During this module we covered the following topics:

• your obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 to take a risk-based approach to managing money laundering and terrorism financing and to create a business environment that is hostile to the conduct of these acts
• your obligation to address the objectives of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006
• the four key elements in managing ML/TF risk as set out by the ML/TF Risk Principles Framework
• the five process steps in managing ML/TF risk as set out by the ML/TF Risk Principles Framework
• the importance of having a risk management strategy in place and which is relevant to Money Laundering and Terrorism Financing
• the equal importance of managing regulatory risks and managing business risks
• the need for a culture of compliance in your business to successfully manage ML/TF risks and comply with regulatory obligations
• how your business can benefit from a culture of compliance
• how a culture of compliance can be achieved
• the three variations of an AML/CTF program
• the required elements of Part A (general) of an AML/CTF program and what elements must be included in the program
• Part B (customer identification) of an AML/CTF program and the specific obligation of Know Your Customer (KYC)

You may now complete the quiz on the topics covered in this module. The answers are supplied at the end of the quiz so that you may review your answers:

Module 1: Quiz (flash 1634b)

The quiz and answers are available in a printable format:

Module 1: Quiz (pdf 71kb)

Module 1: Quiz answers (pdf 71kb)

This module is also available in a printable format:

Module 1: Fundamentals of AML/CTF programs (pdf 584kb)