Anti Money Laundering (AML) and KYC in Banking - Fundamentals

Fundamental knowledge on the subject "fight against money laundering and financing of terrorism" is a requirement for all bank employees who work in Luxembourg.

This course provides thorough information about the legal and prudential requirements, the tasks and obligations of the banker, as well as the behaviour towards the customer.

• Money laundering
• Definition
• Funding of terrorism
• How it works
• The FATF
• Money laundering and the role of the bank
• The main Luxembourg texts in force
• The texts
• Professions concerned
• Primary offences
• The offence of money laundering
• The professional obligations of the financial sector
• The obligation to know one’s customers
• Identification of customers in a business relationship
• Definition of the customer
• Identification
• The obligation to have an appropriate internal organisation
• The obligation to cooperate with the authorities
• Cooperation on demand
• Cooperation on own initiative
• Transmission of information
• Prohibition against informing the customer
• Prohibition against carrying out a suspect transaction
• The obligation of professional secrecy
• Restrictive measures
• Some indications of money laundering