10 Anti Money Laundering Training Software

Anti-money laundering (AML) training is the key to keeping your company’s compliance and legal obligations to combat anti money laundering. In this article, we’ll look at the most recommended anti money laundering training software  to build your training in minutes, and improve your team’s awareness of this deceitful crime. 

1. SC Training (formerly EdApp)

SC Training (formerly EdApp) is a top-notch anti money laundering training software that’s widely recognized in the world of training and development. This software is popular for its intuitive course authoring tool, which is really easy to navigate with its drag-and-drop function even if you have no prior experience in designing courses. 

This anti money laundering training software also takes pride in its ready-made training courses that you can share with your team for free. It has courses on Introduction to Anti-Money Laundering and Anti-Money Laundering Training – both of which are designed to raise awareness on anti money laundering crime. These courses will help your team better understand the most common laundering schemes, their social and economic impact, and how to prevent this type of crime. 

Not only that, but SC Training (formerly EdApp) also offers a number of blended learning tools that can help you manage your anti money laundering training better, whether it’s online or in-person. Among the best ones is its Group Training tool, which allows you to record your team’s attendance and send their training at once. There’s also a Practical Assessment tool that can be used to assess and track your team’s knowledge without the hassle of using spreadsheets. 

Cost: Free

Software benefits:

• Course authoring tool
• Anti money laundering courses
• Group training tool
• Practical assessment tool

Start using the best anti money laundering training software today! Join SC Training (formerly EdApp) for free, 

2. Limra

Another great anti money laundering training software to consider is Limra. It offers an AML program that includes fast, easy, and inexpensive training for US-based financial services companies. Some of their courses give an overview of the anti money laundering rules and regulations, activity monitoring, and crime reporting. Apart from these courses, this platform also offers additional AML Limra resource materials that your team can always refer back to whenever they need a refresher on certain concepts. 

Another key feature of this software is its reporting tool. It can help you monitor who has started and completed their training, as well as those who have yet to unlock their courses.

Cost: Available upon request

Software benefits:

• AML Program
• Additional AML resource materials
• Reporting tool
• Limra anti money laundering certificate

3. FINRA

FINRA – the Financial Industry Regulatory Authority – is dedicated to protecting investors from money laundering threats and making sure that they can participate in the market with confidence. As an anti money laundering software, it offers an expanding suite of elearning courses that educates your team on money laundering crime. Most of them discuss compliance obligations, customer identification procedures, and due diligence for foreign accounts. These courses are typically divided into three parts: core concepts, scenarios, and assessments. 

Post-course examinations are given after the training to help you measure your team’s understanding of the material. Although bear in mind that these assessments can also be tagged as non-mandatory, depending on your company’s requirements. 

Cost: Available upon request

Software benefits:

• Anti money laundering elearning courses
• Post-course examinations

4. Traliant

Trailiant is known for its engaging and interactive training programs, designed to help businesses meet their compliance requirements and create better workplaces. One of their services is anti-money laundering training, which aims to educate teams about what money laundering is, how to recognize it, and how to prevent it. Their courses come in video format with interactive episodes. They also include elearning challenges and assessments to help boost engagement and knowledge retention. 

The best thing about this tool is that all its courses are easily accessible through any device. They can be customized as well so they reflect your organization’s policies, branding, and culture. 

Cost: Available upon request

Software benefits:

• Video-based training
• Elearning challenges and assessments
• Mobile accessibility
• Course customization

5. ACAMS 

ACAMS has established an Anti Money Laundering Foundation to help professionals in the field of finance to become familiar with anti money laundering laws and regulations. To achieve this mission, they built their AML courses that will teach your team how to detect, prevent, and report unusual and suspicious customer activity. ACAM designed these courses with learners in mind, breaking down the topics into bite-sized chunks to make it easier to absorb the lessons.

This training can be accessed through any desktop and mobile device. After taking the training, your team will have to pass a short 20-question final assessment to acquire an anti money laundering certificate. 

