AML FOR RETAIL – ANTI MONEY LAUNDERING FOR RETAIL
Anti-money laundering (AML), while usually being something, that is only required by financial institutions, is starting to move into other industries and areas of life as well. Money launderers constantly look for ways to evade regulators and tend to avoid heavily regulated industries. Therefore, retailers may also end up in the crossfire.
What you’ll learn
• Why you need to undertake anti-money laundering measures
• Where to begin in order to setup a compliant AML program
• How to implement internal controls
• How to analyze the relevant risk factors in order to apply a risk-based approach
• How to create a policy
• How to raise staff AML awareness and undertake AML training
Intended audience
• Entry-level AML compliance professionals
• Individuals looking to start a career in Retail AML compliance
• Retail business owners and their staff
• Individuals working in retail
Course characteristics
| Content | Standard Course | Certified Course |
| AFC-Learning Nuggets | ✓ | ✓ |
| Knowledge Checks | ✓ | ✓ |
| Self-paced | ✓ | ✓ |
| Real-life example cases | ✓ | ✓ |
| Interactive tasks | ✓ | ✓ |
| 24/7 access anytime& anywhere | ✓ | ✓ |
| Up to date | ✓ | ✓ |
| Courses developed by experienced AML experts | ✓ | ✓ |
| Personalized Certificate | ✕ | ✓ |
| Bonus best practice tips | ✕ | ✓ |
| Useful downloadable bonus material | ✕ | ✓ |
| Bonus Digressions | ✕ | ✓ |
| Live Q&A Session with one of our training professionals | ✕ | ✓ |
| Marked final assessment | ✕ | ✓ |
AML for retail is especially important for retailers dealing with high value goods may be the target of money launderers, for example:
• Jewelry shops
• Antiques dealers
• Diamond brokers
• Art dealers
• Other high value dealers (products with >$10,000 value)
Furthermore, any retailer may be vulnerable and provide a gateway for money launderers as retailers provide an easy access to the financial system via:
• Fixed value cards including electronic gift cards
• Bank transfers
• Debit and credit cards
• Cash
Recent money laundering trends have shown that gift cards in particular have proven to be a common method used by money launderers to obscure the source of funds due to their anonymous nature. Large retailers can help fight money laundering by simply raising awareness of the methods used by criminals and identifying red flags and indicators of illicit activity and reporting these to the authorities and the regulator.
This AML for retail course prepares you or your team for the fight against money laundering specifically taking a closer look at the specifics of the retail industry. Simple solutions, a combination of automated and manual screening and background checks can reduce the money laundering risks immensely with an overseeable costs and resources. It is not necessary to install a large anti-money laundering and know your customer team within your shop, however by having employees taking part in this course and gaining an understanding of how money is frequently laundered by criminals will greatly reduce the risk of money laundering occurring in your business.
This certificated AML for Retail training course demonstrates to you clients and the regulating authorities that you play an active part in combatting money laundering.
Individuals
Will you aid us in the fight against money laundering and prevent money launderers from abusing retail goods in order to create a safe and innovative shopping environment for everyone? Our certified courses prepare you for the intricacies of money laundering risks in the retail sector.
Business Owners
Ensure that your business or institution remains compliant in order to avoid fines and other restrictions so that you can focus on entirely on optimizing and promoting your product or service. Educated employees can increase effectiveness and reduce costs when undertaking relevant anti-money laundering checks and ongoing monitoring. AFC Academy certified employees are ready to go immediately and save you a lot of time & effort in the ongoing efforts in AML for retail.