Goods, documents, money and the value that moves between them.
Test a trade’s price, quantity, route and payments, and turn what you find into a documented, defensible decision.
Your completion packs unlock after all eight lessons are complete and the final assessment is passed.
View course materials ↓ · Explore the lessons ↓
Preview a case exercise: does the trade file tell one story?
A short fictional illustration of the course method. The course follows Saltmere Polymers across eight stages; this public preview shows the kind of evidence comparison you will practise.
- InvoiceNames Supplier C as the seller.
- Payment instructionNames Counterparty B as the recipient.
- Explanation“B collects payments for C.” No supporting agreement is supplied.
Your task: What does the file establish, what remains a claim, and what would you request before recommending a next step?
Compare your reasoning
The records establish a mismatch between the stated seller and payment recipient. The collection-agent explanation remains unverified. Request the contractual basis and evidence of the relationship, then check that these fit the trade documents and payment purpose. Record remaining gaps and escalate through the approved process if the concern remains unresolved. The mismatch alone does not prove money laundering.
In the full course: compare documents, test price and quantity, examine routes and payments, and build a defensible decision.
Who this course is for
This intermediate course is for professionals with basic AML knowledge who handle trade, payments or trade-related alerts:
- Trade finance and trade operations staff issuing and checking letters of credit and collections.
- Payments and correspondent banking teams processing open account trade payments.
- AML analysts and investigators reviewing trade alerts, escalations and reports.
- Compliance officers setting trade controls and reviewing trade files.
This course is not for you if you are completely new to AML. Start with the free AML Foundations & Core Concepts course first.
Helpful companions: CDD & EDD in Practice for ownership and source of funds, and Sanctions Compliance in Practice for evasion and maritime indicators.
What you will be able to do
By the end of the course, you can:
- Trace the goods, documents and money in a trade, and say who sees each part.
- Read payment methods, documents and Incoterms, and know what each document proves.
- Name the TBML techniques, work out which way value moves and calculate the value implied.
- Build a trade risk profile and choose proportionate checks and enhanced due diligence.
- Test documents, prices and routes, and refer possible sanctions concerns promptly.
- Link account activity to trade and recognise professional laundering networks.
- Reconcile the value gap, test explanations and decide without tipping off.
- Review a trade file and its controls, and write a decision memo with fixes and owners.
Each outcome is practised on the same fictional case, so the skills build into one complete trade file.
How you will learn
Each lesson has six topics: a short start, three concept topics, a case stage and an apply-and-recap topic.
- One case, eight stages. Saltmere Polymers asks for import letters of credit in Lesson 1. New evidence arrives in every lesson until the decision memo in Lesson 8.
- Diagrams that carry the method. Twenty-four visuals show trade flows, document comparisons, price tests, routes, timelines and checklists, each with a text description.
- Apply-it exercises. Every concept topic ends with a short task and a model response to compare against your own.
- Jurisdiction notes. Notes on Pakistan, the United Arab Emirates and Bangladesh sit beside the international standards.
- Knowledge Checks. Each lesson ends with 10 questions drawn from a bank of 30, with feedback on every option. The pass mark is 70%, and you can retake it.
References and sources
Every topic ends with a plain-text References box, and each lesson recap lists its main sources. Open the official Sources and further reading library while you study. Worked answers unlock on completion.
Final assessment
20 questions drawn from a bank of 40 that covers all eight lessons. Pass mark: 70%. Completing all lessons and passing the final assessment unlocks your certificate and the completion packs.
Your course map
View the eight-lesson course map
Follow the numbered steps. Expand Key topics to preview each lesson. Use the course outline below to open lessons and the assessment.
Lesson 1
See how trade moves value, and how TBML bends it
Key topics
- Goods, Documents and Money: Three Flows That Should Agree
- What TBML Is and Is Not
- Why Trade Attracts Launderers
- The Saltmere Case: The Onboarding Request
Lesson 2
Read the trade transaction: products, documents and parties
Key topics
- Payment Methods and What the Bank Sees
- The Document Set and What Each Proves
- Parties and Roles: Who Is Your Customer?
