The UKâs Money Laundering Regulations 2003 specify "who" should be trained, and "what" they should be trained in, in relation to Anti-Money Laundering (AML). The Financial Services Authority (FSA) reiterates this and also indicates the "when", i.e. frequency with which this training should take place.
Recent rulings have demonstrated that it is not sufficient to prove staff has been trained. The Regulator also expects evidence to demonstrate staff fully understand the training delivered to them.
Due to the increase in demand, CIFT is working with major investment banks to provide training to meet all these requirements on a global basis. With the overall objective of ensuring staff are able to detect signs of money laundering in the context of their day to day work.
The Anti-Money Laundering courses are available via an online learning platform, CIFTweb (www.ciftweb.com). Modules are continuously being developed to include case studies in order for learners to view the practical applications of anti-money laundering activities.
To maximise the learning experience online learning is blended with face-to-face training to ensure all learning styles are accommodated.
As a critical component of the learning objectives, case studies are being developed to maximise interactivity, leading the users through a series of events based on real-life situations. The role, and therefore experience, of the user will differ according to their area of responsibility, thus providing a fully customised approach to learning.
The online learning programmes include numerous levels of interactivity and test the learners after each section and module to assess their retention. CIFTweb maintains a database of over 5000 questions to randomly generate continuously unique tests.
Evidence of training is provided by the online Learning Management System, which logs the courses attempted by each individual and the progress made.