
- What exactly is “money laundering”?
- Understanding money-laundering’s 3 stages: Placement, Layering and Integration
- Overview — Money Laundering Control Act (MLCA) of 1986 and U.S. Patriot Act Amendments
- Overview — Section 1956 of the Money Laundering Control Act
- Overview — Section 1957 of the Money Laundering Control Act
- What are the requirements for proper reporting?
- Recognizing anti-money-laundering tools
- All about Illegal Structuring Transactions
- What makes for a good money-laundering target?
- Recognizing the “red flags” of money laundering
- How to spot suspicious conduct of fellow employees
- How to prevent money laundering — best “tips” and practices