Prevention of trade based money laundering

AML for goods traders

Recognise suspicious transactions and act correctly

The prevention of money laundering is a cornerstone of the fight against serious crime and terrorist financing. The aim is to ensure that profits from crimes cannot be smuggled into the economic and financial cycle and subsequently used legally. In addition to companies in the financial sector, a number of actors in the non-financial sector are also obliged to prevent money laundering, for example trading and real estate businesses, but also notaries, lawyers and even gambling organisers and brokers. It is not uncommon for smaller, regionally active companies to be abused in order to "launder" money. It is therefore a legal obligation for a surprisingly large number of companies to recognise suspicious circumstances and to act accordingly, and neglecting to do so can result in severe penalties.

Our training program "Prevention of Trade Based Money Laundering" helps obligated organisations from the non-financial sector to sensitise their employees to money laundering so that they can recognise warning signals and act correctly in case of suspicion. In addition to the legal basis and the general functioning of money laundering, special emphasis is placed on the due diligence obligations that are important in everyday work, including the identification of politically exposed persons. By means of a varied presentation, interactions and practical examples as well as continuous audio support, it is made as easy as possible for the learners to absorb the information. Various interactive practical cases provide a reference to specific sectors and help to internalise and apply the knowledge. After completion of each lesson, a summary is available in the material section. A final test documents and certifies the learning success.

Contents of this e-learning program

The tutorial consists of a number of self-contained lessons. You can pick and choose any combination of lessons depending on whether you want to use the standard product or would like more options. Click here to learn more about ’lessons’ and ’lesson types’.

  • Welcome
  • What is money laundering?
  • Know your customer
  • Politically exposed persons (PEP)
  • Warning signs
  • Case study: An excavator for a good cause
  • Case study: Verhicle dealer
  • Case study: Real estate
  • Test

Expert authors

Jan-Wolfgang Kröger, Eric Meyer (GSK Stockmann)Jan-Wolfgang Kröger and Eric Mayer, well-respected solicitors from GSK Stockmann – a leading, independent corporate law firm based in Germany – were appointed as expert authors for our 'Trade Based Money Laundering' e-learning program. Jan-Wolfgang Kröger's main areas of expertise include AML, banking and financial supervisory law as well as compliance. Eric Mayer’s focus at GSK lies in corporate compliance, corporate governance and M&A. GSK Stockmann received the ‘Top Law Firm for Compliance’ award in 2019, while Eric Mayer has been nominated ‘Top Solicitor for Compliance’. You can find more information at www.gsk.de/en.

Screenshots

References

Companies such as ADG, BSQ Bauspar AG, DZ Bank, easycash, GDV Gesamtverband der Deutschen Versicherungswirtschaft e. V., HSH Nordbank, ING-DiBa, KfW, MAN Financial Services, Reisebank, and Portigon (formerly WestLB) are already using e-learning programs on prevention of money laundering developed by Sponge Compliance.

 

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