Skimping on AML Training Could Be Costly Compliance Cutback, Say Compliance Professionals

By Brian Monroe

U.S. financial regulators require that banks train their employees to detect money laundering, but what they don't say is how often it should be done, who should do it and how. In a troubled market, the amorphous nature of the mandate is an invitation to cut costs. But as the general knowledge of anti-money laundering compliance has risen in recent years, financial regulators have expected their financial institutions to place greater emphasis on training, according to Peter Djinis, a Sarasota, Fla.-based AML consultant and former executive assistant director for regulatory policy at the U.S. Treasury's Financial Crimes Enforcement Network. "The...