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With 30+ years of experience, Banker's Academy is the leading global provider of training solutions to the financial community. We specialize in BSA/AML, Compliance Officer, HR Professional, Teller and Branch Manager Training. We’re proud to have partnered with over 2,500 clients worldwide in various financial services industries, with a focus on banks, credit unions, and money service businesses. Let us help you reach your target audience with an innovative, results-driven educational experience.

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Anti Money Laundering (AML) in Barbados



Anti Money Laundering (AML) By Country: Barbados

Anti-Money Laundering (AML) in Barbados

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Money laundering is a significant problem in Barbados because the country is a transit area for illicit narcotics. The Government of Barbados has taken several steps to prevent and deter the advancement of money laundering and terrorist financing.

In 2002, Barbados passed the Anti-Terrorism Act, which implemented the United Nations (UN) International Convention for the Suppression of the Financing of Terrorism and the UN Security Council Resolution 1373.

In 1988, Barbados criminalized money laundering through the Money Laundering (Prevention and Control) Act (MLPCA). The MLPCA made money laundering punishable by a maximum fine of approximately $1 million USD and 25 years in prison. In addition to these various acts, Barbados established the Anti-Money Laundering Authority (AMLA) in 2000. The AMLA serves as Financial Intelligence Unit (FIU) of Barbados. The AMLA was instituted in order to ensure that all financial institutions in the country properly follow and adhere to compliance issued by the MLPCA.

Financial institutions in Barbados are required to follow a strict policy of customer identification and report and maintain all transactions that exceed $5,000 USD. Suspicious Activity Reports (SARs) must be reported to the AMLA every time that there is an unusually large or suspicious transaction. In addition, Barbados has issued Know Your Customer (KYC) guidelines to undertake the verification of every customer’s identity and to ensure that it is followed as part of the country’s evolving AML regime.

The Economy of Barbados

Barbados gained independence from Britain in 1966 and has managed to transform from a low income economy into an upper-middle income economy. Due to a vast increase in offshore finance and tourism in recent years, the nation's economy has experienced tremendous growth, and Barbados is now one of the Caribbean region’s most prosperous economies.

Banking in Barbados

The Central Bank of Barbados, located in the capital city of Bridgetown, is in charge of promoting monetary stability, maintaining a firm financial structure, fostering the development of money and capital markets, channeling commercial bank credit into productive activities, and fostering credit and exchange conditions that are favorable to the orderly and sustained economic development of Barbados.

Before the Central Bank’s establishment in 1972, the East Caribbean Currency Authority (ECCA) was Barbados’ main financial institution. Unlike the current Central Bank of Barbados, the ECCA did not regulate financial institutions and could not guarantee its policies.

Currency in Barbados

The Barbadian or BajanDollar (BBD) is the country’s official currency and it is issued by the Central Bank of Barbados. The BBD notes are broken down into denominations of 2, 5, 10, 20, 50 and 100 dollars. Each BBD is divided into coins of 1, 5, 10 and 25 cents and one dollar BBD coins. The Barbadian dollar is connected to the US dollar on a fixed exchange rate of 1 USD equaling 2 BBD.

In 2007, the Barbadian currency was upgraded in order to increase the durability and lifespan of the note. The numeral value on the note was raised to allow the visually impaired to more easily differentiate between denominations. Also, a new UV feature on higher notes was developed. Under ultraviolet light, the notes will glow fluorescent, distinguishing the real notes from the counterfeit ones.

Other Key Statistics of Barbados

Time Zone: UTC-4 (1 hour ahead of Washington, DC during Standard Time).

Daylight Savings Time: No daylight savings time is currently in effect.

Location: Caribbean, island in the North Atlantic Ocean, northeast of Venezuela.

Population: 289,680 (July 2014 est.)

Labor Force: 142,800 (2014 est.). Approximately 75% work in the services industry, 15% in industry and 10% in agriculture. The unemployment rate is approximately 11.5% (2014 est.).

Languages Spoken: English.

Trade Organizations: Barbados is a member of the United Nations (UN), the Egmont Group, and an observer of the World Trade Organization (WTO).


A Free Overview Of Anti Money Laundering (AML) For Barbados.

