Who is behind the investor?
Layered, nominee and omnibus structures can make ownership and control harder to establish.
AML Foundations · Funds & trading
AML Foundations.Funds & trading pathway
Understand financial-crime risk across investor relationships, ownership structures and the movement of investment funds. Learn where AML responsibilities sit across managers, administrators and distributors.
For newcomers, industry switchers and teams building a shared AML baseline.
Online · Self-paced · Industry track in English
€499Full pathway · One-time fee
Enrol in the pathwayContinue in the learning platform to enrol.
Not sure this is your level? Take the free AML check
Learning for your teamCore AML knowledge + Funds & trading
Request a team quote- Core CPD hours
- 12AML Foundations included
- Industry CPD hours
- 4About 4 study hours
- Industry lessons
- 4Funds & trading
- Self-paced learning
- OnlineStudy in English
Already have AML Foundations?
Add the industry track · €120 Complete the core before starting the track.Build the knowledge for your role
A stronger foundation for your work.
For people entering fund administration, investor onboarding or compliance, and professionals moving into the funds and trading sector.
- Fund administration and transfer-agency staff.
- Investor onboarding and investor-relations teams.
- Early-career compliance and fund operations staff.
What you will learn
- 01
Locate AML responsibilities across managers, administrators and distributors.
- 02
Recognise ownership and transaction features that require closer review.
- 03
Explain how due diligence and oversight support investor relationships.
The industry context
Understand what
changes the risk.
The sector lessons connect the AML framework to these questions about how the industry works.
How does value enter and leave?
Subscriptions, redemptions and distribution channels shape the risk around an investment.
Who performs the control?
Managers, administrators and distributors have different roles in due diligence, reliance and oversight.
Topics you will encounter
- Investor ownership chains
- Nominee and omnibus holdings
- Subscriptions and redemptions
- Distribution and reliance
- Source of funds and wealth
- Trading and settlement patterns
Your learning pathway
Learn the core.
Understand your industry.
Build the AML knowledge first. Then explore the business model, risks and controls specific to funds & trading.
How you study
Study online at your own pace. Complete the AML Foundations core, including knowledge checks, the Analyst’s Desk capstone and the core exam. Then study four industry lessons and take the separate track assessment.
02 · Funds & trading
4 lessons · 4 CPD hours01How Investment Funds Work & Where the AML Obligation Sits
How a fund operates, the roles of the manager, administrator and distributor, where customer due diligence sits, and why the structure attracts laundering risk.
02The Services & Where the Risk Lives
Subscriptions, redemptions, distribution channels and other structures, the specific risk each creates, and the traits that recur across the sector.
03ML/TF Typologies, Beneficial Ownership & Red Flags
How layered, nominee and omnibus structures affect beneficial-ownership work, the laundering patterns particular to funds, and the red flags that matter.
04How Funds Are Regulated & Controlled
The controls used across funds and trading, the role of reliance and oversight, the three lines, and the supervisory context across the EU, United States and United Kingdom.
Complete AML Foundations to unlock the industry track.
Assessment & your learning record
Show what you have learned.
Complete each part of the pathway and keep a record of your achievement.
Core programme
12 CPD hours
AML FoundationsChapter knowledge checks, a capstone and a final examination with a 75% pass threshold.
Industry track
4 CPD hours
Funds & tradingFour lessons followed by a final assessment with a 70% pass threshold. Certificate issued on completion.
How the industry assessment works
The industry track ends with a multiple-choice assessment. The pass threshold is 70%, with three attempts available. Your progress, result and completion are recorded in the learning platform.
How the two awards fit together
AML Foundations awards 12 CPD hours. The industry track awards a further 4 CPD hours and its own completion certificate. Complete the core before starting the track.
How this fits with your employer’s training
This is AML training for the funds and trading context. It does not teach the non-AML obligations of fund or markets regulation except where they help locate responsibility for an AML control.
Before your
final exam.
For the AML Foundations core examination. Review the exam instructions and retake conditions in your learning platform before starting.
- Independent work
- This is independent, closed-book work. No AI assistants, course materials, external references or help from another person.
