Duration: 30-45 minutes
The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 was introduced to tackle money laundering and the financing of terrorism.
This course is designed to give you a general understanding of how anti-money laundering laws operate within the workplace.
On completing this course, learners should be able to:
- Understand what money laundering is;
- Understand what countering financing of terrorism is;
- Explain their responsibilities under the law.
Potential Risks to Your Business
- Civil penalties for contravention of the AML/CFT Act range up to $200,000 for an individual and up to $2 million for a corporation.
- The penalties for criminal offences include imprisonment for up to 2 years and/or fines up to $5 million.
Courses cover the following topics:
- The law
- What is money laundering?
- What is terrorism financing?
- The regulators
- AML/CFT legislation
- AML/CFT programs
- Collection information
- Beneficial owners
- Customer due diligence
- Suspicious activity reporting
- Keeping records