Anti Money Laundering (AML) in Belarus



Anti Money Laundering (AML) By Country: Belarus

Anti-Money Laundering (AML) in Belarus

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Belarus is susceptible to money laundering due to its vast problems with organized crime. In order to combat the threat of money laundering, Belarus issued the Law on Measures to Prevent the Laundering of Illegally Acquired Proceeds in 2005. This Anti-Money Laundering (AML) law established the legal and organizational framework to prevent money laundering and terrorist financing. All financial institutions in Belarus must adhere to the rules and measures described in the AML law. The Law makes money laundering crimes punishable by heavy fines and up to ten years in prison.

In 2003, Belarus established the Department of Financial Monitoring (DFM), the Belarusian equivalent of a Financial Intelligence Unit (FIU). The DFM operates within the State Control Committee and it is in charge of monitoring, gathering and disseminating all financial intelligence. All evidence of money laundering is analyzed by the DFM and passed on to law enforcement officials for prosecution. Belarus requires that financial institutions report all financial transactions that exceed $27,000 USD to the DFM.

The Economy of Belarus

Belarus remains one of the world’s most heavily state-controlled economies. State banks account for 75% of the banking sector. Economic output, which had declined for several years following the collapse of the Soviet Union, revived in the mid-2000s thanks to the boom in oil prices. Notwithstanding foreign assistance, the Belarusian economy continues to struggle under the weight of high external debt servicing payments, a growing trade deficit, stagnant economic growth, and low foreign reserves.

Banking in Belarus

The National Bank of the Republic of Belarus is the Central Bank of Belarus. It was established in 1992, after the collapse of the Soviet Union. The National Bank is guided by the Constitution of the Republic of Belarus and the Banking Code of the Republic of Belarus. The Bank’s main objectives are producing the Belarusian Ruble and ensuring its stability, purchasing power, and exchange rate to foreign currencies; developing and strengthening the banking system; and ensuring efficient, secure, and reliable functioning of the payment system.

The National Bank of the Republic of Belarus is the relevant monitoring agency for most of the transactions conducted by banking and other financial institutions. All information on suspicious transactions must be reported to the National Bank’s Department of Bank Monitoring.

Currency in Belarus

The Belarusian Ruble (BYR) is the national currency of Belarus. Banknotes are available in denominations of 1, 5, 10, 20, 50, 100, 500, 1000, 5000, 10000, 20000, 50000 and 100000 Rubles. No coins are used in Belarus for circulation and only a small amount of commemorative coins are produced.

The Belarusian Ruble has only been in circulation since 1992, with the Russian Ruble being previously used as the standard currency throughout the Soviet Union. It was not until 1994 that the Belarusian Ruble became the official national currency.

Belarus is mainly a cash-based country. Credit cards are not readily accepted as payment in the countryside and villages. Areas that do accept credit cards have a less favorable exchange rate and may charge customers additional money for the privilege of having a credit card.

Other Key Statistics of Belarus

Time Zone: UTC+2 (7 hours ahead of Washington, DC during Standard Time).

Daylight Savings Time: +1hr, begins last Sunday in March; ends last Sunday in October.

Location: Eastern Europe, east of Poland.

Population: 9,608,058 (July 2014 est.)

Labor Force: Approximately 51.3% work in the services industry, 34.7% in industry and 14% in agriculture. The unemployment rate is approximately 1.6%.

Languages Spoken: Belarusian and Russian.

Trade Organizations: Belarus is a member of the United Nations (UN) and an observer of the World Trade Organization (WTO).


A Free Overview Of Anti Money Laundering (AML) For Belarus.

Anti Money Laundering (AML) in Portugal



Anti Money Laundering (AML) By Country: Portugal

Anti-Money Laundering (AML) in Portugal

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Money laundering in Portugal is a continuing threat to the financial marketplace. The Government of Portugal has made a number of changes over the past several years to establish its comprehensive and effective Anti-Money Laundering (AML) regime.

Portugal is an entry point for narcotics transiting into Europe, and government officials indicate that most of the money laundered in Portugal is narcotics-related.

Portugal's comprehensive AML regime criminalizes the laundering of proceeds of serious offenses, including terrorism, arms trafficking, kidnapping, and corruption. Financial and non-financial institutions have a mandatory reporting requirement of all suspicious transactions to the Public Prosecutor regardless of threshold amount.

