Just because you have the right technology in place to combat money laundering doesn't mean your AML program will be successful. A study by Deloitte & Touche finds that firm-wide training is essential to any program's success. Ninety-three percent of the 167 senior financial-services executives surveyed said that their institutions provide some form of AML training.
The business units that most often received training were those facing the customer, including sales and business units, which were cited by three-quarters of the respondents. Individuals in some central functions are also likely to receive training, with more than half of the executives naming finance/treasury, legal and marketing as additional areas whose employees receive anti-money laundering training.
Critical third parties, such as transfer agencies, are also being trained. In many institutions, employee training is a new responsibility, lead by the compliance department. Deloitte's study states that it is essential that "senior management review and approve the course content but also communicate to employees the importance of committing the time to be trained."