AML/CFT Employee Training

AML Training Program for Employees

• Setting up an effective AML training program for staff is a mandatory requirement for Financial Institutions (FIs) and Designated Non-finance Companies & Professions (DNFBPs) such as Dealers of Precious Metals and Stones, Real Estate Agents, Auditors, and Corporate Service Providers.
• Article 21 of Cabinet Decision No (10) of 2019 states that a company’s Compliance Officer must plan, implement, and document continuing AML training programs.
• Staff members will be equipped to understand their responsibilities including identification of suspicious transactions/activities as well as the consequences of non-compliance to the laws and regulations.

To help employees better understand the ML/FT risks to which their firms are exposed, FIs and DNFBPs must provide training at least once every 12 months.

The primary objectives of an AML Training Program in the UAE

The following are the main objectives of an AML training programme:

• To educate staff about identifying money-laundering and terrorism-funding techniques and concepts that is relevant to the organization.
• To aid employees in understanding AML/CFT policies, practices, systems, and controls implemented by the organization.
• To assist employees in understanding their responsibilities including reporting suspicions to the compliance officer or the Money Laundering Reporting Officer (MLRO).
• To ensure that all staff members are aware of their roles and responsibilities in the organization’s efforts to combat money laundering and terrorism funding.

Why AML Training is Crucial for Employees?

Adherence to Regulations

Law requires financial institutions (FIs), Designated Non-Financial Businesses and Professions (DNFBPs), and Virtual Asset Service Providers (VASPs) to abide with anti-money laundering guidelines. Employees who have received AML training will be able to identify suspicious transaction/ behavior, report it, and contribute to improving compliance with applicable legislation.

Accountability

AML training can promote employee responsibility by encouraging them to participate in the compliance function of their organisation. Employees are more likely to take responsibility for their activities and follow right processes when they are aware of the significance of AML/CFT legislation.

Higher Awareness

Employees’ understanding of money laundering warning indicators, such as atypical transactions or suspicious conduct, may be enhanced through AML training. As a result, they will be better able to spot irregularities and alert the compliance officer.

Quicker Responses

AML training can help to speed up the response and reporting time when suspicious activities are discovered. Employees are able to promptly identify and escalate their suspicions if they are aware of the red flags in their industry and available reporting lines within the organisation.

Design your Anti-Money Laundering Training with HLB HAMT

We provide specialized AML/CFT training programs to a variety of sectors, covering:

AML | CFT Training

The training programme focuses on the responsibilities of front-line staff with respect to the legal framework, KYC documents, compliance function, and reporting lines within the exchange house.

The training will cover the following aspects (1/2):

• What is money laundering?
• Stages of money laundering
• What is terrorist funding?
• Identify the difference between ML & TF
• Risks for your business and its sector
• Why are countries & governments concerned?
• Regulatory Authority
• Applicability of Law

The training will cover the following aspects (2/2):

• What is customer due diligence?
• What is Know Your Customer (KYC)?
• Identifying and reporting Suspicious Transactions
• Global and local sanctions
• What is Enhanced Due Diligence (EDD) and when is it required?
• What are Politically Exposed Persons (PEP)
• Indicators of ML and TF
• Risk Based Approach

Key components to be included in your AML/CFT Training Program

For both FIs and DNFBPs, developing an efficient AML/CFT training program in the UAE is a challenging task. An organization’s AML/CFT employee training program must include the following focus areas:

• Obligations of the organization under UAE AML-CFT Legislation.
• Important ML-TF dangers to which the firm is exposed and their effects.
• Employee roles and responsibilities.
• Case studies that are based on actual events to illustrate how risk was identified and how it was addressed.
• Steps to be performed to fulfil AML duties and to recognize, control, and mitigate ML-TF risks.
• Describing the activities and customer sectors of an organization that may be most susceptible to threats of money laundering and financial terrorism.
• Administrative penalties for violating the AML-CFT Legislation.

We at HLB HAMT, provide AML/CFT training to executives, professionals, and compliance staff delivered by our specialized trainers to guarantee that their organization is compliant with the current AML laws and regulations.

Contact HLB HAMT or send us a Request for Proposal (RFP) for more information about AML/CFT training programs.