All financial institutions, including insurance companies, must identify their customers, maintain records for a minimum of ten years, and demand written proof from customers regarding the origin and beneficiary of transactions that exceed 12,500 EUR. Non-financial institutions, such as casinos, property dealers, lotteries, and dealers in high-value assets, must also identify customers engaging in large transactions, maintain records, and report suspicious activities to the Office of the Public Prosecutor.

Portugal’s Financial Intelligence Unit (FIU), known as the Financial Information Unit, or Unidade de Informação Financeira (UIF), was established in 2002 and operates independently as a department of the Portuguese Judicial Police (Polícia Judiciária). At the national level, the UIF is responsible for gathering, centralizing, processing, and publishing information pertaining to investigations of money laundering and tax crimes. It also facilitates cooperation and coordination with other judicial and supervising authorities. At the international level, the UIF coordinates with other FIUs. The UIF has policing duties but no regulatory authority.

Law No. 25/2008 came into effect in 2008, enacting the European Union's Third Money Laundering Directive. Law no. 52/2003 (Anti-Terrorism Law) was amended in 2007, which made the financing of terrorism a standing offence.

AML Training in Portugal

The Law on the Repression and Prevention of Money Laundering Offences of 2004 makes it mandatory for all financial institutions in Portugal to implement training systems, in order to ensure compliance by educating employees on the proper ways to report and prevent money laundering in transactions.

The Economy of Portugal

Since joining the EU in 1986, Portugal has enjoyed considerable economic progress. Portugal has become a diversified and increasingly service-based economy over the past several decades.

The government has successfully privatized many state-controlled firms and liberalized key areas of the economy, including the financial and telecommunications sectors. Clothing and footwear, machinery, chemicals, cork, paper products, and hides have become major exports whereas machinery, transportation equipment, chemicals, petroleum, textiles, and agricultural products are important imports.

Portugal experienced a period of strong economic growth throughout much of the 1990s, but suffered set backs from 2001 through 2007. The economy contracted in 2009, and fell again from 2011 to 2014, as the government implemented spending cuts and tax increases to comply with conditions of an EU-IMF financial rescue package. The economy has modestly recovered since then.

Banking in Portugal

The Banco de Portugal is the country’s Central Bank and an integral part of the European System of Central Banks (ESCB). As a result, the Banco de Portugal operates in an international and, primarily European environment marked by the Economic and Monetary Union (EMU).

The Banco de Portugal is a member of the European Central Bank (ECB), or Eurosystem. The ECB issues the Central Bank of Europe’s main currency, the Euro. The ECB’s primary responsibility is to maintain the purchasing power of the Euro.

The monetary functions of the ECB include: the opening of accounts for credit institutions, public entities and other market entities; open market and credit operations; requiring credit institutions to hold minimum reserves, regulating to create an efficient and sound clearing and payments system; and co-operating with third country central banks, credit institutions, and international organizations.

The ECB has the exclusive right to set interest rates for the Eurozone.

Currency in Portugal

The currency in Portugal is the Euro, which serves as the currency of the 15 members of the European Central Bank. The states that have adopted the Euro as currency make up the Eurozone. These countries are: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. The Euro is the single currency for more than 338.6 million Europeans.

The Euro was first phased into the global economy in 1999. In the beginning, participating countries had to combat the use of both Euros and former national currencies. Beginning in 2002, national currencies were withdrawn.

The Euro comes in both banknotes and coins. Banknotes are available in 5, 10, 20, 50, 100, 200 and 500 denominations. Coins are available in 1, 2, 5, 10, 20, 50 cent pieces, and 1 and 2 Euro coins.

Other Key Statistics of Portugal

Time Zone: UTC+1 (6 hours ahead of Washington, DC during Standard Time).

Daylight Savings Time: +1hr, begins last Sunday in March; ends last Sunday in October.

Location: Southwestern Europe, bordering the North Atlantic Ocean, west of Spain.

Population: 10,813,834 (July 2014 est.)

Labor Force: 5.271 million (2014 est.). 10.5% of the population was working in agriculture, 23.1% in industry, and 66.4% in services. The unemployment rate is 14.2% (2014 est.).

Languages Spoken: Portugese(official), Mirandese (official - but locally used).

Trade Organizations: Portugal is a member of the World Trade Organization (WTO) and the United Nations (UN).


A Free Overview Of Anti Money Laundering (AML) For Portugal.

