FINRA E-Learning Course Outline

Anti-Money Laundering—Retail: Recognizing Red Flags (ELC145)
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
• Willful blindness
• Penalties
• Protecting investors

3. Scenarios

• Know your Customer
  This scenario focuses on the importance of the customer identification program when opening new accounts. It also discusses the due diligence requirement on accounts from referrals and when to escalate possible red flags.
• Ask Questions
  This scenario emphasizes the requirement to know your customer and the nature of the customer's business in order to identify possible red flags when monitoring an account.

4. Conclusion

5. Optional Mastery Test