The Anti Money Laundering (AML) course has been developed in co-operation with CAFBA and Omega Performance.
Specific recognition goes to ex CAFBA Committee Member, Rod Toomey and the Education Committee for their commitment, support and advice throughout the program development. Omega Performance recognises the importance of consulting closely with these professionals, especially when designing the modules, delivery methods and assessment for industry professionals.
As the course has been designed to allow flexible study patterns and cater for the geographic spread of course participants, program material and assessment is online.
Omega Performance courses are recognised by Universities in Australia and students can apply for advanced standing at the undergraduate and postgraduate level upon successful completion of the courses.
Information about the new program is provided below.
To register for this program - please click here to go to Omega Performance’s website
Anti-Money Laundering and Counter-Terrorism Financing Act - This module introduces participants to the requirements imposed under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML & CTFA). The purpose of this module is to highlight the requirements participants need to be familiar with.
The AML & CTFA module also outlines requirements which deal with the identification process when funding a new loan or opening a new account.
Approximate completion time - 60 minutes
Unit #1 Purpose of the Act - Reviews the purpose of the AML/CTFA and the industry sectors it covers including the financial sector, gambling sector, bullion dealers and other persons or businesses. It also provides an overview of the legislative framework and some of the key implementation stages.
* The “Risk Based Approach” is also covered looking at the risks a reporting entity must consider
Unit #2 What is Money Laundering? – Introduces the participants to the ways criminals use the legitimate financial system to try and hide or disguise the proceeds of crime.
It then takes participants through:
- Placement: the initial stage when the illegal funds are placed into the financial system.
- Layering: the breaking down of large amounts and their movement through the financial system to create a complicated trail.
- Integration: the final stage of the anti-money laundering process. The money is integrated into the financial system without any appearance of being illegally sourced funds.
* Unusual behaviour by a client/potential client is also covered to assist participants to identify anti-money laundering activity.
Unit #3 Reporting Obligations – Provides participants with the reporting obligations and also covers what AUSTRAC does with the information collected, including the procedures to be followed.
Unit #4 New Customer Identification – New customer identification addresses the rules issued by AUSTRAC as a minimum requirement for new customers who are seeking a product or service.
It takes participants through:
- the verification of identity of pre-commencement customers, only required if the identity of an existing customer is suspected by the the entity
- Customer due diligence, reporting of customer transactions on an ongoing basis
- Employee due diligence program, which must include appropriate risk based systems and controls
* Job aids are also included in this session for individuals, partnerships, Australian companies, trusts and associations.
Flexible enrolment is on demand. Enroll when you like and undertake assessment when you are ready.
Online and pdf
Current members of CAFBA
Members pay Omega Performance for each unit undertaken
For Further Information
For more information on Omega’s special CAFBA Member offers please call Georgina Horozakis on 02 9080 4386 or click here to go to their website.