Bankers go online for help in preventing money laundering

The British Bankers’ Association (BBA) is introducing an e-learning
programme for the financial services sector to prevent money laundering.

The package is aimed at all levels of staff working in financial services,
including banking, legal, insurance and accountancy.

As well as information, the programme will provide a facility for
self-assessment and will be supported by a formal examination and accreditation
process.

Testing during and after the course records results centrally and gives
companies an audit trail to assess whether they have met their obligation to
provide training in this area.

"London is one of the largest financial centres in the world, handling
billions of pounds worth of transactions every day," said Ian Mullen,
chief executive of the BBA.

"Naturally this makes it a target for financial crime and it is
essential that every member of staff within all financial institutions is
alerted to the possibility of money laundering activities."

The training programme is a joint venture between the BBA and online
financial training provider Absolutely Training and is designed to include a
large proportion of interactive content, explained the company managing
director Paul Fegan.

"This increases an employee’s retention rate and results in more
effective training. This means that an individual is more likely to be aware of
their obligations and responsibilities in relation to money laundering
prevention and detection."

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