How frequently should businesses conduct AML training for employees?

Businesses should conduct AML training for employees at least annually to ensure that all staff members are up to date with the latest anti-money laundering regulations, risks, and internal policies. Regular training helps reinforce the importance of compliance and keeps employees informed about new techniques used by criminals to launder money, as well as any recent changes in laws or regulations. This frequency is vital for maintaining a culture of compliance within the organization, ensuring that employees can effectively recognize and report suspicious activities.

Annual training also allows businesses to assess the understanding and effectiveness of their training programs. Given that money laundering methods and regulatory standards evolve, frequent refreshers are essential to mitigate risks and enhance the organization’s overall compliance posture. By establishing a robust training schedule, businesses demonstrate their commitment to maintaining effective AML controls and protecting themselves from potential liabilities.