- Confidential content
- Keep questions, scenarios and answers confidential. Do not copy, photograph, screenshot or share examination content.
- One timed sitting
- Plan for one timed sitting. Check the exam instructions for the time limit, permitted breaks and retake conditions.
AML Active
Keep learning. Keep the evidence.
Practical tools, live expert sessions and a record of your continuing development.
Optional membership, separate from your qualification. It never changes the status of a certificate you hold.
Explore membership- Tools for your work
Explore risk. Find original sources. Understand the pattern.
- Live learning and CPD
Learn and connect with an average of 150 professionals per session.
- A short course, each year
One included course credit.
Perspectives from AML Foundations learners.
These learners reviewed AML Foundations, the core programme included in this pathway.
98% satisfied
The share of satisfied or very satisfied AML Foundations end-of-course responses.
For your organisation
One AML baseline.
Relevant to your team.
Give your people the shared core and the industry context they need. Add training tailored to your policies, products and risks, with reporting on learning progress and completion.
Your next step
Build towards specialist responsibilities.
When your role calls for deeper AML analysis and senior specialist responsibilities, explore CASS, our practitioner certification.
Explore CASSOther industry tracks.
Compare your optionsFrequently asked questions
Find the details you need to plan your learning.
Choosing the programme
Do I need previous AML experience?
No. The full pathway includes AML Foundations. Complete the core programme first, then move into the four industry lessons. It also suits professionals moving into this sector who need its business and risk context.
What if I already have AML Foundations?
If you already own the core programme in your learning account, the industry track is €120. You must complete AML Foundations before you can begin the track. Sign in to the same account to see your enrolment option.
Does it cover beneficial ownership?
Yes. It focuses on the practical challenge of tracing through layered, nominee and omnibus structures to the natural persons who ultimately own or control the investor.
How much of the course covers trading?
The four lessons focus on investment funds, investor relationships, distribution and AML controls. It is a foundation for the sector, rather than advanced trading or market-abuse surveillance training.
Does it cover AIFMD or UCITS?
Only as context for how a fund business is structured and where an AML duty may sit. It is not a course on fund authorisation, valuation, disclosure or conduct rules.
Learning and assessment
How is the pathway delivered, and how long does it take?
Study online at your own pace. The core is listed at around 10 study hours, with approximately four further hours for the industry track. Allow additional time according to your revision and assessment needs. Complete the core before starting the track.
Which language is the industry track available in?
The industry track is taught in English. The included AML Foundations core is available in English and Spanish.
How are the core and industry track assessed?
The core includes chapter knowledge checks, the Analyst’s Desk capstone and a final examination. The four-lesson industry track has its own final assessment. Meet the requirements for each stage to receive its separate award.
See assessment requirementsHow many CPD hours and certificates will I receive?
The core AML Foundations programme awards 12 CPD hours. The industry track awards a further 4 CPD hours and its own completion certificate after you pass its assessment. These are separate awards.
Fees and access
What does lifetime access include?
Where lifetime access is offered, it covers the programme edition you purchased for as long as the Learning Platform operates. Future editions and regulatory refreshes are separate from that purchase. Necessary corrections remain included. The Learning Platform Terms explain access and updates.
Read the access termsWhat support is available while I study?
Contact us for help with your learning account, enrolment or questions about the programme. If you need an accessibility arrangement or have a question about using the platform for an exam, discuss it with us before enrolling.
Contact learner supportCan my employer pay or enrol a team?
Yes. Your employer can order seats for named learners in the learning platform and pay by invoice. For tailored learning or live sessions, talk to us first.
Order seats on invoiceFunds & trading pathway
AML Foundations.
Build your foundation. Apply it to your industry.
€499Total programme fee
AML Foundations core and industry track included.
Complete the core before starting the track.
Create your learning account to continue to enrolment.
Funds & trading pathway
AML Foundations.
Develop your team’s knowledge and judgement.
Learning for your team
Discuss participant numbers, access and your learning needs.
Request a team quotePlan learning around your team’s responsibilities.