MSB AML: ANTI-MONEY LAUNDERING FOR MONEY SERVICE BUSINESSES
Money service businesses being a finance related institutions, have an increased risk for money laundering. Transactions of any kind always pose some form of money laundering risk and money service businesses usually initiate large amounts of transactions on a daily basis. This course will focus on the risk factors that are especially relevant for this industry as well as how to adapt the risk-based approach to payment providers.
What you’ll learn
• Which types of payment providers there are
• How new technologies influence money laundering activites
• How to apply AML procedures and KYC checks to Payment Providers
• Which additional risk factors apply to Payment Providers.
• How these risks can be minimized
• How Payment Providers can integrate traditional KYC into their modern high-tech framework
Intended audience
• Entry-level AML compliance professionals looking to expand their knowledge
• Mid-level AML compliance professionals looking to expand their knowledge
• Individuals looking to start a career in AML compliance for Payment Providers
• Payment business owners and their staff
• Individuals working in Payment Providing Businesses
• Entrepreneurs looking to start Payment Providing Business
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 | ✕ | ✓ |
MSB AML requirements by the regulator must be met by any money service business. Money service businesses undertake large amounts of transactions on a daily bases between many different parties, individual and businesses alike. Money service businesses such as PayPal facilitate payments for merchants, e-commerce businesses as well as individuals looking to send money to friends and family members.
Due to the large amount of transaction which are easily and globally accessible to a large customer base the money laundering risk is increased. MSB AML – Money service businesses anti-money laundering protocols must therefore implement a rigorous anti-money laundering policy and procedures. Automated software solutions are an important piece of these procedures as a manual monitoring of such a large amount of transactions is impossible.
It is important to note however, that the MSB AML process cannot be entirely automized. A capable anti-money laundering analyst is crucial to make a final decision after being presented all relevant information by the system.
This MSB AML course will give you all the tools and knowledge required to make the right decision and identify potential red flags. The course focuses on the money laundering risks specific to money service businesses and provides recommendations on how to identify them efficiently. The course offers bite-sized learning while maintaining practical relevance. Monday morning readiness is our goal: This ensures that you will be ready to begin casework right off the bat.
Individuals
Will you aid us in the fight against money laundering and prevent money launderers from abusing money service businesses in order to create a safe and innovative environment for money service businesses to thrive and create new, efficient and helpful solutions to end consumers and businesses. The certified course provides a certificate which demonstrates your expertise in the area.
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 MSB AML.