Sentrient are proud to release the new online anti-money laundering (AML) and counter terrorism financing (CTF) course as its latest online course that forms part of a fast growing and comprehensive suite of online workplace compliance courses for organisations with employees, contractors and volunteers who are based in Australia, New Zealand, Singapore, USA, Canada, UK, and South Africa.
Money laundering and counter terrorism financing is a global issue
The International Monetary Fund and the World Bank Group estimate that up to $4 trillion is laundered worldwide every year.
Among those who seek to disguise the illegal proceeds of their crimes are drug traffickers, terrorists, corrupt public officials, and organised criminal groups.
Why is the anti-money laundering and counter terrorism financing course important for Australian businesses?
In Australia, the laws and regulations that apply to money laundering are outlined in the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) and the Financial Transaction Reports Act 1988 (FTR Act).
The AML/CTF Act regulates bullion, gambling, financial and remittance services. The FTR Act regulates cash dealers and solicitors which are not reporting entities for the purpose of the AML/CTF Act.
Who is the anti-money laundering and counter terrorism course applicable to?
The AML and CTF online course is applicable to all employers because it is important that society as a whole understand what money laundering and terrorism financing is, as we all have a responsibility to report criminal activity.
The AML/CTF Act applies to ‘designated services’ provided by financial institutions, gambling service providers, bullion dealers and remittance dealers. ‘Designated services’ include specified financial services, bullion-related services, gambling services and prescribed services as specified in the AML/CTF Act.
The FTR Act imposes several obligations on cash dealers. These include the requirement to verify the identities of account holders and report to AUSTRAC significant cash transactions of AUD10,000 or more, international funds transfer instructions (IFTIs) and suspicious transactions. Solicitors must report significant cash transactions of AUD10,000 or more.
What is money laundering?
Money laundering involves processing illicit profits in ways which mask ownership and make the funds appear to have come from legitimate sources. This enables criminals to hide and accumulate wealth, avoid prosecution, evade taxes, increase profits through reinvestment, and fund further criminal activity, including terrorism.
What is terrorism financing?
Terrorism financing is the financial support of terrorism, or for those who encourage, plan, or engage in terrorism.
One significant difference between terrorism financing and other crime types is that funds for terrorism may come from legitimate and illegal sources, and this makes terrorism financing more difficult to detect.
What does the Sentrient online course on money laundering and terrorism financing cover?
Australia is a member of the Financial Action Task Force (FATF), an inter-government body whose broad aim is to develop international anti-money laundering and counter terrorism financing standards. FATF issues best practise guidelines to help combat money laundering and terrorism financing. The anti-money laundering and counter terrorism financing course provides education about money laundering and terrorism financing and the reporting obligations of reporting entities in accordance with the AML/CTF Act.
What topics are covered in the Sentrient online work-related violence and aggression course?
The following topics are covered in this AML and CTF online learning:
- What is money laundering?
- How does money laundering take place?
- Identify potential money laundering activity
- What is terrorism financing?
- How does terrorism financing take place?
- Identify potential terrorism financing activity
- Your employers reporting obligations
- What should you do if you suspect money laundering or terrorism financing?
Why would you deliver this anti-money laundering and counter terrorism financing training?
AUSTRAC encourages reporting entities manage risk at every level of the organisation, including its AML/CTF program, and associated policies, procedures, and training.
Failure for a reporting entity to meets its legal monitoring and reporting obligations can result in civil and criminal penalties for breaches of the AML/CTF Act.
Civil penalties of up to $4.2 million and criminal penalties of up to 4 years imprisonment. You may also be subject to both prosecution and legal action by a third party if you fail to comply with your obligations under the AML/CTF Act and other anti-money laundering laws and regulations.
Civil penalties of up to $21 million. AUSTRAC may issue infringement notices and remedial directions requiring organisations to retrospectively rectify breaches of the AML/CTF Act.
Like to learn more?
Other courses that may be of interest to your organsiation?
The AML and CTF training is part of the Sentrient online workplace compliance training. Other Sentrient courses you may be interested in including bribery corruption and fraud, modern slavery and human rights, whistleblower rights and protections.
To get a free demonstration of the anti-money laundering and counter terrorism financing course please contact us today!