BCS's AML/CFT compliance programmes encompass comprehensive AML training initiatives designed to educate employees on the importance of AML for their business operations. It's imperative for organisations to provide relevant AML compliance training to their staff to clarify their roles and responsibilities under AML compliance programmes. Such training empowers employees to detect suspicious transactions, conduct customer identification, identify risks specific to their business type, and comprehend the implications of relevant rules and regulations.
Numerous regulations and laws mandate organisations to establish and uphold AML and CFT policies. AML training in the UK is a mandatory requirement for regulated entities. Given the emergence of new risk avenues leading to money laundering and terrorist financing activities, these laws and guidelines undergo frequent modifications and adjustments. Consequently, companies develop their AML and CFT programmes to adhere to the laws and maintain AML compliance at all times.
AML Training
AML Training Services by BCS:
With the AML compliance department in place, it is also essential to have employees with skills in AML-specific work and risk management expertise to handle the related responsibilities. Specifically, the risk profiling skills are vital to have for organisations to identify the risks that their business faces and mitigate them as soon as possible. We carry out AML training for the following topics:
Screening:
Screening constitutes a critical component of any AML/CFT programme. Our training equips employees with the necessary skills to proficiently conduct screening against the UNSC and UK local sanctions list.
AML/CFT Best Practices:
We educate employees on the best practices of AML and CFT compliance programmes used in various organisations globally, which they can adopt in their AML/CFT strategy and action plans.
STR Filing:
We offer training on Suspicious Transaction Report (STR) filing, including dos and don’ts, empowering employees to identify suspicious transactions, customers, vendors, and any other business partners that may expose the business to money laundering and terrorism financing risks.
Risk Profiling:
We deliver comprehensive training on risk profiling, enabling employees to identify enterprise risk, customer or business relation-specific risk, geographic risk, and product, service, transaction-related risk, channel-related risk, and other risk factors pertinent to AML. This empowers them to implement a risk-based approach to assess and mitigate ML/TF risk effectively.
Enhanced Due Diligence:
Enhanced due diligence stands as a fundamental requirement of AML compliance programmes. Our training equips employees with the knowledge to effectively identify circumstances necessitating enhanced due diligence. Additionally, we provide guidance on examining customer financials to discern the sources of funds.
AML Awareness:
Our training covers AML awareness, enabling employees to understand the laws, rules, regulations, norms, guidelines, notifications, and circulars related to AML and CFT, along with the implications of each point on their business. This includes considerations for policies required to combat money laundering and terrorist financing activities.
Record-keeping:
Every organisation is required to maintain its AML records for a period of five years. These records can be managed manually or through a document management system. We provide training on this crucial aspect to ensure records are maintained in compliance with the requirements of AML laws and regulations.
Why Choose BCS for AML Training?
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At BCS, we understand your unique AML and CFT requirements across diverse industry verticals. Thus, we tailor bespoke training programmes for your employees to grasp the fundamentals and implications of AML laws on your business.
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Our corporate training programmes remain current, incorporating the latest trends in AML and CFT compliance programmes and international best practices in AML policies and internal controls, ensuring your business reaps full benefits.
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We boast a team of distinguished regulators, compliance experts, legal professionals, business consultants, risk management specialists, law enforcement officials, financial institution auditors, policymakers, and strategists. Their extensive knowledge and diverse experience span various industry verticals.
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BCS caters to the corporate training needs of a wide array of industry clients, including banks, financial institutions, insurance companies, investors, real estate brokers, law firms, dealers of precious stones, and many others.
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Our corporate training in AML and CFT equips you with the capability to comprehend AML laws, glean relevant insights from industry standards, develop and oversee efficient AML and CFT internal control systems, thus achieving AML compliance.