CityLearning’s Payments Compliance Suite is made for regulated payments firms across Ireland and the UK. It brings together everything a payment institution needs to meet its core compliance training obligations and is built around the only payments specific anti money laundering course available off the shelf in Ireland.
CityLearning’s eLearning training courses have been trusted in the financial services industry for over 25 years. Our clients include major financial institutions, large corporations and organisations, such as key government bodies and law firms, and many more.
All test results are recorded for easy verification of compliance training, and every course can be tailored to your firm.
The suite brings together seven courses covering the full range of compliance obligations that apply to a regulated payments firm:
As part of our summer promotion, firms pay for five of the seven courses. All courses are licensed on a per user basis. Contact us today for information on promotional pricing for payments firms.
The obligations behind these courses apply to all authorised payments firms, whether authorised as an account information service provider, an electronic money institution or a payment institution, and regardless of the payment services offered.
The suite is made for all authorised payments firms, regardless of authorisation type or the payment services they offer, including:
At the heart of the suite is Combat Money Laundering (Payments). It is the only ‘off the shelf’, payments specific anti money laundering and counter terrorist financing course available in Ireland, tailored throughout with payments and merchant acquiring case studies and examples. Real payments scenarios, from merchant onboarding to transaction laundering, drawn from how financial crime actually appears in a payment institution or electronic money institution.
Payments firms move money quickly, at scale, and often without ever meeting the customer. That makes them a target. Criminals look to exploit merchant accounts, e-money wallets, agent networks and card rails to place and layer illicit funds.
Generic AML training rarely reflects how this looks day to day in a payment institution or electronic money institution. The Central Bank of Ireland expects a firm’s training to match its actual risk exposure, and this course is built to do exactly that.
Under the Criminal Justice Act 2010, a designated person must ensure that relevant staff are trained in the firm’s anti money laundering and counter terrorist financing obligations. In a payments firm that reaches wide: merchant onboarding and underwriting, know your customer and client operations, risk and monitoring teams, agent oversight, compliance, the Money Laundering Reporting Officer and senior management.
The people best placed to spot laundering are usually the ones handling applications and transactions, not only the specialists.
Learners start with the essentials: what money laundering is, its three stages, and how terrorist financing differs. From there the content moves into payments specific risk.
For payment institutions and electronic money institutions, that means customer and merchant due diligence, beneficial ownership, source of funds, monitoring e-money and wallet activity, agent and distributor risk, and the red flags that signal placement and layering through payment products.
The course consists of six modules, each ending with a short, randomised quiz, followed by a randomised course test based on the objectives of all six modules:
The core principles are the same, but the scenarios, red flags and due diligence examples are drawn from payments. It focuses on merchant accounts, e-money and wallets, agent networks and card rails, rather than lending or insurance products.
Yes. Transaction laundering, where illicit sales are processed through a legitimate merchant account, is a core theme, along with bust-out fraud, shell merchants and refund abuse in the acquiring space.
The Criminal Justice Act 2010 sets no fixed interval; it requires appropriate, ongoing training. The industry standard is at least an annual refresher, with higher risk roles trained more often, and additional training triggered by regulatory change or a change of role.
Records showing who completed the training, when, and on which version. Time-stamped completion records, not simple attendance logs, are what a firm should be able to produce. Firms commonly retain training records in line with the wider five-year retention standard that applies to AML records under the Criminal Justice Act 2010.
Yes, our courses are approved for continuous professional development (CPD) by the following bodies:
In Ireland:
We can request CPD accreditation from other bodies if necessary.
Our Payments Compliance Suite is made up of eLearning courses that should be taken online using a Learning Management System (LMS). This can be either our proprietary LMS, CityREPORTs, or an LMS already in place in your firm. CityLearning courses are fully SCORM-compliant for easy upload to another LMS.
Yes, every course in our Payments Compliance Suite can be customised to meet any specific compliance training needs specific to your firm.
Get in touch with us today to find out more. Please be sure to let us know how many users will be taking the Payments Compliance Suite of courses.
