Ensuring your employees are adequately trained in anti-money laundering (AML), Counter Terrorism Finance (CTF) and Counter Proliferation Financing (CPF) is a crucial component of managing financial crime risk. Not only is it vital to protect your firm, but it's often required by regulations.
There is no doubt that money laundering continues to be a serious global problem. This massive amount of dirty money floating “beneath the surface” is the reason why the laws and regulations have become stricter than they have ever been.
While there have also been advances in technology that look to increase business security and to reduce the risk of money laundering to your business, this doesn’t mean your organisation is completely safe.
In fact, criminals are continuously developing new strategies for money laundering, some much more complex than we realise. This means that there is a constant evolving threat to your organisation. For this reason, anti-money laundering has become an essential subject for employee training. Getting your employees up to speed on the latest regulations and teaching them how to spot money laundering is going to be the most effective way to protect your company and its assets from illegal activity.
It is important to remember that all your employees will be your eyes and ears on the ground when it comes to money laundering. They will each have a role to play in ensuring your business complies with all applicable laws and regulations as well as adherence to all updates and changes of such laws and regulations.
This means you must provide anti-money laundering training for your company today – not leave it till tomorrow.
So, how can you make sure that your anti-money laundering training is effective? Well, it all starts by making training mandatory for all your employees. In one way or another, everyone can detect or report money laundering activities, so use this to your advantage.
Another important factor is making sure that your anti-money laundering training is up-to-date. There’s no point relying on what was learnt 20 years ago as much will have changed since then. In fact, they are changing constantly. New strategies for money laundering are being used all the time, so it is crucial that training provided is relevant and refers to current legislation.
Last but not least, you must make sure that the training that you are offering your employees is engaging and interesting. After all, we all learn better when we enjoy what we are learning about.
GACO is very happy to have been able to re-engage David Parody, the National Coordinator for AML/CFT on behalf of the Government of Gibraltar, to provide anti-money laundering training. David, will bring all participants up to speed on the latest developments in AML, CFT and CPF in an entertaining and passionate manner. David will provide training on the latest developments, providing an update for example on Moneyval and the grey listing, updates to GFSC Guidance, impact of sanctions and progresses made and explaining in detail what is locally relevant for the achievement of the obligations of the Compliance Officer and/or Money Laundering Reporting Officer or the members of the Compliance Team of your business. Compliance is the responsibility of all and it will provide information which the compliance Team can then pass on during internal training for other employees to ensure they are kept abreast of any developments.
GACO has prepared in total 3 half day online sessions. Please note that an individual can only register for ONE session, NOT for 2 or 3 as it would otherwise be a repetition.
The Sessions are subdivided into "Professional" and "Crucial" Training. The “Professional” training is aimed at senior/experienced members of compliance and MLRO’s.
As places are limited, please register online as soon as possible to avoid disappointment. Places will be allocated on a first come, first serve basis. Please find below further details of the event.