The financial crisis of 2008 has led European Union, to adopt more and more rules for the better awareness of the banks and financial institutions over their products and services and over the Anti Money Laundering and Counter-Terrorism Financing rules, in order to protect more efficiently the investors.
Staff continuous training and new joiner trainees formation over these matters is essential in order for the institutions to be compliant with the applicable legal framework, like MiFID II , and reassure the adequate knowledge of the staff.
MiFID II requires more than basic knowledge and competence of the staff. It requires that the staff understands specific notions and issues as they are listed in the Directive and ESMA Guidelines.
A company's compliance framework must ensure that all employees who have contact with customers or who have access to clients' details and transactions (front or commercial staff) and the compliance staff, understand the reporting, client identification and verification processes, record keeping requirements and other legal obligations. This understanding is only possible by demonstrating that a proper training procedure is effectively implemented and exercised.
Powerful Trainings give specific examples
The method of training may vary depending on the size of your business and the complexity of the subject. The training program for a small business may be less refined.
Frequency standards, regular updates, maintaining the employees informed of regulatory updates and internal policies and procedures revision.
Employees shall understand how their institution, organisation or profession is vulnerable to be abused by criminals laundering the proceeds of crime or by terrorists financing their activities. Training should include examples of how your specific type of organisation could be used to clean illicit funds or fund terrorist activity.
In the past few years, many scandals related to money laundering have been recorded. For instance, the Panama papers have shown how the rich and powerful use tax havens to hide their wealth. Big companies such as UBS and ABN AMRO are suspected to not comply with AML Dir...Read more Author What else ?