The training itself needs to be revamped, I agree with Ihatemoneylaundering – this is a fascinating topic – who doesn’t enjoy getting an inside view on crime?
One of my favourite publications of the year has just appeared. No, not the Donny Osmond Christmas Annual, but KPMG’s “Global Anti-Money Laundering Survey“. (Actually, it’s not an annual publication but only triennial, so this really is a red letter day.) To set the scene, the survey was distributed to “AML and compliance professionals in the top 1,000 global banks”, of whom 317 submitted responses. The resulting report is full of juicy statistics to scare the Board and educate the staff, but today I am concentrating – for obvious reasons – on the rather scary training findings.
Even amongst the firms employing those AML and compliance professionals who care enough to think about things and respond to a survey, only 62% give their Board any AML training. Can I stamp my little training trotter and just say this: how can directors (NEDs or otherwise) meet their overriding AML responsibility of confirming…
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