(Editor's Note: This is the fifth 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 anti-laundering training methodologies. Previous MLA articles examined the basic elements of effective training, the employees that should be trained, and the topics that training should cover.) Under regulations issued by the federal financial institution supervisory agencies, U.S. financial institutions must provide training for "appropriate personnel on Bank Secrecy Act compliance and money laundering controls" (e.g., 12 CFR 208.63, 12 CFR 326.8). While this federal mandate...
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