Selcom Microfinance Bank’s Anti-Money Laundering (AML) course is designed to equip all employees with the knowledge and tools necessary to detect, prevent, and report money laundering activities. The course provides an in-depth understanding of the three stages of money laundering: placement, layering, and integration. It emphasizes the importance of a strong compliance culture in financial institutions and the role each employee plays in maintaining it. The training aligns with international AML standards, such as FATF guidelines, and complies with local regulatory requirements to ensure Selcom Bank remains a trusted financial institution.

The course covers key AML concepts including Know Your Customer (KYC), Customer Due Diligence (CDD), Enhanced Due Diligence (EDD), and suspicious transaction monitoring. Through practical case studies and real-life scenarios, employees learn how to identify red flags such as inconsistent account activity, unusually large cash transactions, and dealings with high-risk jurisdictions. The training emphasizes the need for ongoing vigilance and regular reviews of customer profiles, especially for politically exposed persons (PEPs) and high-risk customers, to mitigate the risk of financial crimes effectively.

Selcom Bank reinforces its zero-tolerance approach to financial crime through mandatory AML reporting procedures. Employees are instructed on how and when to escalate suspicious activity to the compliance department using internal reporting channels. The course concludes with a compliance assessment to ensure full understanding of AML responsibilities. By completing this training, employees demonstrate their commitment to ethical banking practices and contribute to the broader effort of safeguarding Selcom Bank’s reputation, customers, and the financial system from the threats of money laundering and associated criminal activity.