(Editor's Note: This is the first 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 basics elements that drive the development of effective compliance training.) Federal regulations issued and enforced by the U.S. financial institution supervisory agencies require that banks have a formal, written anti-money laundering compliance program that includes "training for appropriate personnel" (Ex. 12 CFR 208.63, 12 CFR 326.8). Too many compliance officers look at the anti-money laundering training mandate as a means by which to appease...
print