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2019 AML Course Updates Added to Libraries

CU Training’s Canadian Anti-Money Laundering (AML) series of courses and exams have been updated and published to your libraries, as of January 1, 2019.

We recommend that you preserve your credit union’s previous year’s training history, and create new schedules for the current year. For more information on annualizing compliance courses, CU Training is hosting two webinars on E-Learning Preparation for 2019, January 11th and 24th, at 10 EST. To register for either of these sessions, click here.

Key changes to the AML series include:

  • FINTRAC’s pre-publication of the proposed changes. A final version is expected to be published later in 2019.
  • AML01: AML for Chief AML Officers:
    • Insights from FINTRAC’s Annual report in November 2018 regarding FINTRAC’s recent focus as well as statistics.
    • Specific areas that should be reviewed to prepare for the upcoming changes to ensure that the organization ready when they come into effect.
    • Updates and additional information regarding FINTRAC examinations.
    • Additional information regarding Administrative Monetary Penalties.
    • Updates on the legislation and operational alerts.
  • AML02: AML Basics:
    • Updates on the stages of money laundering, our compliance program and penalties.
    • Updates on FINTRAC’s role.
    • Clarification on verifying identity for business accounts.
    • Updates on required reporting and record keeping.
    • Additional information on Large Cash Transactions and Electronic Funds Transfers.
  • AML03: AML for Board and Senior Management
    • Insights from FINTRAC’s Annual report in November 2018 regarding FINTRAC’s recent focus as well as statistics.
    • Additional information regarding Administrative Monetary Penalties.
    • Additional information regarding other regulatory bodies and the PCMLTFA.
    • Clarification on your AML/AFT compliance program.
  • AML04: AML Reporting – STRs and LCTRs.
    • Update to Making it Real with a more recent scenario.
    • Additional information on what is a suspicious transaction and red flags and indicators.
    • Additional information on reporting suspicious transactions and recognizing suspicious behaviour.
    • New content on drug trafficking and signs to watch for.
    • New content on money laundering and real estate.
    • New content on human trafficking and sexual exploitation.
    • New content on sanctions.
    • New content on Indicators of terrorist financing and activity.
    • New content on FINTRAC’s assessment related to terrorist financing.
    • Updates to Large Cash Transaction Reports and exemptions.
    • New content on third-party determination.
    • Clarification on alternatives to LCTRs.
    • New content on cash and best practices.
  • AML05: Wires and EFTs
    • Update to Making it Real with a more recent scenario.
    • Additional information regarding EFT definitions and reporting.
    • Additional information on Exceptions to the 24-hour rule.
    • Clarification on EFTs and Politically Exposed Persons (PEPs) and Heads of International Organization (HIO).
    • Clarification on who is a politically exposed person.
    • Additional information on red flags and indicators for EFTs.
  • AML06: AML for Lenders
    • Update to Making it Real with a more recent scenario.
    • Additional information regarding loan interviews.
    • Update to the case study on layering through loans.
    • New content on tax evasion.
    • Update to the case study on property flipping.
    • Additional information regarding red flags and indicators in lending.
    • Additional information on the forfeiture of illicit funds.
  • AML07: AML and the Risk Based Approach
    • Insights from FINTRAC’s Annual report in November 2018 regarding FINTRAC’s recent focus as well as statistics.
    • New content on FINTRAC’s terrorist financing assessment.
    • New content on Canadian legislative requirements.
    • Additional information on business relationships and ongoing monitoring.
    • New content on what is a risk-based approach.
    • Additional information regarding business-based vs relationship-based risk assessments.
    • Additional information regarding risk assessment factors.

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