Cost: 795 USD

Software benefits:

• AML compliance courses
• Mobile and desktop accessibility
• Assessment
• Anti money laundering certificate

6. VinciWorks 

At VinciWorks, you’ll find a good number of interactive and customizable AML training that your team can take anytime and anywhere. This software has courses discussing the fundamentals of AML and the laws and regulations that aim to protect businesses from money laundering. Additionally, your team will be guided through the risks that the people in the field of finance face from some of their lessons. More than just a simple tick-box exercise, they’re designed with realistic scenarios and real-life case studies to help your team better understand how money laundering works in practice. 

All courses from this anti money laundering training software can be customized through its course builder. Your team will also get an instant anti money laundering certificate upon completion of the training.

Cost: Available upon request

Software benefits:

• Customizable AML courses
• Course builder
• Course completion certificate

7. Bank Training Center

Bank Training Center is also an excellent source for anti-money laundering training courses. This software can be shared with your team in order to meet your AML compliance training requirements. This software offers training for the basics of money laundering, the customer due diligence process, the rules of information sharing, and more. 

Your team has the flexibility to choose their preferred training formats, which include webinars, in-person seminars, online courses, and conferences. Offline training materials are also available so that they can always get important information whenever and wherever they need it, even with no internet connection.

Cost: Available upon request

Software benefits:

• AML training courses
• Webinars and seminars
• Offline materials

8. isEazy

If you want to create your anti money laundering training courses from scratch, then isEazy is a good company training software to consider. It’s widely popular for its simple authoring tool that makes the entire course creation process a breeze. The features are pretty self-explanatory, and you’ll quickly get the hang of it once you start using it. To make your courses engaging, you can add interactive elements like quizzes and games. 

Just a heads up that all of your courses will be published with an isEazy watermark, though you can remove it by subscribing to their paid plan.

Cost: Free

Software benefits:

• Self-explanatory authoring tool
• Interactive elements like quizzes and games

9. Courselab

CourseLab takes pride in its course creator software that allows you to build AML courses in a programming-free, what-you-see-is-what-you-get (WYSIWYG) environment. That is, you’ll be able to design slide-based courses in the same way that they’d be displayed on your employee’s device. This course creation tool comes with a range of elearning templates, so you no longer have to start with a blank page. Since the money laundering topic can be a bit tedious and monotonous, you can also spice up your slides with images, videos, and quizzes. 

The only catch is that this anti money laundering training software is a little complicated to navigate. The interface resembles Microsoft Word with a lot of features and buttons, so you’ll probably need to spend some time getting used to it.

Cost: Starts at 249 USD

Software benefits:

• WYSIWYG authoring tool
• Elearning templates
• Supports images, videos, and quizzes

10. EasyWebinar

EasyWebinar is an excellent anti money laundering training software to consider if you think that educating your learners about money laundering scams is best achieved through webinars. Not your typical webinar software, it promises pixel-perfect presentations and guarantees no delay or latency, audio echo, and blurry screens. You can also assign up to four hosts and moderators at a time, which is perfect if you’re collaborating with someone else for your AML training. 

Screen recording and archiving are also allowed. Your team can always rewatch their saved videos anytime they need to refresh their mind about money laundering.

Cost: Starts at 78 USD

Software benefits:

• Pixel-perfect webinar
• Multiple hosts at a time
• Screen recording and archiving

Conclusion

We’ve reviewed 10 best options for anti money laundering training software. Each of them offer a broad range of ready-made training courses, helping your team to be on high alert. Just pay attention to their major functions and benefits to choose the one that better meets your needs.

“Anti money laundering training is critical for minimizing the risk of fines and penalties associated with failures to comply with AML regulations,” – says Latoria Williams, the CEO of 1F Cash Advance. “When you pay attention to AML training, you equip your team with knowledge needed to effectively recognise red flags and suspicious activity.”