(Editor's Note: This is the fourth 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 role that internal controls play in anti-laundering programs and the need for employees to understand those controls. Previous MLA articles examined the basic elements of effective compliance 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...
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