This course details the methods used by money launderers, the effects of money laundering and what measures can be taken to prevent money laundering. As money-laundering grows exponentially, in Canada as well as internationally, it is essential that anyone working in financial services be aware of how it works, the signs of suspicious transactions, the damage that money laundering can do to the industry and society, and the steps that can be taken to deter it – including the various reports that are required of financial-services professionals. This course presents an overview of the international situation and specific recommendations for Canadians.

The financial-services industry is increasingly the target of money launderers. Insurers, accountants, and financial institutions have all been used in laundering schemes. FINTRAC, the Financial Analysis and Transaction Reporting Centre, has developed guidelines for what activities must be reported, and the methods used for reporting. The guidelines covering suspicious transactions, transaction reports, and compliance are conveniently summarized within the course.

Both interesting and informative, this course presents a call to action for all members of the financial services industry. In addition, Anti-money Laundering in the Financial Services Industry covers the steps each person can take to personally deter money launderers, including a discussion of the role of whistle blowing in the corporate environment.