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Ask The Experts – Do All My Employees Need Compliance Training?

Ask The Experts – Do All My Employees Need Compliance Training?

Posted on: November 16th, 2021 by Julie

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.” 

TRAINING FREQUENCY

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. 

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About the Author

Mitchell Souza
Mitchell Souza, CCI
Director of Sales

I'm a Cryptocurrency Expert, Multi-Instrumentalist, Music Producer, Dog lover, and love being outdoors, especially where the water is.

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