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BBA revises online anti-money laundering training programme

13 June 2006  |  2906 views  |  0 Source: British Bankers Association

The British Bankers’ Association (BBA) in partnership with Absolutely Training today launched a brand new version of their successful online anti-money laundering (AML) training programme.

Written in accordance with the recently revised Joint Money Laundering Steering Group (JMLSG) guidance, the new courses are designed to help firms adapt to the industry’s new ‘risk-based’ approach to AML – focusing firms’ resources on those regions, products and customers likely to carry the greatest risk - before the guidance takes effect on August 31st.

The JMLSG guidance states that firms should provide training that reflects their own risk assessments of their products and services and the specific roles of their employees. The new e-learning programme provides firms with courses that can be easily customised to reflect these requirements.

The courses will help firms provide staff with training that is relevant and appropriate to their day-to-day activity and the types of risks they face. New interactive exercises will help employees learn and retain the material. Staff can then sit a dynamically changing online test that will clearly demonstrate their understanding of the AML course material.

Nigel Shattock, executive director, BBA says: "The new programme explains the impact and implications of a risk-based approach, the importance of customer knowledge on an ongoing basis and how to report suspicious activities. It also reflects recent changes in the FSA’s approach to anti-money laundering. Staff are a firm’s first line of defence in the prevention of money laundering. This programme will provide the appropriate training at all levels to help keep these defences strong."

Shaun Walsh, course director at Absolutely Training says: "The online learning programme offers a range of modules for firms to mould to their own risk assessments. The concept of ‘one- size fits all’ training is on borrowed time. Tailoring courses to tackle the risks that are appropriate to a firm’s business provides better results for firms and their stakeholders. Additionally users will be much more responsive to material that reflects their job role."

David Swanney, author of the Joint Money Laundering Steering Group’s Money Laundering Guidance, has contributed to and reviewed all course material.

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