Quick SummaryAnti Money Laundry (AML) & Financial Crime Compliance training needs to be more than just facts and a little quiz
AML & Financial Crime Compliance Training - Quit 'Box Ticking'
Logically though, policies and procedures are static, reactive and often fighting last year's battles. Often, by the time these have changed, the criminals have moved on to a new business sector or come up with new techniques to launder the proceeds of crime.
Regulators are increasingly turning against e-learning because of this - for example, as part of HSBC's Deferred Prosecution Agreement, they made a promise to give all staff a 1-day face to face AML & Sanctions course. Very expensive you might think but not nearly as expensive as the fine to be paid if a bank doesn't show real progress in fighting financial crime, not to mention the hidden cost of reputational risk.
AML & Financial Crime Compliance training needs to be more than just facts and a little quiz - it needs to instil amongst delegates a culture of the 'smell test'. This ensures that employees won't stop asking questions when they feel they have complied with existing policies but rather dig deeper when they are unsure about any facet of a client. Employees are after all the first line of defence and see more customers than any other part of a financial institution.
Our courses teach this 'professional scepticism' & are case study based so delegates can share information, examples [with both good and bad outcomes] and show how the constantly changing world of financial crime means all staff need to do more than tick the boxes. It is no longer a question of if regulators will get tougher on banks but when and financial institutions will need to show that their learning processes are good enough.
Your thoughts matter to others - more than you can imagine.
More Articles published by Mark
1 Free | Ad-Free | Full-Text Business Papers
Finance, Financial ToolsOnline Anti Money Laundry (AML) courses allow you to tick the boxes on AML but falls well short in terms of learning and skills. 54 | 1.59 K | 2 min
More 'Finance, Financial Tools' Articles
4 more Articles that may interest you, too...
Of all the findings on business strategy yielded by the study of the businesses in the PIMS? database, the following is one of the most controversial: Businesses that are highly investment intensive, i.e., those that use high levels of investment per dollar of sales revenue (telecommunications network providers, bulk chemical companies, utilities), are much less profitable than businesses with lower levels of investment per dollar of sales.6.16 K | 109
Once companies reach a certain size, setting realistic performance aspirations gets a bit trickier.4.26 K | 50
Operational risks are costly, but they can be conquered when high-ranking executives join the battle.9.25 K | 50
By Mark A.
Online Anti Money Laundry (AML) courses allow you to tick the boxes on AML but falls well short in terms of learning and skills.1.59 K | 54