You have to do AML — but it doesn't have to take your whole day. Read our 4 top tips for managing your AML/CFT programme better.
1. Get the business working as a team
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Keep your staff up to speed with AML training
Staff training is one of the key requirements of an AML/CFT programme. It's important for your staff as it gives them the knowledge and skills they need to help your company meet its AML obligations.
AML training is especially necessary when obligations become complex, AML guidance is released for your sector, or a staff member with no prior knowledge of AML/CFT joins.
To organise an effective AML training regime, you need to ask yourself the following questions in relation to your particular business:
How often should AML training take place?
This depends on what has been written into your business compliance programme. It could be once, twice, or three times a year. If you don't know, you will need to check what's in your compliance programme document. If you're in the process of writing your documents, you may like to talk to an AML consultant about your ideal AML training cadence.
What content should training sessions cover?
This depends on your staff. Are they experienced or new to AML? Has it been a while since they revisited the basics? Has anyone changed roles recently?
In AML, it is a good idea to provide training that's relevant to specific job roles. The Compliance Officer needs to know far more detail than front-line staff. And senior management have their own training requirements to help them understand the risks around AML/CFT.
Where can I find comprehensive AML training?
You can develop training in-house, or you can tap into AML consulting expertise to meet your training needs. These third-party training options range from on-demand eLearning modules, to live ZOOM training, to bespoke in-house training. For more information on AML training delivery, see the AML Solutions' live online training options here, or visit AML Solutions' website here.
What can I expect to get out of AML training?
AML is complicated, but good training helps simplify it for everyone.
- Front-line staff will be more confident in spotting and reporting suspicious activity, and conducting customer due diligence.
- Senior managers will understand the importance of staying AML-compliant, and the risks to the business, and themselves, if they don't.
- Compliance teams will understand when and how AML activities should be performed (e.g. enhanced customer due diligence), to keep the business compliant.
- Compliance Officers will better understand how to manage the business AML programme.
- Board members will have a more comprehensive overview of risks, and how important AML compliance is to the business.
Plus, you also receive CPD hours by attending AML training.
Manage your AML training with AMLHUB
Keeping track of your AML training is easy with AMLHUB. Using the built-in training register, you can record and manage training for your staff. Schedule training sessions, set descriptions, mark as complete, and get reminders when training is overdue for staff.
Get an overview of AMLHUB in this 2 minute video.
