It has become indispensable for financial institutions (FIs) and Non-Finance companies and Professions (DNFBPs) like Real estate agents, Auditors, dealers in precious stones and metals, and corporate service providers to conduct an efficacious AML training exercise for their employees.
In the UAE, it is a legal requirement for companies to conduct AML training for their employees, and failure to do this may attract fines.
The importance of conducting AML training cannot be overemphasized, one of which is to help employees comprehend money laundering and terror financing which their company or firms are prone to. FIs and DNFBPs are required to carry out AML training at least once every 12 months. In this post, we shall discuss the series of importance and benefits of conducting AML training.
Points to Consider Before Conducting AML Training
Before a company conducts AML training for employees, it should put into consideration the following crucial points in order to have seamless and impactful training;
- The information that needs to be passed with the training
- The difficulties faced by the company as regards AML compliance
- The industry to which the firm or company belongs
- Onsite or Online training requirements
- Duration of training
Importance of Conducting AML Training for Employees
Compliance to Regulations
The UAE laws on Anti-money laundering stipulate that all FIs and DNFBPs conform with AML laws in a bid to curb the menace of money laundering within the UAE. Employees who are successfully trained on AML are able to recognize suspicious transactions/behavior and know the way to report such transactions to the appropriate authority.
Employees who get trained will be prompted to be more accountable which in turn encourages them to partake in the compliance function of their firm or company. It is more likely for employees who are trained on AML to be more responsible for their actions and follow the right procedure as they will be made to be more aware of the laws and their implications.
Understanding of money laundering and its implications by employees through AML training enables them to be keen and enhanced in indicating suspicious conduct and transactions. With this, employees will improve in detecting deformities.
One key factor in the AML process is the ability of firms and companies to quickly detect suspicious activities and report them immediately. With employees getting trained on AML, this can assist the response and reporting time when suspicious activities are discovered. Once an employee identifies any red flags within their firm, they are quick to report to the compliance officer within the firm or organization.
As an FI or DNFBP, it is paramount that your employees are trained on AML regulations and how to stay compliant. Conducting AML training can be a handful as it focuses on so many areas which only an expert can provide.
We at eLegal Consultants offer AML/CFT training to employees, directors, executives, and professionals from FIs and DNFBPs in the UAE. We have expert trainers who are ready to offer your employees first-class training on AML laws and regulations and how to be and remain compliant.
You can contact us for a free consultation in order to provide you with more information on Anti-Money Laundering in the UAE.
We also provide general legal services ranging from company formation, intellectual property, family law, immigration, and a host of others in the Middle East, Africa, Asia, and India.
We at eLegal Consultants look forward to meeting you and ready to journey with you to actualize your dreams. Contact us today.