Why anti-money laundering education is an essential part of training

John Sherman

Did you know that around $1 trillion to $2 trillion is wrapped up in money laundering schemes every year?

There’s no doubt that money laundering is becoming a serious global problem. This massive amount of illegal money floating “beneath the surface” is the reason why the laws and regulations have become more strict than they’ve ever been before.

While there have also been advances in technology that look to increase business security and to stop money laundering from happening, this doesn’t mean your organization is completely safe.

There is still work to be done to protect your company.

In fact, there are new strategies for money laundering created all the time, some much more complex that we realize. This means that there is a constant evolving threat to your organization.

This is why anti-money laundering education has become an essential part of employee training. Getting your employees up to speed on the latest regulations and how to spot money laundering is going to be the most effective way to protect your company and its assets from illegal activity.

Your employees will always be your eyes and ears on the ground when it comes to money laundering. In addition, their role will involve complying with all the laws and regulations to keep your business in line with the latest developments every day.

This means you’ve got to pay attention to anti-money laundering training for your company today – not tomorrow.

Of course, nobody wants money laundering or illegal activities happening within their business. After all, there’s more at risk than just lost revenue. You face losing your good reputation with the public and in your industry.

New customers and existing ones aren’t going to use your business since news spreads like wildfire when you’re involved with money laundering. Even if it’s an employee you don’t know about, you’re going to be taking the blame for it.

In addition, if you aren’t compliant with the laws and regulations that are in place to prevent money laundering then you face heavy sanctions and large penalties. This is more than just bad press – this can be thousands of dollars in fines.

For example, recently a casino that violated money laundering regulations was fined a massive $75 million. Can you afford to shoulder that kind of financial burden? More importantly, do you want to pay that kind of money when you don’t have to?

It All Starts with Online Learning

Anti-money laundering education is undoubtedly a priority for many organizations, especially companies in the financial and legal industries. This is where online learning can help you and enhance employee training.

The only way that employees are going to learn how to prevent and detect money laundering activities is through learning about the legal controls and regulations that are in place that they’ve got to follow.

Online learning is going to provide your employees with a platform they can access 24/7 to read about anti-money laundering and make sure they follow that practice in their everyday roles and duties.

Plus, e-learning courses can be accessed anywhere and at any time. This means that you don’t have to set aside a week for training like you used to.

Online learning can be accessed on personal devices and used anywhere in the world. Whether your employee is on vacation or riding the bus to work, it’s there for them to revise and learn when they want to. This freedom promotes learning and doesn’t force it.

But, e-learning courses do more than just explain the laws and regulations to be followed. They also encourage employees to be responsible in their position, as well as vigilant and when it comes to their actions and the actions of others around them.

When you’re more aware of the rules this means you will be able to suspect and identify money-laundering easier and faster. This can avoid the serious consequences that result from compliance breaches, as well as money laundering.

Making Training Impactful

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 learning about the law 20 years ago when things have changed since then. New strategies for money laundering are being used all the time, so it’s crucial that training is relevant.

Last but not least, you’ve got to make sure that the training that you’re offering your employees is engaging and interesting. After all, we all learn better when we enjoy what we’re learning about.

One of the best ways for employees to learn is by using online materials. There are lots of e-learning courses that specialize in anti-money laundering training, which means you’ve got on-demand materials right at your fingertips.

It makes sure that all of the content is kept up-to-date and in line with the laws and regulations in place, as well as using engaging media to keep your employees engaged and interested in the content.

Your employees can use cartoon and funny videos to learn their duties, as well as work on quizzes to test their knowledge and even play games to learn more about anti-money laundering methods. Finally, training can be fun and effective again!

So, it’s never too late to start training employees on anti-money laundering techniques. This is a serious problem that’s not going away, which means that you’re better taking action sooner, rather than later.

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