How Do I Get the Best Anti-Money Laundering Training?

Geri Terzo

Recognizing money laundering is expected in some segments of the financial services industry. Financial industry participants are required in some cases to undergo anti-money laundering training and obtain certification proving that the course work was completed. New threats can emerge over time, and so once an initial round of training is complete, you may need to enroll in an updated program or just remain in touch with alerts and advisories. To get the best possible anti-money laundering training, make sure the program not only teaches you how to recognize fraud but also how to respond when money laundering is detected.

Money laundering is a means of storing or transporting money while obscuring its true origin.
Money laundering is a means of storing or transporting money while obscuring its true origin.

Pricing may be the deciding factor in the best anti-money laundering program, and some providers are able to adjust the cost based on the number of participants who are enrolled. The greater the number of trainee participants, the more cost savings your firm may be able to realize. Remote training may be available over the Internet or a company's internal intranet program.

In searching for the best anti-money laundering training, select a program that addresses some of the most recent threats circulating through the economy. Even then, continual advisories may be issued to address different frauds that might be threatening the monetary system in a region. Law enforcement personnel or regulatory agents may update this information on a phone line that can be easily accessed.

Choosing an anti-money laundering training program that allows users to access information even after the course is complete can be helpful. Information from the program may not be applicable right away but instead if at some point in time you may need to refresh your memory about details of the training. Also, select a program that does not let you move on to the next area of focus until some type of test has been completed so that it is clear that all of the curriculum is understood. If you are a supervisor in a firm, such as an insurance company, which increasingly are being trained to uncover fraud, make sure the provider communicates the status of all of the course participants until the preparation is complete.

Condensed anti-money laundering training may be available to participants over a number of days. These courses may require that you physically be present for the training and may ask that a series of prerequisite readings be completed. Read the syllabus as outlined by the course provider to determine if this intense course load is appropriate for you.

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