What is Source of Wealth and Source of Funds - AML Training

Name: What is Source of Wealth and Source of Funds - AML Training
Rating: 4.7 (9 reviews)

AML course to help you better understand Source of Wealth and Source of Funds

Created byKYC Lookup

Last updated 4/2024

English

What you'll learn

Understanding the impact of money laundering and terrorist financing on our society
Explain the stages of money laundering
Demonstrate the key elements of Source of Wealth and Source of Funds
Have a better understanding of the difference between Source of Wealth and Source of Funds
Explain why Source of Wealth and Source of Funds documentation is required
Understand the significance of documenting and verifying the Source of Wealth (SoW) and Source of Funds (SoF) during client onboarding processes.

Course content

1 section • 18 lectures • 1h 7m total length

Introduction to Course2:57
Kick off this AML training by examining the impact of money laundering and crime on society, and learn to prevent it through knowledge, risk awareness, and KYC best practices.
Course objective and content1:47
Explore the basics of KYC, understand money laundering and terrorist financing, and identify red flags while assessing source of wealth and source of funds at onboarding.
What is money laundering and terrorist financing1:54
Define money laundering as disguising crime proceeds to avoid detection and moving funds to appear clean. Terrorist financing is money generated by or intended for acts of terrorism.
The money laundering cycle2:30
Where does money laundering occur5:43
The impact of money laundering on our society and economy1:46
Explore how money laundering harms society and the economy by compromising banking integrity, enabling organized crime, and eroding political and democratic institutions.
Key Organizational Bodies8:18
The AML and CFT Framework5:00
What is Source of Wealth7:32
What is Source of Funds, how to evidence SoW and SoF and when to perform3:46
Explore how to define source of funds and source of wealth, evidence methods, and when to perform due diligence during onboarding to comply with aml rules.
What is Beneficial Ownership2:13
Identify who qualifies as the ultimate beneficial owner or ultimate controller by analyzing voting rights and shareholding; understand indirect ownership and ubo structures through chains of companies.
Who is a Ultimate Beneficial Owner6:32
How to performing screening on Ultimate Beneficial Owners1:35
Screening ultimate beneficial owners uses adverse media sanctions and politically exposed person checks to prevent opening accounts during onboarding for individuals with criminal history or blacklisted entities.
What is a Politically Exposed Person and when to screen4:02
What is Enhanced Due Diligence and attributes to consider3:28
What are Red Flags2:17
Identify red flags as warning signs of potentially suspicious activity, and report promptly to the AML compliance officer, following FATF recommendation 20 and notifying the FIU.
Reporting Suspicious Behaviour3:13
Course Recap3:10
Understand money laundering and terrorist financing, the three phases of the money laundering cycle: placement, layering, and integration—and the concepts of source of wealth and source of funds.
End of Course Quiz - Source of Wealth and Source of Funds

Requirements

No previous experience required

Description

This Source of Wealth and Source of Funds AML online training course is self-paced and will give you the opportunity to raise awareness by explaining what Source of Wealth and Source of Funds is and how critical it is for individuals to be aware of any of the red flags while performing a review of a client. All of our Anti Money Laundering (AML) Compliance training and Know Your Customer (KYC) training are evidenced at the time of completion with a digital certificate and are broken down in a clear and easy way.

In this course you will learn about the following:

What is Money Laundering
What is Terrorist Financing
Where does money laundering occur
The impact of money laundering on our society and economy
What is Source of Wealth
What is Source of Funds
How to evidence SoW and SoF at the time of onboarding
When is it required to perform SoW and SoF Assessment
What is Beneficial Ownership
What is a Politically Exposed Person (PEP)
What are Red Flags
What to do if you come across something suspicious
Raising suspicious behaviour
By the end of this course, you will have a full understanding of what is Source of Wealth and Source of Funds and how to document and evidence it within the KYC process.

Who this course is for:

New entrants in AML Compliance/Client onboarding roles
Consultants, Project managers, operational staff or anyone whose role involves managing risk in the customer onboarding process