Anti-Money Laundering Act, 2020 Act 1044
- 2 Sections
- 3 Lessons
- 3 Quizzes
Anti-Money Laundering Introduction, Policy & FIC
Anti-Money Laundering Records, Information & Compliance
Introduction to Anti – Money Laundering (Anti Money Laundering Act 2008, (Act 749) as amended
- Purpose
- Duration
- Who should take this course?
- Certification
- Interactive Demo
- Course Content
- Aims of the Course
- Assessment
- Who Benefits
- Approval and Accreditation
- Requirements
Purpose
The Anti-Money Laundering Act 2020, (Act 1044) and Regulations and Guidelines 2011 apply to all Financial Institutions and Non- Bank Financial Institutions in Ghana. Compliance with these AML Laws and Regulations is a regulatory requirement for all these Financial and Non-Bank Financial Institutions. The BOBE product and value proposition makes it easy and convenient for all Financial and Non-Bank Financial Institutions to meet this regulatory requirement. BOBE provides benchmarked, approved, best practice Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) training in a standardized training environment accessible on-line through an e-learning system. The BOBE online AML and CFT training course is designed to help businesses and staff of accountable institutions put in place controls to prevent Money Laundering and Financial crime. The BOBE e learning training is dynamic with the flexibility to evolve and adapt to changes regulators may impose.
Duration
There’s six (6) months access for individuals and one (1) year time limit for institutions, in which you must complete the course. The limit for completion depends on your subscription. Access period is negotiable.
Why this course?
Accountable Institutions are required to submit their annual AML/CFT employee training program to the BOG and FIC not later than the 31st of December every financial year against the next year. Therefore it is compulsory for every staff of an Accountable Institution to ensure that they are trained and have obtained a certificate for every year while employed.
Who should take this course?
The object of the Financial Intelligence Centre is to assist in the identification of proceeds of unlawful activities, monitor and give guidance to “Accountable Institutions” supervisory bodies and other persons to discharge of their duties in compliance with the Anti-Money Laundering Act 2020, (Act 1044). The following are the Accountable Institutions. Therefore Board, management and staff of all accountable institutions should take this course.
- A bank or a non-bank financial institution
- Auctioneer
- Lawyers
- A person whose business involves remittances and exchange of funds
- Operators of Game of Chance
- Insurance Businesses
- Real Estate Companies
- Dealers in Precious metals
- Dealers in Motor Vehicles
- Trust and Company Service Providers
- A nominee
- A virtual asset provider
Others that should take the course
- Notaries
- Accountants
- Religious bodies
- Non-Governmental Institutions
Certification
Certification is instant & online. Learners can print off a high quality, personalized certificate as record of training on successful completion of the course. There is also the option of directing all of the certificates to a pre-determined individual e.g. the Compliance manager to be used to provide evidence for compliance and audit.
Interactive Demo
If you wish to try this course then register for a demo by clicking the 'interactive demo' button. You will be given the option to purchase and continue with your course at the end of your demo!
Course Content
- Introduction to Money Laundering
- Financial Intelligence Centre
- Administrative Provisions
- Financial Provisions
- Accountable Institutions,
- Records and Information
- Compliance
- Supervision and administrative penalty
- Miscellaneous Provisions
Aims of the Course
By the end of the course, you will be able to explain the concepts of money laundering and the provisions in the Act 1044. To provide a “Best in Class”, best practice approach which will ensure that “accountable institutions” are not used to launder proceeds of crime, nor are they unduly exposed to fraud, reputational and financial risks arising from non-compliance with ALM/CFT Laws and guidelines
Assessment
The online assessment is taken on completion of the training material. Learners will be asked 30 multiple choice questions with a pass mark of 80%. The answers are marked automatically so learners will instantly know whether they have passed. Learners can take the test two (2) times as they need to pass within the period of the purchased course at no extra charge.
Who benefits?
The advantages and benefits of this approach of delivery of the AML Act 1044 of 2020 over the current approach are significant for all stakeholders including the Supervisory authorities, Accountable institutions, learners, etc
Approval and Accreditation
All of our courses are accredited by the CPD Certification Service as conforming to universally accepted Continuing Professional Development (CPD) guidelines.
Requirements
- Basic computer
- No degree needed
- Basic fundamentals of law, banking and finance, accounting & administration
Useful links
- bog.gov.gh
- fic.gov.gh
- mofep.gov.gh
- https://www.bog.gov.gh/wp-content/uploads/2022/12/AML-CFT-P-GUIDELINE-23-12-2022.pdf
- https://fic.gov.gh/AML%20ACT%202020%20(ACT%201044).pdf
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