As part of the compliance for anti-money laundering (AML) regulations, you need to ensure that your employees are trained to ensure they know their responsibilities.
As part of the Money Laundering Regulations 2017, relevant businesses are required to:
- Ensure employees are aware of the laws related to money laundering and terrorist financing
- Provide regular training on recognising and dealing with transactions and other suspicious activities that may relate to money laundering
- Ensure employees are aware of how your anti-money laundering policies and procedures affect them
- Provide all your anti-money laundering policies, procedures and controls in writing and available for staff to access
You should also ensure your staff are aware of the penalties for committing offences under the Money Laundering Regulations and other related legislation.
The training should apply to any employees who deal with customers which includes receptionists and anyone who answers the telephone. Each of these employees should receive regular training to ensure both they, and your business, complies with the regulations.
How often should staff be trained?
Typically training should be carried out on a regular basis (such as once a year). But a change may force this to take place sooner or more often. Training should be carried out:
- When an employee joins the organisation
- When an employee changes roles within the organisation
- When a change happens in the legislation
- When the level of risk changes
Organising and logging training
ML Verify can aid your compliance by helping you arrange and log training events within your organisation, including inviting employees to the event.
Documents can also be attached to the event, so you can upload relevant materials, notes and attendance records.