An ongoing employee training program is one of the four pillars of an AML program, and an essential component for bank and nonbank institutions to maintain compliance with US Bank Secrecy Act/Anti-Money Laundering (BSA/AML) regulations.
In addition to meeting regulatory requirements, institutions benefit from regularly scheduled training when their employees:
- Understand the AML risks inherent to their industry and institution;
- Have the knowledge to detect unusual activity and recognize red flags; and
Can escalate unusual or suspicious activity to their supervisor or compliance officer.