Financial Crime World

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Mauritania Employees Must Undergo AML Training to Combat Financial Crime

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Mauritania’s financial intelligence agency, Financial Intelligence Unit (FIU), has emphasized the importance of training employees in Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations. According to Regulation 22(1)(b) and (c) of the Financial Intelligence and Anti-Money Laundering Regulations (FIAMLR) 2018, reporting persons must implement employee screening procedures and ongoing training programs for directors, officers, and employees.

The Importance of Employee Training

The FIU highlights that appropriately screened employees who are aware of the risks of money laundering (ML) and terrorism financing (TF) play a crucial role in preventing and detecting financial crime. The agency emphasizes that employees must be trained to identify unusual activity and report suspicious transactions.

Employee Screening

Regulation 22(1)(b) requires reporting persons to conduct thorough employee screening, including:

  • Verification of identity and address
  • Employment history
  • Qualifications
  • References
  • UN Sanctions List screening for all employees

AML/CFT Training

The FIU emphasizes that AML/CFT training is crucial for all employees, including new hires and senior management. The agency recommends providing:

  • AML/CFT induction training upon joining the business or a written explanation of legal obligations under the FIAMLA and FIAMLR
  • Refresher training at least once a year, or whenever there are significant changes in legislation, technology, or business practices

Training methods can vary, including:

  • On-the-job training
  • Workshops
  • Webinars
  • Videos
  • E-learning modules
  • Website uploads

Assessing the Effectiveness of Trainings

The FIU stresses that assessing the effectiveness of trainings is crucial to ensure employees are adequately trained. This can be done through:

  • On-the-job performance monitoring
  • Feedback/evaluation forms
  • Regular knowledge tests

Records to Keep

Reporting persons must maintain records for at least seven years, including:

  • Employee screening records
  • AML/CFT training records

The FIU provides a sample training register that can be used as a template.

Conclusion

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In conclusion, Mauritania’s financial intelligence agency emphasizes the importance of training employees in AML/CFT regulations to combat financial crime. Reporting persons must conduct thorough employee screening and provide ongoing AML/CFT training to ensure compliance with regulatory requirements.