Anti Money Laundering (AML) in Hong Kong

Hong Kong


Anti Money Laundering (AML) By Country: Hong_Kong

Anti-Money Laundering (AML) in Hong Kong Special Administrative Region

Hong Kong
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Hong Kong, a Special Administrative Region (SAR) of the People’s Republic of China, is a major international financial and trading center. Money laundering in Hong Kong is a considerable problem due to the vulnerability created by low taxes, a simplified tax system, and a sophisticated banking system. The primary sources of laundered funds are narcotics trafficking (particularly heroin, methamphetamine, and ecstasy), tax evasion, fraud, illegal gambling, and commercial crimes. Laundering channels include Hong Kong’s banking system, and its legitimate and underground remittance and money transfer networks.

The previous AML regime in Hong Kong was governed by three Ordinances: the Drug Trafficking (Recovery of Proceeds) Ordinance (DTROP) and the Organised and Serious Crimes Ordinance (OSCO), which were issued in 1989 and 1994 respectively, and the United Nations (Anti-Terrorism Measures) Ordinance (UNATMO), which was issued in 2002. Finally, the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (AMLO) was issued in April 2012.

The Financial Services Branch of the Financial Services and the Treasury Bureau of the Hong Kong Special Administrative Region has the overall coordinating role for anti-money laundering/counter-terrorist financing (AML/CTF) policies. The Bureau monitors Hong Kong’s overall compliance with all the 40+9 Recommendations made by the Financial Action Task Force (FATF). The Narcotics Division assists in overseeing the implementation of the Recommendations that are related to the non-financial sectors and the non-profit organisations with a view to ensuring that AML/CFT measures taken by the relevant sectors and organisations are in step with the established international standards.

The Hong Kong Monetary Authority (HKMA) is the regulator for AML controls for the banking sector.

Financial institutions are required to know and record the identities of their customers and maintain those records for five to seven years. Financial institutions must monitor compliance through on-site inspections and other means. Hong Kong law enforcement agencies also provide training and feedback on suspicious transaction reporting.

The Economy of Hong Kong Special Administrative Region

Hong Kong has a free market economy highly dependent on international trade and finance, which has left it heavily exposed to the global economic slowdown that began in 2008. The region has become increasingly integrated with mainland China over the past few years through trade, tourism, and financial links. In 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement. The new measures, effective from March 2015, will improve access to the mainland's service sector for Hong Kong-based companies.

During the past decade, as Hong Kong's manufacturing industry has moved to the mainland, its service industry has grown rapidly and now accounts for 93% of the territory's GDP. Hong Kong's natural resources are limited, and food and raw materials must be imported. Hong Kong continues to link its currency closely to the U.S. dollar, maintaining an arrangement established in 1983.

Hong Kong is the world's eighth largest banking center in terms of external transactions and the fifth largest foreign exchange trading center. The country has constituted itself as a major international trade and financial center with proper economic fundamentals.

Banking in Hong Kong Special Administrative Region

The Hong Kong Monetary Authority is the Central Bank of Hong Kong. Its main functions and responsibilities include maintaining the monetary and banking stability which are governed by the Exchange Fund Ordinance and the Banking Ordinance. The Central Bank reports to the Financial Secretary.

Hong Kong Special Administrative Region's Currency

The currency in Hong Kong is the dollar (often abbreviated HKD or HK$), which is generally accepted in the southern region of the Chinese territory. Banknotes appear in denominations of $20, $50, $100, $500 and $1,000. Coins appear in denominations of 10, 20 and 50 cents, and $1, $2, $5 and $10.

Other Key Statistic of Hong Kong Special Administrative Region

Time Zone: UTC+8 (13 hours ahead of Washington, DC during Standard Time).

Location: Eastern Asia, bordering the South China Sea and China.

Population: 7,112,688 (July 2014 est.).

Labor Force:

  • 3.8% of the population work in manufacturing
  • 2.8% of the population work in construction
  • 53.3% of the population work in wholesale and retail trade, restaurants and hotels
  • 12.5% of the population work in financing, insurance, and real estate
  • 10.1% of the population work in transport and communications
  • 17.1% of the population work in community and social services.*  

The unemployment rate is 3.1%.

*Note: The data above excludes the public sector (2013 est.).

Languages Spoken: Chinese – Cantonese dialect (official), other Chinese dialects, English (official).

Trade Organizations: Hong Kong is a member of the World Trade Organization (WTO).


A Free Overview Of Anti Money Laundering (AML) For Hong_Kong.