- The Saltmere Case: The First Letter of Credit
Lesson 3
Recognise mispricing, misdescription and phantom trade
Key topics
- The Core Techniques and the Direction of Value
- Complex Schemes: Offsetting, Third Parties and Layered Instruments
- Services, Free Zones and Transshipment as Value Channels
- The Saltmere Case: A Year of Prices
Lesson 4
Know the trade customer: risk profile and due diligence
Key topics
- Building a Trade Risk Profile
- Structural Red Flags
- Counterparties, Supply Chains and Enhanced Due Diligence
- The Saltmere Case: The Periodic Review
Lesson 5
Test the documents, the price and the route
Key topics
- Document Consistency: Compare Before You Conclude
- Price Testing Against Benchmarks
- Routes and Shipping Evidence: Does the Journey Fit the Trade?
- The Saltmere Case: The Document Pack
Lesson 6
Monitor accounts and payments for trade-based laundering
Key topics
- Account and Transaction Indicators
- Designing Trade Monitoring Scenarios
- Professional Networks, Hawala and Mirror Settlement
- The Saltmere Case: The Monitoring Alert
Lesson 7
Investigate, decide and report a trade concern
Key topics
- Reconciling the Value Gap
- Explanations, Next Steps and Referrals
- What a Trade STR/SAR Must Contain
- The Saltmere Case: Escalate and Report
Lesson 8
Integrated case: controls, quality review and the decision file
Key topics
- Governance and the Trade Risk Assessment
- Working Across Agencies and Sectors
- What Good Looks Like to a Supervisor
- The Saltmere Case: The Full File
Final
Final assessment
Key topics
- 20 questions drawn from a bank of 40
- Five questions from each lesson in the bank
- Pass mark 70%
Practise in TBML Lab™
Ready to test what you have learned? TBML Lab gives you a new fictional trade file for structured practice: documents, price test, route, account, customer reply, decision and escalation note. Seven stages are scored with explanatory feedback. The final note is self-reviewed against a model and checklist. Try it after Lesson 7; allow 25–40 minutes. Lab completion is optional and separate from your course certificate.
Your course materials
Available now: the Trade File Workbook, a fillable PDF with eight working sections for the Saltmere case, plus a cover (9 pages). It is optional; the course does not depend on it. Download the Trade File Workbook (PDF)
Unlocked on completion: the Field Guide and Worked Answers covering every exercise and case stage. Official source links are available throughout your study.
When they unlock: complete all eight lessons and pass the final assessment with 70% or higher.
Scope and currency
Course scope: The course covers trade-based money laundering concepts and controls from the international standards, with jurisdiction notes for Pakistan, the United Arab Emirates and Bangladesh.
Sources checked: 25 October 2026.
For operational decisions: Use current law, official guidance and your firm’s approved procedures. All parties in the Saltmere case are fictional, and CU is a fictional currency unit. This course does not provide legal advice and is not accredited by a regulator or ACAMS.
Frequently asked questions
Do I need prior AML knowledge?
Yes. This intermediate course assumes basic AML knowledge. If you are new to AML, start with the free AML Foundations & Core Concepts course.
Do I need to work in trade finance?
No. Lessons 1 and 2 explain the trade products, documents and parties you need. Trade finance staff will find the later lessons most directly useful, but payments, AML and compliance staff see trade through accounts and alerts every day.
How long does the course take?
Allow about 10 hours, including the case tasks and assessments. You can stop and resume at any point.
When can I download the completion packs?
The Field Guide and the Worked Answers unlock after all eight lessons are complete and you pass the final assessment at 70% or higher. The Trade File Workbook and official source links are available from the start.
Where can I check the sources?
Each topic lists its references. Open the official sources library at any point to read the guidance alongside the lessons.
Can I use the course to make an operational decision?
Use current law, official guidance and your firm’s approved procedures for operational decisions. The course supports learning and practice; it does not provide legal advice.
Continue your learning
Use the Your learning panel to start, continue or review the course. Go to Your learning →