AML E-training for broad audience

There is an assortment of anti-money laundering training courses on hand to ensure that you and your staff are fully cognisant of what money laundering is, how to detect it and how to prevent it. Bodden Compliance Services say they have an excellent internet-based service offering that will appeal to all employees, no matter how they learn. Business Editor, Lindsey Turnbull reports.

The focus on anti-money laundering has never before been so fierce globally as it is now as compliance requirements worldwide are continually stepped up, not only for financial services organisations but any industry whereby the movement of funds from one entity to another takes place. It is therefore vital that any business in which financial transactions take place ensure that all employees are fully up-to-date with ever-changing regulations.

Bodden Compliance Services, in conjunction with Knowledge Platform recently unveiled a brand new suite of AML online courses that can be easily understood by all.

Angela Mele, Compliance Officer with BComp explained at a recent presentation why her company felt this course in particular would appeal to industry workers here in Cayman: “As a qualified trainer I know that individuals learn and comprehend information in different ways. Some learn by reading while others assimilate information by visual education. This course takes a highly interactive approach whereby the user can frequently choose to learn about AML either in the traditional way using graphics or via animation.”

Nancy Saur, Director with BComp says that another highlight of the Knowledge Platform course is the fact that it is easily adapted to ensure that it is Cayman-centric and furthermore, that it covers the latest regulations within Cayman’s AML regulatory framework.

Nancy says, “The Knowledge Platform course includes the recently enacted Proceeds of Crime Law, 2008 and the latest Money Laundering Regulations which means those who take the course in Cayman will be fully conversant with the very latest in AML requirements and best practices.”

Designed by Mahboob Mahmood, the CEO of Knowledge Platform, the courseware for Cayman was developed over a year-long period, in which time BComp’s depth of knowledge of Cayman’s AML regulatory regime was combined with Knowledge Platform’s international experience in designing and deploying AML e-learning solutions.

An example of the international approach that the course takes is the fact that there are certain modules, such as that on customer profiling, which relate directly to the Financial Action Task Force’s 40 recommendations on AML, whereby entities are taking a more risk-based approach.

Angela explained the course in detail, highlighting the twelve modules that the individual will master as they undertake the course. The first module is actually a pre-assessment whereby the individual will answer thirteen questions to assess their initial knowledge on AML. The course then takes the user straight into the core of the issue, with an Introduction to Money Laundering. Following on from the basics, users will learn about the stages of money laundering, placement layering and integration techniques, as well as customer profiling, AML technologies and the local regulations for the Cayman Islands, among other modules.

The user ends with a post assessment set of questions to see how much knowledge they have assimilated during the course.

Angela says one of the beauties of this course is that employees can do the course in their spare time – in the evenings and at weekend – whenever it suits their schedules. Employers can track where a particular individual is within the course to chart their continuing progress.

Those who take the course can enjoy two added benefits to aid in the learning process. A study guide is on hand at all times to help the individual if their learning skills have become a little rusty over the years; while a glossary is a handy tool not just for the course but in general when dealing with complex compliance issues.

Nancy confirms that the Knowledge Platform is a great way to keep employees interested in this sometimes complex but most vital of subjects and can be a key learning tool not just for those in the financial services industry, but more broadly for the government and other trades, professions, or business where there may be a requirement for understanding and disclosing suspicious activities.



From left, Abbie McMillan, Nancy Saur and Angela Mele