AML training

• 5.0% of firms had not provided sufficient AML training to their staff or had provided some training, but it had not been effective, and we identified this as being a root cause for non-compliance in other areas.

Firms should have a formal training plan, keep records of training completed and ensure employees understand how to apply their knowledge in practice.

AML training should help employees understand:

• Their responsibilities under the Money Laundering Regulations.
• The money laundering and terrorist financing risks relevant to the firm's clients, services and activities.
• How to identify and report suspicious activity.
• The firm's AML policies, controls and procedures, including customer due diligence requirements.
• What to do if they identify a potential money laundering concern.

• Access all of our AML resources
• Explore our AMLbites videos