Financial Crime World

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AML/CFT Training Requirements

Initial Training

All staff members must undergo initial training on AML/CFT within 48 months.

Job-Specific Training Categories

Each role requires different types of training. Here are some examples:

  • New Employees: Provide a general understanding of money laundering and terrorist financing, as well as the importance of reporting suspicious transactions.
    • Key topics:
      • Money laundering methods
      • Importance of reporting suspicious transactions
  • Customer Service/Relationship Managers: Train on factors that may give rise to suspicions, procedures for dealing with non-regular customers, and extra vigilance when handling large transactions.
    • Key topics:
      • Factors that may give rise to suspicion
      • Procedures for dealing with non-regular customers
      • Extra vigilance when handling large transactions
  • Processing (Back Office) Staff: Train on processing and verification procedures, account opening, customer/client verification, and recognizing suspicious funds or requests.
    • Key topics:
      • Processing and verification procedures
      • Account opening procedures
      • Customer/client verification
      • Recognizing suspicious funds or requests
  • Credit Officers: Emphasize the importance of knowing customer identities, credit requirements, and possible laundering risks in lending programs.
    • Key topics:
      • Importance of knowing customer identities
      • Credit requirements
      • Possible laundering risks in lending programs
  • Audit and Compliance Staff: Update training on changes in regulation, money laundering methods, and enforcement.
    • Key topics:
      • Changes in regulation
      • Money laundering methods
      • Enforcement procedures
  • Senior Management/Operations Supervisors and Managers: Provide a higher level of instruction on AML/CFT prevention procedures, internal reporting, and identity verification.
    • Key topics:
      • AML/CFT prevention procedures
      • Internal reporting procedures
      • Identity verification procedures
  • Senior Management and Board of Directors: Regularly communicate AML/CFT issues to the board and ensure strong support for compliance efforts.
    • Key topics:
      • Communicating AML/CFT issues to the board
      • Ensuring strong support for compliance efforts
  • AML/CFT Compliance Officer: Receive in-depth training on all aspects of Money Laundering and Terrorist Financing Prevention Legislation, Bangladesh Bank directives, and internal policies.
    • Key topics:
      • Money Laundering and Terrorist Financing Prevention Legislation
      • Bangladesh Bank directives
      • Internal policies

Additional Requirements

  • Training should include information on the Anti-Terrorism (Amendment) Act, 2013, which covers all financial crime.
  • Regular updates on new trends and patterns of criminal activity are essential for effective AML/CFT compliance.