Anti-Money Laundering—Operations: Recognizing Red Flags (ELC150)

Course Outline

Course Length: Approximately 30 minutes

 

1.  Introduction

2.  Core Concepts

 

• Money laundering basics and background
• Customer identification program (CIP)
• Account verification
• Working with foreign customers
• Know your customer (KYC)
• Possible red flags: account opening and account monitoring
• Enhanced due diligence
• Willful blindness
• Penalties
• Protecting investors

 

3.  Scenarios

 

• Trust Your Instincts
  This scenario focuses on the responsibility of all firm employees to escalate suspicious activity or possible red flags in accordance with firm escalation procedures. It also discusses the importance of the customer identification program.
• Better Safe than Sorry
  This scenario emphasizes the requirement for due diligence on any new account and the importance of account monitoring by operations staff. It also highlights the requirement to escalate suspicious activity in accordance with firm policy.
• Past Experience
  This scenario highlights examples of potentially suspicious activity you may encounter.

 

4. Conclusion

5. Optional Mastery Test