(Editor's Note: This is the third in a series on anti-money laundering training adapted from the paper "Anti-Money Laundering Training: Teaching the Small Bank What to Do," by Phillips Gay, Jr. This month we explore the topics that the training should cover. Previous MLA articles explored the basic elements of effective compliance training and the categories of employees that should be trained.) The federal financial institution supervisory agencies require that financial institutions provide training for "appropriate personnel" on Bank Secrecy Act compliance and money laundering controls (e.g., 12 CFR 208.63, 12 CFR 326.8). A successful training program should not only...
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