Course overview
Canadian businesses in many sectors have legal duties to detect and report money laundering and terrorist financing. This online course explains those duties in plain English and shows how they apply to everyday work.
You start with how money laundering works and why criminals target legitimate businesses. You then learn how the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its regulations fit together, what FINTRAC does and which businesses are reporting entities.
The middle modules cover knowing your client, including identity verification, beneficial ownership and politically exposed persons, followed by reporting and record keeping and the red flags that should make you stop and ask questions. The final module explains the parts of a compliance program: a compliance officer, written policies, a risk assessment, ongoing training and a regular effectiveness review.
This is a general course for all sectors. Specific obligations differ for real estate, money services businesses, financial entities and other reporting entities, so your own program and policies always come first. It is not legal advice.
What you'll learn
- Explain how money laundering and terrorist financing work and why they matter
- Describe the PCMLTFA, FINTRAC and the businesses that must comply
- Verify client identity and understand beneficial ownership and politically exposed persons
- Recognize red flags and know when to report a suspicious transaction
- Identify the reports and records a reporting entity must keep
- Describe the elements of a compliance program, including risk assessment and ongoing training
Laws and regulations covered
General education based on the current official texts and guidance. It is not legal advice.
Who this course is for
- Staff of businesses that are reporting entities under the PCMLTFA
- Compliance officers and managers building an AML program
- Front-line employees who deal with clients, cash or transfers
- Owners and directors who are accountable for compliance
What's inside the course
1Money laundering and terrorist financing4 lessons
- What money laundering is
- The stages of money laundering
- How terrorist financing works
- Why legitimate businesses are targeted
- Module quiz
2The Canadian AML framework4 lessons
- The PCMLTFA and its regulations
- The role of FINTRAC
- Who is a reporting entity
- Penalties and enforcement
- Module quiz
3Know your client4 lessons
- Verifying identity
- Beneficial ownership
- Politically exposed persons
- Third party determination
- Module quiz
4Reporting and record keeping4 lessons
- Suspicious transaction reports
- Large cash and virtual currency transaction reports
- Electronic funds transfer and other reports
- Keeping records
- Module quiz
5Spotting red flags4 lessons
- Red flags in cash and transfers
- Red flags in client behaviour
- What to do when you are suspicious
- Tipping off and confidentiality
- Module quiz
6Your compliance program5 lessons
- The compliance officer role
- Policies and procedures
- Risk assessment
- Ongoing training and effectiveness review
- Final assessment
- Module quiz
Requirements and assessment
Requirements
No prior experience required. Lessons start from the basics and build towards practical application at work.
Assessment
A short quiz after each module and a final assessment. Pass mark: 70%, with up to 3 attempts.
Certificate of Completion
Complete all lessons and score 70% or more in the final assessment, and your Certificate of Completion is issued instantly in your account. It shows your name, the course title, the issue date and a unique certificate ID, as an A4 page you can print or save as PDF for your training records.
- 1Complete the lessons
- 2Pass the final (70%+)
- 3Download your certificate
It records completion of an on demand online course. It is not a professional licence, designation or accreditation, and Charter Compliance Academy is not affiliated with any government body or regulator.
Frequently asked questions
Is this official FINTRAC training?
No. Charter Compliance Academy is an independent education provider and is not affiliated with FINTRAC or any government body. The course teaches general AML knowledge that can support a training program. FINTRAC expects an ongoing compliance training program that fits your business, roles and risks, so your employer should also train you on its own policies and procedures.
Which businesses need AML training?
Reporting entities under the PCMLTFA, such as financial entities, money services businesses, real estate brokers and sales representatives, securities dealers and others, must have a compliance program that includes training.
Is the course specific to my sector?
No. It is a general course for all reporting entities. Sector-specific rules and examples should come from your own compliance program.
Do I get a certificate?
Yes. After you pass the final assessment you receive a Certificate of Completion with your name, the course title, the date and a unique ID for your training records.
Can I enrol my whole team?
Yes. Use the team page to request a quotation in Canadian dollars with progress reports for your staff.
Training a team?
Group enrolment, progress reports and invoices in Canadian dollars.
