Even if you have been in Financial Crime Prevention for many years you will never know everything. Regulations change, insights change, inspections and audits change, systems change and frankly: what does not change?
The financial
crime landscape is changing rapidly. Criminals adapt their methods, regulations
evolve, and organisations face different risks depending on where they operate,
the products they offer and the customers they serve. As a result, the
"one-size-fits-all" approach to compliance learning no longer
delivers the level of awareness that organisations need.
To cater for this
we update our courses yearly and/or when regulations change but we have some
material as well that dives deeper into specific developments.
Topics
Based on
conversations with compliance professionals and customers we have recently
developed courses on topics such as:
The
new payment services regulations PSD3/PSR1 in the European Union.
The
impact of Artificial Intelligence on the Anti Money Laundering practise.
How
to treat customers fairly and prevent discrimination in KYC processes.
The
connection between AML, Sanctions and Fraud.
These are all important
developments and staff need to be aware of the specific risk, the potential impact
and mitigating measures. By no means are these all the topics we can think of,
but we prefer to work with our clients to make courses as tailored and relevant
as possible.
Learners
engage with what they recognise
One of the
biggest challenges in mandatory compliance training is engagement; staff only pay
attention when they can link the content of the training with their own work.
A relationship
manager in Singapore, a payments specialist in the Netherlands, a trade finance
officer in the UAE and an insurance employee in the Caribbean all face
different financial crime risks. Only if the scenarios, regulations, customer
types and examples reflect their daily work, learners see the relevance and realise
that "This could actually happen in my job."
That approach has
a significant impact on attention, retention of knowledge and ultimately
behaviour.
Why i-KYC
Most of our
customers are aware of the need to train all staff and just look for training
that meets the needs of the organisation, is well accepted by all staff and is
easily implemented.
Apart from the
fact that we have a deep understanding of regulations and how to implement these
and have extensive experience in developing and deploying training material, we
ensure that our clients face as little hassle in the rollout of the training as
possible. Essentially, we just get it done, ensure everybody is trained and produce
the audit trails and information for management.
It’s never
enough
Regulators across
the world place more emphasis on risk-based compliance training. During
inspections, supervisors are no longer satisfied if every employee completed
the same annual compliance course. Increasingly, organisations need to
demonstrate that training is:
Relevant to the institution's own financial crime
risks.
Appropriate for different business lines.
Tailored to employee roles and responsibilities.
Updated to reflect changes in legislation and emerging
threats.
Part of a broader risk-based compliance framework.
Covering recent developments.
What do
you see in your organisation?
Are you moving
towards more localised and role-specific compliance training, or are you still
relying on that one annual refresher?
Let us know… we’re
happy to hear from you:
📧
info@i-kyc.com
