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AML Foundations, Standards, and Operational Risk Management
in Compliance & RegulationAbout this course
1. Aim of the Course
The aim of this course is to provide a structured introduction to the fundamental concepts of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), including the nature of money laundering, predicate crimes, terrorist financing, and the international frameworks designed to combat them. The course explains why AML/CFT controls are critical to financial system integrity, how obliged entities are brought within regulatory scope, and how individual professionals contribute to effective prevention through judgment, skepticism, and escalation. It is designed to support informed, defensible decision-making and to clarify the personal and institutional consequences of non-compliance, including willful blindness and failure to act on observable red flags.
2. Learning objectives
By the end of this module, you should be able to:
- Explain the concepts of money laundering, predicate crimes, and terrorist financing, and why they pose systemic risks to financial systems.
- Describe the role and responsibilities of obliged entities within the AML/CFT framework.
- Explain the core components of an effective AML/CFT programme, including governance, policies, procedures, training, and independent audit.
- Recognise the legal and professional consequences of non-compliance, including failure to act on observable red flags.
- Describe the complementary roles of technology and human judgment in monitoring, investigating, and reporting suspicious activity.
On successfully completing the module you will be able to:
Subject-specific knowledge:
- Define money laundering and terrorist financing and distinguish them from underlying predicate offences.
- Explain how illicit proceeds are generated, concealed, moved, and integrated into the legitimate economy at a high level.
- Identify the main international standards and bodies shaping AML/CFT obligations, including the FATF and national regulators.
- Describe how regulatory frameworks apply across financial institutions, virtual asset service providers, and designated non-financial businesses and professions (DNFBPs).
- Explain the concept of willful blindness and its relevance to individual accountability in AML/CFT enforcement.
Practical and transferable skills:
On successfully completing the module you will be able to:
- Apply structured thinking to assess whether customer activity is consistent with stated profiles, source of wealth, and source of funds.
- Identify when anomalies or inconsistencies require clarification, additional evidence, or escalation.
- Document observations and decisions clearly using neutral, factual, and defensible language.
- Apply professional skepticism when assessing customer explanations and supporting documentation.
- Understand when and how to rely on automated monitoring tools, while exercising human judgment in alert investigation and decision-making.
3. Core Topics:
- Foundations of money laundering, predicate crimes, and terrorist financing
- Obliged entities and regulatory scope
- The role of technology and human judgment in AML/CFT controls
4. Assessment Description
- Format: 10-question online quiz (multiple choice) for each module
- Focus: tests your theoretical knowledge and your practical understanding of how to apply key concepts (for example, recognising red flags and selecting appropriate next steps)
- Pass threshold: 70% (minimum)
- Completion outcome: If you achieve the threshold, you will unlock a simple completion badge and certificate through SwapED and FinJuris.
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After completing this learning experience, you will be able to:
- Explain the concepts of money laundering, predicate crimes, and terrorist financing, and why they pose systemic risks to financial systems.
- Describe the role and responsibilities of obliged entities within the Anti-Money Laundering and Countering the Financing of Terrorism framework.
- Explain the core components of an effective Anti-Money Laundering and Countering the Financing of Terrorism programme, including governance, policies, procedures, training, and independent audit.
After completing this learning experience, you will be able to:
- Define the concept of an obliged entity and explain its strategic significance in Anti-Money Laundering and Countering the Financing of Terrorism frameworks.
- Identify the primary risks and operational vulnerabilities associated with different categories of obliged entities, including financial institutions and Designated Non-Financial Businesses and Professions.
- Integrate cross-sector awareness, recognizing how lapses in one obliged entity can create systemic vulnerabilities
After completing this learning experience, you will be able to:
- Explain the roles of FATF, Egmont Group, UN sanctions, and other international standard-setters, and recognize how peer pressure, evaluations, and listings influence national regulatory behavior.
- Apply FATF recommendations, UN sanctions, and jurisdictional requirements to multinational clients, virtual asset transfers, and correspondent banking, leveraging international intelligence sharing through Egmont networks.
- Ensure thorough documentation of risk assessments, onboarding, transactions, investigations, and escalations to meet regulatory scrutiny and demonstrate accountability
