Feedback concerning Anti-Money Laundering and Countering the Financing of Terrorism training.
28/03/2022
Following findings identified through financial crime examinations in relation to employee Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) training, we commenced a desk-based thematic examination in 2021 on the topic.
Using a questionnaire, we gathered information from 27 businesses representing a cross-section of Industry sectors.
The purpose of this questionnaire was to enable JFSC to understand the methods used by Industry to train employees and to make them aware of the systems and controls that have been established to prevent and detect money laundering and the financing of terrorism.
Summary of findings
- Of the 26 respondents to the questionnaire, 24 provided responses that indicated that they would be able to demonstrate that arrangements in place were largely compliant with statutory and regulatory requirements concerning the awareness and training of employees.
- 91% of respondents confirmed that they had procedures in place to ensure that relevant employees had suitable training.
- The questionnaire responses also highlighted a number of areas where training and other methods used to increase awareness could be enhanced to drive higher levels of compliance with statutory and regulatory requirements.
As a result of the findings, follow-on supervisory engagement has taken place with certain relevant persons. This will have included formal remediation plans being agreed, or other supervisory action appropriate to the particular circumstances.
Next steps
JFSC believe the vigilance and awareness of well-trained employees is a critical element in a fully effective control framework that is designed to prevent, detect and report money laundering and terrorist financing activity.
JFSC will continue to assess employee awareness of money laundering and terrorist financing risks, and the relevance and effectiveness of training provided to employees by relevant persons during examination and other supervisory engagements.
The Team
Meet the team of industry experts behind Comsure
Find out moreLatest News
Keep up to date with the very latest news from Comsure
Find out moreGallery
View our latest imagery from our news and work
Find out moreContact
Think we can help you and your business? Chat to us today
Get In TouchNews Disclaimer
As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.
As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.