This module will explain everything you need to know in order to identify potential money laundering and what to do about it.
In layman/s terms, let’s say a small gang have pulled off an old-fashioned bank heist and made off with millions of pounds. They can’t wait to spend their ill-gotten gains, but they can’t do anything straight away. This is because the money is dirty - it can be linked directly to the bank heist. If they were to spend it now, they’d be discovered straight away and thrown behind bars. The gang would prefer not to be arrested, so they need to change their dirty money into clean money by laundering it. But what is laundering? How might your business unwittingly become part of this process? What are your legal responsibilities to prevent this from happening? What can you do in practice? This interactive course will provide the answers.
Money laundering can be a complex topic, with criminals using varied and complicated methods in order to make their ill-gotten gains look legitimate. While you aren’t expected to know everything about the subject, having an awareness of money laundering and possible suspicious actions should help you to make the right decisions when dealing with customers.