Compliance training comes in many forms, but in essence, it is employee training mandated by law or policy to educate employees on regulations that are relevant to their specific industry. A proper compliance training program helps to align and ensure governance across a company, which can minimise risk, increase productivity and help a company remain compliant with regulatory requirements.

In the case of AML/CFT regulatory compliance, training becomes even more crucial as Virtual Asset Service Providers (VASPs) and Financial Institutes (FIs) provide frontline services, and are more likely to encounter Money Laundering/Financing of Terrorism (ML/FT) transactions. Proper compliance training can help compliance officers identify red flags and act diligently, as well as to recognise and report suspicious transactions in the fight against criminal transactions.

Compliance Training Tips

Apart from utilising a comprehensive compliance solution system like Regtank, building an effective AML compliance training system is equally important in establishing the foundation of a strong compliance department.

  1. Use Real World Examples

Using real world examples is a good way to introduce and help compliance officers understand the dynamics of a transaction. Reviewing past cases, allegations as well as the consequences for failing to meet compliance obligations will help your compliance officers associate past cases with the very real cost of non-compliance for them and the company.

      2. Update the Training Curriculum 

The techniques deployed by criminals in money laundering tactics and illegal activity are constantly evolving, and it is important to keep the training updated to the latest ML transaction patterns. The laws regarding compliance are also constantly changing, and AML training must be kept up to date on regulatory changes as they directly impact internal policies.

      3. Keep AML Training Relevant

Apart from keeping your compliance officers updated with the latest regulatory changes, businesses must also understand the roles and responsibilities of their compliance staff in order to cater training sessions that allow them to understand how to apply the knowledge in a practical situation.

      4. Test Comprehension

AML auditors may need to submit records to regulatory authorities by testing and recording responses and their compliance knowledge. To ensure that the training is effective, a test comprehension may be conducted to obtain quantitative results about the effectiveness of the AML training.

By investing time and effort into AML training, firms are arming their employees with the necessary skills needed to identify and prevent ML/FT activities. This cultivates vigilance and responsibility for each employee in their roles, as well as to avoid any of the serious consequences resulting from compliance breaches.

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