Creating a great AML training program for employees is a serious requirement for financial institutions and Designated Non-finance Businesses & Professions. These include Dealers of Precious Metals and Stones, Auditors and Trust & Corporate Services Providers, and Real Estate Agents.
It is mandatory to train the staff on Anti-money laundering and Combating the Financing of Terrorism as per Article 21 of Cabinet Decision No (10) of 2019.
It is a compliance failure if you are not providing AML training to the employees which may cause many penalties. However, many businesses are not familiar with the AML training programs in the UAE. This blog will discuss the key insights of the AML training program in 2023.
What Is AML Training Program For Employees?
According to Article 21 of Cabinet Decision No (10), it is the core duty of an AML compliance officer to execute, arrange and document the ongoing AML training programs for the company’s employees. Financial institutes must impart AML training to their staff to ensure that their employees have a better understanding of the risks that their organization is exposed to.
Consult with the AML consultants in Dubai for a better understanding of the AML training and regulations.
Key Objectives Of An AML Training Program In The UAE
Business entities must learn about the key objectives of the AML training program as follows:
- To aware the employees of Money laundering and Terrorism Financing typologies and methods that are relevant to the business entity.
- To assist the employees, understand AML procedures, policies, systems, and controls put in place by the company.
- To assist the staff members, acquire the skill to recognize suspicious activities and behavior of customers and report them to the officer or money laundering officer.
- To make the employees understand the role of each individual in the company in combating money laundering and financing of terrorism.
Major Things To Be Included In Your AML Training Program
Creating an effective AML training program in the UAE is a nerve-wracking task for all institutes. However, they can get a consultation from the top Dubai AML consultants to understand what they should cover in their training program.
You have to include the following key focus areas in your AML training program in the UAE:
- The company’s obligation as per the UAE AML-CFT Law
- The consequence of not complying with the AML-CFT law in the UAE
- Major risks to which the company is sensitive and the consequences of such risks
- Penalties to incur for failing to comply with the laws
- Key responsibilities and accountabilities of the employees
Target Employees Under The Training’s Scope
The leaders of the company must ensure that all related employees of the company have received AML training. Employees must be given AML training no matter the employees are permanent or temporary. However, don’t forget to train these employees in your organization because they handle the major tasks of the company.
- Customer-facing staff
- AML-CFT Law compliance staff
- Senior management
- Board of directors
Design Your AML Training Program With ebs Accountants
Organizations in the UAE must ensure that their employees have proper awareness and knowledge about money laundering and financial terrorism risks. AML compliance officers must know how to conduct these training sessions and how often they should conduct the training within their company.
ebs is a leading consultancy that offers AML training services in Dubai for a wide range of companies. If you are looking for an AML consultant, then go nowhere else than ebs. We will help you to conduct the best AML training to help your employees understand AML compliance and regulations.
ebs likewise offer services, such as accounting and bookkeeping services, VAT services, Auditing, Due Diligence audit services, and many more.
Feel free to contact us with any additional inquiries or requests for accounting services. A free discussion will be given to you by our specialists, who will answer your request immediately.