Financial Crime World

Training for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)

General Training Requirements

All staff who handle transactions that may involve money laundering should receive general information on AML/CFT risks, methodologies, typologies, and legal frameworks. This ensures a foundational understanding of the threats and enables employees to identify potential issues.

Job-Specific Training

Different categories of staff require different training on AML/CFT issues:

  • New Employees: Provide an introduction to AML/CFT policies, procedures, and regulations.
  • Customer Service/Relationship Managers: Train on identifying high-risk customers, conducting due diligence, and reporting suspicious activities.
  • Processing (Back Office) Staff: Focus on transaction monitoring, risk assessment, and compliance with regulatory requirements.
  • Credit Officers: Emphasize credit risk assessment, customer verification, and AML/CFT implications in lending decisions.
  • Audit and Compliance Staff: Train on internal controls, audit procedures, and ensuring adherence to AML/CFT regulations.
  • Senior Management/Operations Supervisors and Managers: Focus on strategic leadership, risk management, and oversight of AML/CFT initiatives.
  • Senior Management and Board of Directors: Provide an overview of AML/CFT risks, regulatory expectations, and corporate responsibilities.

Training Content

Training should cover various aspects, including:

  • General information on AML/CFT risks
  • Legal framework and policies
  • Customer identification and verification procedures
  • Suspicious transaction reporting requirements
  • Duties and accountabilities of employees

Frequency and Distribution of Training

Training should be provided within a minimum period of 48 months and to all staff who handle or are managerially responsible for handling transactions that may involve money laundering.

Compliance with Regulatory Requirements

Training should include information on the Anti-Terrorism (Amendment) Act, 2013, and how it covers all financial crime. This ensures that employees understand the regulatory landscape and their responsibilities in preventing and detecting money laundering and terrorist financing activities.