Helping your firm apply money laundering training effectively

Within the Regulated sector, one of the decisions that must be made by a money laundering reporting officer (MLRO) is the extent of money laundering training to be undertaken by the staff and principals of the firm.

It is clear, of course, that the MLRO should have full expertise in anti-money laundering practices, and it is also clear that a partner in a legal firm will need greater knowledge and awareness than a person employed solely as a receptionist.

Whatever role within a firm a person plays, however, there is no-one for whom the law does not apply to some degree. The Money Laundering Regulations 2007 state that "all relevant employees" should be made aware of the law, and regularly given training in recognising and dealing with activities that may be related to money laundering or terrorist financing. Furthermore, the Terrorism Act 2000 explicitly states that it applies to all persons in the UK, which means that all employees in the Regulated sector are relevant employees to some degree.

While there is no such thing as too much knowledge in the sector's ongoing duty to guard against involvements with criminal property, there are cost implications - both financial and time-based - to professional development, and it is therefore commercially astute to ensure that each person within a firm receives the appropriate level of training.

The task of establishing the appropriate level to provide for each member of the business is one that should be carefully judged. The expertise and experience that can be provided by a specialist external company, such as ML Solutions 4U, allows assessments of those appropriate levels to be made swiftly and accurately, and also ensures the relevance of the money laundering training provided to its recipients.

This means that each firm's MLRO receives a professional development package that is precisely tailored to the business' needs. Each firm in the Regulated sector is different; any training provider that fails to provide a bespoke solution is unlikely to be able to provide the right solution.

ML Solutions 4U offers a fully-accredited combination of online training and real-world workshops that is infinitely adaptable and proven to bring firms into compliance with anti-money laundering law. Should you wish to discuss the ways in which our services can support your firms' responsibilities under the Money Laundering Regulations 2007, or your requirements regarding money laundering training in general, please contact us directly on 0845 402 0001 or through our contact form.

Money Laundering Information » Anti Money Laundering Practice Note Available