Anti-money laundering and counter-terrorist financing resource launched

A new Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) resource is launched today by Lessons Learned Ltd. is an online library of training films, with more being added each year, which provides an invaluable tool for busy Compliance Officers and Money Laundering Reporting Officers (MLROs) seeking to enliven their training and engage staff with financial crime risks.

The films range from two to three minute vox-pop reconstructions of real-life suspicion reporting incidents  to longer documentaries, case studies, and news magazine pieces describing the methods and typologies used by money launderers, the various international AML and CTF standards and examples of punishments and penalties meted out by regulators.  They would be of immediate interest to banks, asset management and investment companies, insurers, and others in the financial sector, as well as for police forces, prosecutors, Financial Intelligence Units and others within the law enforcement community needing to raise awareness amongst operational staff . The films are not jurisdiction-specific and hence are relevant globally.

Additional content dealing with operational risk issues such as computer security, legal and reputational risks associated with email usage, fraud awareness and, shortly, bribery and corruption, are also available on the site, which currently hosts more than two hours and 20 minutes of high quality video content, with more in production. One major international bank who are early adopters of the service have commented that “…the overall response to the videos has been great, both from our staff and the training division. A lot have asked when other videos will be going up…”.

Access to the films is available by payment of a single, low cost annual subscription.  Only one subscription is required per organisation.   Upon payment, employees of that organisation are then able to access the resource wherever there is a broadband internet connection.

Tim Parkman, Managing Director of Lessons Learned Ltd, says: “In recent years, a lot of effort has been spent on ensuring that when regulators call, companies are able to demonstrate that they have undertaken the AML and CTF training that is required by law.  However, typically this training only happens once a year or even less. is about taking that as a foundation and then stepping it up. It’s about raising awareness and constantly refreshing the risks in people’s minds, enabling you to deliver the same message in different ways. 

“For example, the videos can be used by business managers as the basis of a short lunch time seminar or discussion group, they can be sent by email link to colleagues in a relevant work group, they can be used in more traditional classroom settings, or they can be linked in to existing e-learning programmes as an added dimension. 

“When the World Bank has estimated that approximately US$1 trillion is paid in bribes annually around the world, most of which will be laundered, we need to encourage awareness and vigilance at every stage”

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