AML Training for Employees: Key Objectives & Requirements

Financial institutions and Designated Non-finance Businesses & Professions (DNFBPs) in the UAE are required to train their employees on Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT). As per Article 21 of the Cabinet Decision No (10) of 2019, it’s the duty of an AML Compliance Officer to prepare, execute and document the ongoing AML training programs for the company’s employees. However, many companies are failing to meet this mandatory requirement and get fined for non-compliance with AML in the UAE.

Most financial institutions and DNFBPS fail to grasp the importance of AML training and its purpose. Some of them doesn’t know how often they should conduct the AML training programs in the UAE. A majority of the companies struggle to understand how to develop the content for the mandatory AML training program in the UAE. However, they can easily meet this critical requirement with the help of AML consultants in Dubai, UAE.

This article will teach you about the key objectives and requirements for conducting an effective AML training program for your employees in the UAE. Read ahead.

The objective of AML Training in the UAE

Companies under AML obligation are required to provide AML training to their employees to engage, inform and inspire them to acquire in-depth knowledge and understanding of the following:

  • Money Laundering / Terrorism Financing methods and typologies that are relevant to the organisation
  • The AML policies, procedures systems & controls adopted by the company
  • The skill to identify suspicious activities & unusual behaviour of customers and report them to the AML compliance officer
  • The responsibilities and role of each individual in the organisation towards countering money laundering and financing of terrorism

Why is AML Training Critical for Organisations?

Training the staff to create awareness of money laundering typologies have long been considered a key part of the AML-CFT controls. This is because employees are a company’s best defence against money launderers and those who finance terrorist groups. Individuals and criminal groups always try to abuse the services offered by the companies and use them for illegal purposes. If the employees of an organisation are not trained on AML, it would be easier for the criminal groups to launder the proceeds of their crimes into the financial system.

Who all Need to be Trained?

As an owner or manager of the company, you should ensure that all the relevant employees of the company receive AML training. Training should be given to any individual employed at your company irrespective of whether employed on a permanent or temporary basis. The AML compliance officer should also train all the new employees as well at a reasonably convenient time. You can seek the advice of AML consultants in Dubai before conducting the first AML training program within the organisation.

How Often Should You Conduct AML Training?

The Financial Action Task Force (FATF) recommends that the financial institutions and DNFBPs (auditors, trust & corporate service providers, dealers of precious metals & precious stones, real estate agents) should conduct the AML training within their organisations on an ongoing basis. AML compliance officers can arrange their UAE AML training program in the following manner:

Training For New Starters

This kind of training applies to the employees who have joined the organisation recently. Since it is unwise & risky to leave out the new joined from the ambit of AML training program, you should train them as soon as possible. Ideally, the new starter training should be conducted with seven to ten days of their joining date.

Refresher Training

Refresher training is the type of training that you impart to the existing employees on an ongoing basis. MLROs should determine the frequency of such training by applying a risk-based approach. The refresher training should be conducted frequently if the organisation faces a higher ML/FT risk. Ideally, the first line of defence (relationship managers etc.) should receive more training than the second (compliance and AML team) and third line of defence (internal audit team). You can determine the risk you face by consulting with AML consultants in Dubai.

Special Purpose Training

A special-purpose training is required if you want to train the employees on a new regulation/internal policy or your company’s new product/service/tech. The frequency of special-purpose training can be determined based on the updates you receive from regulators, law enforcement agencies, authorities, intergovernmental bodies, etc. It is the duty of the AML compliance officers to keep the employees updated on any changes in regulations related to AML/CFT and the degree of ML/CFT risk associated with the company’s new product, service or technology.

Design your AML Training Programmes with Jitendra Chartered Accountants

Organisations in the UAE should ensure that their employees have sufficient awareness and knowledge about ML/FT risks. AML compliance officers should determine how to conduct these training sessions and how often they should hold AML training within their company. Conducting AML training in the UAE is a compliance requirement, and failing to do so will incur hefty penalties. If you are confused about how to conduct AML training for employees, seek the help of AML consultants in Dubai, such as Jitendra Chartered Accountants (JCA).

JCA is a leading consultancy that offers AML training services in Dubai for a wide range of companies. Our clients include both financial institutions and DNFBPs, and our experience will add value to your AML compliance programme. Apart from helping with training, we can also assess the robustness of your current AML/CFT programmes and suggest improvements. If your organisation have been subject to any penalties by the Authority, we can help you rectify that situation by offering AML penalty appeal services in Dubai, UAE. Let’s work together to fight off the threat of money laundering for a better future.

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