AML Training for Money Exchange Businesses

Money Exchange businesses operate in a high-risk financial environment, often targeted by criminals seeking to launder illicit funds. As a result, firms in this sector are heavily regulated under Anti-Money Laundering (AML) laws, such as the UK’s Money Laundering Regulations 2017. For these businesses, having a well-trained Money Laundering Reporting Officer (MLRO) and Compliance Officer is not just important—it’s a regulatory necessity.

At Eminent Accountants, we offer specialised AML training tailored to the operational realities and regulatory obligations of Money Service Businesses (MSBs), including currency exchange and remittance providers. Our program ensures your MLRO and compliance personnel are fully equipped to identify, report, and prevent suspicious financial activities in line with legal expectations.

Who Should Attend

• MLROs responsible for internal and external suspicious activity reports (SARs)

• Compliance Officers overseeing daily AML controls and customer due diligence

• Senior managers involved in regulatory governance of MSBs

Key Training Modules

Our training sessions cover the following essential areas:

• Understanding Money Laundering Risks in Currency Exchange
  – Real-life case studies and typologies
  – Red flags specific to cash transactions and cross-border flows

• Regulatory Framework and Responsibilities
  – UK Money Laundering Regulations, POCA 2002, FATF guidelines
  – Role of the FCA and HMRC in supervision of MSBs

• Effective SAR Management
  – How to identify, assess, and escalate suspicious activities
  – Filing quality SARs with the National Crime Agency (NCA)

• Client Due Diligence (CDD) and Enhanced Due Diligence (EDD)
  – Onboarding, ongoing monitoring, and risk profiling of clients
  – Dealing with PEPs, high-risk jurisdictions, and unusual transactions

• Internal AML Systems and Record-Keeping
  – Designing and maintaining AML policies and controls
  – Staff training, compliance reviews, and audit trails

Eminent’s Training Approach

We deliver both online and in-person sessions, depending on client needs. Training is delivered by AML experts with practical experience in the money service business sector. Attendees receive course materials, templates, and certificates of participation. Our sessions are interactive, compliance-focused, and fully aligned with the expectations of the FCA, HMRC, and other regulatory bodies. We also offer ongoing support and advisory services to help you implement what you learn and stay audit-ready.