AML 101

About Course

This introductory online course provides essential training on Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) principles and practices, with a specific focus on Bahamian legislation and regulatory requirements. Participants will gain the fundamental knowledge necessary to identify, mitigate, and report the risks associated with financial crime, thereby protecting their institutions and The Bahamas’ financial services industry.

Course Content

1. Introduction to Money Laundering and Terrorist Financing

Definitions and differences between Money Laundering (ML) and Terrorist Financing (TF).
The three stages of Money Laundering: Placement, Layering, and Integration.
The global impact of financial crime and the role of international bodies (e.g., FATF and CFATF).
Vulnerabilities of financial institutions and the Bahamian financial sector.

2. Bahamian AML/CFT Legal and Regulatory Framework

3. Risk-Based Approach (RBA) and Compliance Program

4. Customer Due Diligence (CDD) and Know Your Customer (KYC)

5. Enhanced Due Diligence (EDD)

6. Monitoring and Reporting

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About Course

What Will You Learn?

Course Content

1. Introduction to Money Laundering and Terrorist Financing

Definitions and differences between Money Laundering (ML) and Terrorist Financing (TF).

The three stages of Money Laundering: Placement, Layering, and Integration.

The global impact of financial crime and the role of international bodies (e.g., FATF and CFATF).

Vulnerabilities of financial institutions and the Bahamian financial sector.

2. Bahamian AML/CFT Legal and Regulatory Framework

Overview of the key Bahamian Acts (FTRA, POCA, Anti-Terrorism Act).

Roles and responsibilities of the primary Regulatory Bodies (e.g., The Central Bank of The Bahamas, Securities Commission of The Bahamas, Compliance Commission).

The function of the Financial Intelligence Unit (FIU) in receiving and analyzing reports.

Statutory requirements for employee training and internal controls.

3. Risk-Based Approach (RBA) and Compliance Program

Principles of the RBA in the context of the institution’s risk profile.

Implementing and maintaining a comprehensive, documented AML/CFT compliance program.

The role of the Compliance Officer and the Money Laundering Reporting Officer (MLRO).

4. Customer Due Diligence (CDD) and Know Your Customer (KYC)

Mandatory identification and verification requirements for individuals and entities.

Understanding the source of funds and source of wealth.

Procedures for establishing and monitoring business relationships.

5. Enhanced Due Diligence (EDD)

Defining higher-risk customers and transactions.

Specific EDD requirements

6. Monitoring and Reporting

Identifying Red Flags and suspicious activity indicators relevant to The Bahamas.

Procedures for internal reporting to the MLRO.

Understanding the MLRO’s obligation to file a Suspicious Transaction Report (STR) with the FIU.

The legal protection afforded to good-faith reporters.