NEW EMPLOYEES TO RECEIVE TRAINING ON MONEY LAUNDERING REPORTING

As part of its commitment to ensuring compliance with anti-money laundering regulations, [Bank Name] is implementing a training program for new employees.

Induction Process

All new employees who will be dealing with customers or their transactions as part of their job responsibilities will receive training on the importance of reporting suspicious transactions. The training will cover:

• The background of money laundering and the legal requirement to report any suspicions to the Money Laundering Reporting Officer
• Organization’s policies and procedures for reporting suspicious transactions
• Relevant legislation and international standards set by bodies such as the United Nations and Financial Action Task Force

Front-Line Staff Training

Cashiers, foreign exchange operators, and advisory staff who deal directly with customers will receive additional training on:

• Factors that may give rise to suspicions
• Procedures for reporting suspicious transactions
• The need for extra vigilance when dealing with:
  • Large cash transactions
  • Money transfers
  • Negotiable instruments
  • Certificates of deposit
  • Letters of credit

Account/Facility Opening Personnel Training

Staff responsible for account opening and acceptance of new customers will receive training on:

• Verifying customer identities
• Conducting client verification procedures
• Organization’s suspicious transaction reporting procedures

Administration/Operations Staff Training

Supervisors and managers who are responsible for supervising or managing staff will receive comprehensive training covering all aspects of money laundering procedures, including:

• Offences and penalties arising from non-reporting and assisting money launderers
• Internal reporting procedures
• Verification of identity
• Retention of records
• Disclosure of suspicious transaction reports

Refresher Training

All employees who have received training on money laundering reporting will be required to undergo refresher training every two years to ensure that they remain up-to-date with the latest regulations and procedures.

Guidelines Review

The bank encourages all employees to provide feedback on these guidelines, which can be forwarded to the Financial Intelligence Unit for review and action.

Effective Date

These guidelines will come into effect on April 1st, 2009.