What is Anti-Money Laundering Training and does it have Benefits?
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Many financial professionals want to improve their knowledge and ability to detect illegal money transfer schemes.
Financial specialists such as accountants or economists strive to boost their professional career and understanding how to detect illegal monetary transactions is a must in times of cybercrime and other digital threats.
To do this, you can complete Anti-Money Laundering Training and, having successfully passed the exam, receive the appropriate certificate, allowing you to take a higher position.
So, ensure you know what the AML training is all about to choose the right course of action.
What is Anti-Money Laundering Training?
AML is international; thus, all countries try to unite and direct efforts to catch financial criminals.
To have the ability to recognize dishonest algorithms with money transfers, you need to undergo special training courses. They will allow you to study the problem and learn about modern methods and technologies, using which you can promptly recognize and prevent the financial fraud of criminals.
In addition, the courses provide real practical examples that reveal the techniques used, thanks to which it was possible to expose unauthorized actions.
AML Course Duration
The convenience of the courses is that you can get all the necessary knowledge quickly (from a week to 1-2 months). Everything will depend on the number of thematic lectures and their duration. Sometimes, the course programme includes several essential topics, and some programs provide an in-depth study of combating ML.
Each case has a specific time (15 minutes to 2 hours or more). Therefore, when choosing a course programme, you should pay attention to the thematic list of lectures and their duration.
Here are some examples of thematic lectures:
- methods of ML and financial terrorism;
- risk assessment in the field of AML/CTF;
- KYC principle (know your client);
- new technologies and techniques for detecting ML;
- case studies and practical examples.
There are courses in which a particular emphasis can be placed on any area of activity (banking, financial, or non-financial companies). It will be apparent from the titles of the lectures and how much time is allocated for this.
Also, the duration of the courses may be influenced by the availability of a practicum. It should also be stated in the AML and counter-financial terrorism course syllabus.
Main Benefits and Certifications of AML Training
Certification in the field of AML benefits not only the specialist but also the company with such an employee or a formed AML department (for large companies).
Benefits for a Financial Worker
Any self-respecting financial specialist (accountant, financier, economist, tax specialist) strives to improve his professional level to perform his immediate duties efficiently and protect the firm in which he works from illegal monetary transactions.
Such advanced training as AML certification will make the employee more in demand in the labor market and the eyes of the employer.
It means that there will be an opportunity to improve your standard of living through a highly-paid position such as:
- AML analyst;
- risk management specialist;
- AML Compliance Officer;
- compliance manager;
- financial investigator.
Suppose they have received one of the above positions, a specialist in the financial sector will be able to make a career in any firm, but especially in the financial sector (providers, banking sector, exchanges, investment funds, brokerage, dealer companies, and the like).
A course certificate will confirm that the employee will be able to apply the acquired knowledge and skills for the company’s benefit.
Benefits for the Organization
To protect your business as much as possible from financial criminals, you must have a certified specialist on board or have a corresponding department in your structure. Thus, all transactions will be under close supervision, which minimizes the risks of illegal money transfers. If the legality of the transactions carried out is not controlled, the organization risks its reputation and legal proceedings with the competent authorities.
In addition, introducing an AML policy into the company’s activities will contribute to business development because most companies prefer to cooperate only with companies with an AML programme. Another critical point is that in many countries, it is only possible to register a business if an AML programme is provided.
A specialist in the financial field will be able to dive deep into the AML and anti-financial terrorism programme of any company or organisation. They will gain knowledge and skills that will allow them to advance their career and receive higher positions. Learning about AML is therefore a core skill in the financial sector.