Global

Details

  • Service: Advisory, Risk Consulting, Forensic, Tax
  • Industry: Financial Services
  • Type: Survey report
  • Date: 1/29/2014

Training and recruitment require a globally consistent approach 

Training and recruitment
Effective training is vital for developing and retaining Anti-Money Laundering (AML) professionals as well as ensuring the successful implementation of an AML framework. There appears to be an inconsistent approach to training of non-AML staff, including the Boards of Directors, which is further exacerbated by regional discrepancies.

Only 62 percent of survey respondents indicated that the Board of Directors receives AML training, which is not as high as we would have anticipated, in particular when Boards are more involved in AML than ever before. All Boards of Directors should receive AML training as a knowledgeable Board of Directors is an essential component in the successful execution of an AML compliance framework. Additionally, AML training provides leadership with the ability to better understand and quantify the risks of being exposed to financial crime at both the business and client level.


Eighty-six percent of survey respondents indicated that front of office staff receive AML training, reinforcing that the greatest exposure to money laundering rests with the front office.


 

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