Course

Anti-Money Laundering for SACCOs

What money laundering is, how it reaches a savings and credit institution, and what you are expected to do about it. Starts with the knowledge every staff member needs, then covers the Wakandi AML Risk Monitoring tool that turns it into daily work.

19 lessons exam

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01 What money laundering is, and how it works What money laundering is, how criminals do it in three stages, and why a savings institution sits in the middle of stage one. 02 Why a SACCO is a target, and what is expected of you Why savings and credit institutions attract money launderers, and the duties that follow for your institution and for you. 03 Know Your Customer: getting a member identified properly Identify a new member correctly at onboarding, so the record is complete, verified and usable when a question comes later. 04 Customer due diligence and the risk-based approach Decide how much checking a member needs, using the three levels of due diligence your policy sets. 05 Keeping due diligence up to date A member's file describes them on the day it was made. This lesson is how to notice when today's behaviour stops matching it. 06 Politically exposed persons and sanctions: what the checks are for Why members are screened against politically exposed person and sanctions lists, and what a hit does and does not mean. 07 Red flags: what suspicious activity looks like in a SACCO Recognise the everyday warning signs of laundering at a SACCO, and know what to do the moment you see one. 08 Your duty to report, and why you must never tip off When a transaction must be reported, who decides and files, and why the member must never find out. 09 Records, retention and being ready for an inspection The records an inspector will ask for, and the clocks that decide how long each one must be kept. 10 Write notes that survive an inspection When you decide an alert is nothing, the note you write is the only thing that survives. This lesson is how to write it. 11 What CAMS monitors for money laundering What Wakandi watches for on your members' transactions, who controls the thresholds, and what falls outside it. 12 The eleven AML monitoring rules The eleven monitoring rules in Wakandi AML Risk Monitoring, and the behaviour each one looks for. 13 The AML Risk Monitoring dashboard The dashboard is the screen to open first each morning: it answers "is anything urgent today?" in one look. 14 How to work an AML case Pick up a case from the queue, record what you found, and move it to the right status. 15 How an AML case is scored Read a case's score, matched pattern and evidence so you can tell how strong the flag really is. 16 How to screen a name against sanctions lists Check a person or organisation against international sanctions lists and against your own local list. 17 How to open a member's AML profile Open a member's AML profile to see their risk classification, KYC status and recent activity in one place. 18 How to trace a transaction and see which rules ran Find one transaction and see exactly which rules were run against it and which ones matched. 19 The AML Reports screen Find the reports your institution owes the authority and track each one from draft to submitted.

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