When deciding on if your employees need compliance training, there are a few things to consider.
WHO NEEDS TRAINING
It is generally considered an industry best practice to have any employee performing a money service transaction to have adequate and ongoing training. This includes any employee that cashes a third party check, conducts a money transfer, etc.
COMPLIANCE OFFICER DUTIES
According to FinCEN, it is the Compliance Officers responsibility to oversee and monitor all employee training and be, “available to answer all questions posed by employees.”
While the frequency of employee training is not exactly specified, most banks and financial institutions require that training must be performed annually and training logs are required.
If you have any questions regarding compliance training, contact us.
GOT A QUESTION OF YOUR OWN?
Tags: AML, Anti Money Laundering, Automated Transaction Monitoring, Bank Secrecy Act, BSA, Compliance Employee Training, Compliance Officer, FinCEN, Money Services Business, Monitoring logs, MSB, On POinT Training, Online Employee Training