Being Compliant with AML Training Regulations Isn't As Difficult As You Might Think
If you're looking to make sure that you're in compliance with anti money laundering rules and regulations, one thing you must be sure to do is to comply with requirements for AML training. Section 352 of the USA Patriot Act requires financial institutions, including broker-dealers, to implement and maintain and anti money laundering compliance program. We can help to make sure that your training is in accordance with the appropriate rules.
AML Training Must Be in Writing
There are several parts of Section 352 of the USA Patriot Act that apply to AML training. First of all, each financial institution must not only have procedures, policies and internal controls set up in relation to AML training, their training guidelines, goals and procedures must be in writing. We can help make sure that your training program is written up correctly and is in compliance with the anti money laundering legislation.
Reasonable AML Training Procedures Must Be Followed
Another portion of the USA Patriot Act specifies that AML training must include policies and procedures that would reasonably be expected to detect money laundering. There must also be procedures in place that specify how the suspicious transaction would be controlled. But how is the judge of whether or not your training procedures are reasonable? This language can often be confusing, which is why we're here to help it make sense for you. The last thing you want is to create what you think are the proper training procedures, only to discover that you aren't in compliance.
Anti Money Laundering Officers
In addition to having written policies and procedures in your AML training program, you must also have an AML Compliance Officer. This AML Compliance Officer will have numerous duties. Depending on whether or not they are working as a Broker/Dealer, investment advisor or with a hedge fund, their duties might vary. When you work with us, we will help make sure that your AML Compliance Officer understands and is following the appropriate and required training procedures.
Ongoing AML Training
Another requirement of the USA Patriot Act is that you have ongoing AML training. This is to everyone's benefit, as the laws of anti money laundering change rapidly. Having AML training once will give your employees a basic idea of AML compliance, but unless you are sure to keep up on the changes in the anti money laundering laws, you can easily find you're not compliant. We'll work with you to establish a long term training program that will ensure that all of your employees are aware of what's expected of them.
As you can see, AML training isn't quite so simple as reading up on current laws and presenting the information to your employees. While it might seem as though there are many hoops to jump through, we can help you to understand the training process to ensure you're appropriately in compliance. Contact us today to let us help you set up your AML training program the right way.
