Continuing Education Catalogue

Money laundering is a multi-billion dollar industry that has existed for centuries. It has attained particular significance since September 11, in which laundered funds were tied to terrorist acts.

This course provides a comprehensive look at money laundering on an international basis and specifically within the Canadian context. It details the methods used by money launderers, the effects of money laundering, who is vulnerable, and what measures can be taken to prevent money laundering.

You will learn about the role of:

• insiders
• structuring (or smurfing) of funds
• credit cards and debit cards
• underground banking

As the amount of laundered money grows exponentially, the financial services industry is increasingly the target of money launderers. Insurers, accountants, and financial institutions have all been used in laundering schemes. FINTRAC, the Financial Analysis and Transaction Reporting Centre, has developed guidelines for what activities must be reported, and the methods used for reporting. The guidelines covering suspicious transactions, transaction reports, and compliance are conveniently summarized within the course.

In addition, Money Laundering in the Financial Services Industry covers the steps each person can take to personally deter money launderers, including a discussion of the role of whistleblowing in the corporate environment.

Both interesting and informative, this course presents a call to action for all members of the financial services industry.