Embark on a comprehensive journey through the essentials of Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) in the evolving realm of online gaming. This training equips you with the knowledge required to adhere to policies, procedures, and regulations, ensuring effective prevention, detection, and reporting of suspicious activities related to financial crimes.
CPD Accredited:
This training is CPD accredited and you will receive a certificate directly to your email upon completion.
Training Insights:
1. Legal Landscape: Understand the legal obligations surrounding preventing and detecting criminal activity, money laundering, and terrorist financing.
2. Definitions and terms: Explore key concepts such as Proceeds of Crime, Money Laundering, and Terrorist Financing to establish a solid understanding.
3. Organisational AML Framework: Recognise the pivotal role of organisational policies and procedures and discover methods to enhance their effectiveness in combating financial crimes.
4. Risk-Based Approach: Dive into the intricacies of Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD), implementing a risk-based approach for comprehensive checks.
5. Detection Strategies: Acquire techniques to identify and handle red flags and triggers, crucial elements in the early detection of suspicious activities.
6. Reporting Protocols: Master the procedures for reporting suspicious activities, a critical step in the prevention and detection process.
AML Implications:
Before delving into the specifics, let’s familiarise ourselves with key terms:
- Proceeds of Crime - Illegally acquired money or assets through criminal activities.
- Money Laundering - Concealing the origins of illegally obtained funds to reintroduce them as "clean" money.
- Anti-Money Laundering (AML) - A set of laws, regulations, and procedures to prevent the disguise of unlawfully acquired funds as legitimate income.
- Counter-terrorist financing (CTF) refers to the set of policies, procedures, and measures implemented by financial institutions and organisations to detect, prevent, and disrupt the flow of funds intended to support terrorist activities, thereby thwarting the financial aspects of terrorism.
- Money Laundering Reporting Officer (MLRO) - a pivotal role responsible for implementing and overseeing anti-money laundering and counter-terrorist financing measures, ensuring compliance with regulations, monitoring financial transactions, investigating suspicious activities, and reporting concerns to relevant authorities.
In the online gaming domain, operators face heightened vulnerability to illegal activities due to:
- Receiving and processing payments
- Non-face-to-face customer relationship
- Limited regulation in some regions
- High velocity and volume of transactions
- The use of virtual currencies and complex payment networks that can be created with multiple accounts and payment methods
- Anonymous payment methods and digital wallets.
Therefore, every employee must adhere to their organisation's AML and CTF policies and comply with domestic laws and regulations. Operators with licenses in different jurisdictions must diligently follow each region's specific rules and regulations.
Get ready to equip yourself with the knowledge and tools necessary to safeguard your organisation against financial crimes in the dynamic landscape of online gaming.